Auto Industry News

Oil prices rose about 1.5% after hitting a six-month low, as a steeper-than-expected drawdown in U.S. crude stocks outweighed concerns over rising Russian output and exports as well as recession fears.

Indian government bond yields declined, with the 10-year notes posting its biggest single day drop in two months in line with the slump in oil.

U.S. has expressed concern to India that it was used earlier this year to export fuel made from Russian crude to New York through high-seas transfers.

Maduro said that Venezuela would support Cuba in the reconstruction of its only supertanker port in Matanzas, which was partially destroyed by a fire after lightning struck one of the its crude tanks.

The European Union is planning a five-fold increase in financial support to an African military mission in Mozambique, as Islamist attacks threaten gas projects meant to reduce the EU's reliance on Russian energy.

Infineon, the leading supplier of microchips to the auto industry, on Wednesday reported a rise in third-quarter revenue and lifted its full-year outlook as it continues to benefit from a global shortage of semiconductors.

Export restrictions being considered by Washington to halt China's advances in semiconductor manufacturing could come at a substantial cost, experts say, potentially disrupting fragile global chip supply chains - and hurting U.S. businesses.

Electric auto giant Tesla said it has slashed the delivery waiting time for its Model 3 and Model Y cars in China as it ramps up output at its Shanghai plant after upgrading production lines.