Auto Industry News

Oil futures edged up less than 1% on Tuesday ahead of a meeting of OPEC+ producers this week that may not lead to a further boost in crude supply amid concerns a possible global recession could limit energy demand.

Oil prices dropped about 4% as weak manufacturing data in several countries weighed on the demand outlook while investors braced for this week's meeting of OPEC and its producer allies on supply.

As a part of its new global electric vehicle program for teammates, Bank of America is offering an incentive of Rs. 2.95 lakh for a purchase and Rs. 1.47 lakh for a lease of a new EV to its employees.

Spot prices for Russia's key export crude grade ESPO Blend to Asia have rebounded from all-time lows amid strong demand from top buyers India and China and easing concerns about possible sanctions, several traders said.

Mahindra and Mahindra Ltd said demand for its cars is outstripping production capacity as people rush to buy the automaker's popular SUVs.

Gasoline and gasoil sales by Indian state refiners in July fell from a month earlier as monsoon rains restricted mobility and construction work while high inflation curtailed overall demand for goods.

Wall Street ended a three-day winning streak and crude prices plunged as economic data from the U.S., Europe and China showed demand weakening under inflation pressures, while the looming possibility of recession curbed risk appetite.

VinFast is looking to hire 8,000 more employees for its electric-vehicle plant in Vietnam as it ramps up production to deliver its first battery-powered SUVs to the United States by the end of this year.