Auto Industry News

The European Union clinched a deal recently to cope with a gas supply crisis, but to make it work member states need to establish bilateral pacts to share gas and, right now, most have no such agreement in place.

Indian Oil Corp Ltd reported a quarterly net loss for the first time in more than two years, as the country's top refiner sold fuel at a discount in the domestic market while its costs jumped.

Oil settled up more than $2 as a report of lower inventories in the United States and cuts in Russian gas flows to Europe offset concern about weaker demand and a U.S. interest rate hike.

Oil prices were mixed as concerns about a potential global recession that would knock energy demand offset lower U.S. crude inventories and a rebound in gasoline consumption.

Oil prices jumped more than $4 a barrel on Friday as attention turned to next week's OPEC+ meeting and dimming expectations that the producer group will boost supply.

Electric-truck maker Rivian Automotive Inc said it was reducing headcount by 6% in order to optimize costs in a tightening macroeconomic environment.

Tata Motors Ltd expects strong demand to drive up sales of its cars, including at the luxury Jaguar Land Rover (JLR) unit, as the semiconductor shortage eases, even as it posted a wider quarterly loss on higher costs.

STMicroelectronics expects its factories to run at full steam well into 2023 as the chipmaker's backlog is filled by the car and smartphone industries, prompting it to raise its 2022 outlook and build new production lines.