Auto Industry News

Brent crude and West Texas Intermediate fell 7% on Monday followed by a second 7% drop early on Tuesday before bouncing off session lows.

Brent futures rose 2.9%, to settle at $113.45 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 3.4%, to $107.82.

The United States is considering releasing 180 million barrels of crude from its Strategic Petroleum Reserve.

Amazon's transportation and logistics services will be serviced by an expanded deployment of electric three-wheelers integrated with SUN Mobility's battery-swapping technology.

The automaker said it will cover the cost to retrofit new vehicles built without the chips needed for the heated and ventilated seats.

GM is working with seven chip suppliers on three new families of microcontrollers that will reduce the number of unique chips by 95% on future vehicles, said North America, President Mark Reuss.

India will raise the price of locally produced gas from old fields for April-September to a record-high $6.1 per million metric British thermal units (mmBtu) from the current $2.90/mmBtu.

While the current U.S. sanctions against Russia do not prevent other countries from buying Russian oil, the warning raises expectations that Washington will attempt to restrict other countries' purchases to normal levels.