Auto Industry News

The new plant, at a site in Liberty that will begin production in 2025, will initially be capable of supplying lithium-ion batteries for 800,000 vehicles annually, and will "pave the way" for Toyota's U.S. production of electric vehicles.

The fundraising round also included an investment from Luminar Technologies, which makes lidar sensors used in self-driving cars.

Vay raised $95 million from investors such as Kinnevik, Coatue and Eurazeo, as it planned to launch its first car-rental service in Hamburg next year.

The new venture, called DiPi Intelligent Mobility Co and located in Shenzhen, combines BYD's capabilities as an automaker with Momenta's experience in intelligent driving.

From next season, Velas, a provider of digital products and services, will become a partner of Ferrari's Formula 1 racing team.

Companies including Ford Motor Co's Argo AI and General Motors Co's Cruise are competing for the billions of dollars in financing needed to automate driving through artificial intelligence software and expensive sensors.

Nissan expects global supply chain constraints and the sector-wide semiconductor shortage to continue until at least the middle of 2022.

The company makes silicon wafers for chip designers, such as Advanced Micro Devices and Broadcom Inc, that do not have their own fabrication plants, called fabs.