Auto Industry News

Tesla shares surged as much as 14.9% to $1,045.02, making it the world's most valuable automaker according to Reuters calculations based on its latest filing.

Production at the Eisenach plant, which makes internal combustion engine and hybrid electric cars, should start again in 2022, although an Opel spokesperson could not specify a date.

Under its Trinity project, VW has been developing a flagship electric sedan to be built at Wolfsburg from 2026.

Cabify, which also offers e-scooter hire and electric moped rental, did not provide financial projections for the new venture but said it would help avoid unnecessary trips, cut emissions and allow for a more efficient use of resources.

Tight supplies of batteries pose a challenge to the Biden administration, which aims to boost EV production and reduce the country's reliance on imports for battery cells, components and materials.

BMW said it sees Lilac's technology as a way to boost global production of the white metal as demand grows from the EV market.

U.S. crude stocks rose by 4.3 million barrels last week, the U.S. Energy Department said on Wednesday, more than double the 1.9 million-barrel gain forecast by analysts.

Crude oil inventories rose by 4.3 million barrels last week, according to the U.S. Energy Department, more than the expected 1.9 million-barrel gain.