Auto Industry News

The heart of the remodelled assembly is a traverse dolly line. The system relies on "rootless" equipment, meaning that the plant does not use fixed conveyor belts or hangers

The initial public offering attracted strong interest from institutional investors in Sweden and abroad as well as from the general public in the Nordics.

The manufacturing plant, which has been owned by Geely Holding with operational support by Volvo Cars since its inauguration in 2017, will continue to produce the Volvo XC40, the fully electric XC40 Recharge and Polestar 2 models.

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.