Cars News

Toyota announced the launch of a small electric sedan, which will be powered by BYD batteries.

Oil prices were near flat during a choppy trading session on Thursday, as worries about inflation dampening demand for oil contended with news that China is considering easing COVID-19 quarantine measures for visitors.

Chief Executive Elon Musk told analysts on a conference call there was excellent demand in the fourth quarter, addressing investors' concerns that buyers could be discouraged by the weak global economy and high prices for Tesla vehicles.

Automakers have forecast plans to build 54 million battery electric vehicles in 2030, representing more than 50% of total vehicle production

OPEC's de-facto leader Saudi Arabia said the cut of 2 million barrels per day (bpd) of output - equal to 2% of global supply - was necessary to respond to rising interest rates in the West and a weaker global economy.

India, also the world's third-biggest oil importer, ships in about 85% of its crude needs, but is gradually building capacity to increase its output of biofuels.

Musk told a post-earnings call that all full self-driving users in North America will get an Autopilot feature at the end of the year, adding that while its cars are not ready to have no one behind the wheel, drivers would rarely have to touch the controls.

The price cap plan calls for G7 countries to deny insurance, finance, brokering, navigation and other services to oil cargoes priced above a yet-to-be-determined price cap on crude and oil products.