Cars News

Investors are currently building a lithium hydroxide plant with 60,000 tonnes capacity in the heart of the nickel industry in Morowali

The reported move comes a day after Faraday Future appointed Xuefeng Chen as global chief executive officer

Adrian Mardell will take over as CEO on an interim basis

Chen, who was most recently the CEO of the company's China division and has spent nearly two decades in the automotive industry, succeeds Carsten Breitfeld, who was removed from the role by the board, the company added in a filing.

The company also raised its sales target for electric vehicles (EVs) to up to 40% of its total global sales by 2030

Elon Musk is seeking to delay until November a trial over his intention to back out of a $44 billion deal to buy Twitter Inc and amend his complaint against the social media company, according to court filings, after a whistleblower provided him with fresh ammunition.

Mobileye, which was originally expected to land a roughly $50 billion valuation, is now set to target one of under $20 billion and sell a smaller number of shares than originally planned, according to the report.

The Melfi plant, which employs more than 7,000 workers, produces the Jeep Compass and Renegade models, some of Stellantis' bestsellers in Europe.