Cars News

Musk, the chief executive of Tesla, was answering a question during a call after the electric vehicle maker's quarterly report. The world's richest person is pursuing the Twitter purchase after earlier trying to back out of the $44 billion deal.

Euler Motors did not disclose the valuation at which it raised the money in the Series C round, although it said its other investors included Blume Ventures, Athera Venture Partners, QRG Holdings, ADB Ventures and Moglix.

As demand soars for chips used in everything from smartphones to cars, supply chain bottlenecks going on for almost two years have created havoc in several global industries, including automotive, healthcare and telecoms.

BYD launched the Atto 3 electric SUV, fitted with its renowned Blade battery technology, with a plan to corner 40% of the country's electric car market by 2030.

The sedan, imported from Toyota Brazil, is powered by flex fuel technology, which allows the engine to run on fuel blended with a higher percentage of ethanol, reducing the consumption of gasoline, along with a hybrid powertrain.

Musk, who is also chief executive officer of electric car maker Tesla Inc, proposed to Twitter late on Monday he would change course and abide by his April agreement to buy the company for $54.20 per share, if Twitter dropped its litigation against him.

The Autonomous Vehicle Industry Association (AVIA) has tapped Jeff Farrah as its first executive director.

Volvo Cars will temporary close one of its factories due to a chip shortage, the company told newspaper Goteborgs-Posten on Tuesday.