The European Commission, which oversees trade policy in the 27-nation European Union, launched an investigation in October into whether fully-electric cars manufactured in China were receiving distortive subsidies and warranted extra tariffs.
Auto parts supplier Aptiv said last week it would sell its stake in Motional, its joint venture with Hyundai Motor, while the Korean automaker will fund the startup with additional USD 475 million.
The production is set to start later this year with junior partner Chery producing its Omoda vehicles at the plant. Majority stakeholder EV Motors will start producing its own vehicles in the fourth quarter, the Spanish company said.
Despite consumer interest, the ongoing elections in India have an influence on automakers' sales. Modi's bid for a third term has unsettled the market. Despite worries about voter turnout, cash constraints, and financial regulations, the auto industry is cautiously confident, as sales growth is supported by steady gasoline prices and celebratory purchases.
Lidar, which stands for light detection and ranging, shoots out light pulses that are reflected off objects, allowing self-driving systems and driver-assistance software to gain a three-dimensional map of the road. Many self-driving companies and experts regard it as a crucial component, especially during low-light situations.
Tesla, amid falling sales and increasing competition, has abandoned plans for an innovative one-piece gigacasting manufacturing process. Initially aiming to revolutionize manufacturing and reduce costs, Tesla has opted for its more traditional three-piece method for vehicle underbodies. The decision underscores Tesla's strategic pivot towards self-driving technology over massive EV sales growth, reflecting recent layoffs and executive departures. This shift also comes after the cancellation of the Model 2 and signals a more conservative approach to production innovation.
Lithium, which is used for batteries in mobile phones and electric vehicles (EV), saw its price skyrocket over recent years, before plunging in 2023 largely due to slowing EV sales in China. Over half the world's known lithium resources are in South America.
Nio on Monday confirmed its new brand would be named "Onvo" in English and "Ledao" in Chinese as it unveiled a website for the car. Nio, which has been aimed at the premium EV market in competition with the likes of Mercedes, has said it expects the new Onvo L60 to compete with the Tesla Model Y.
Lucid had cut prices of its flagship Air sedans in February by as much as 10% to spur sales, as customers gravitate to less expensive gasoline-electric hybrid cars due to still-high interest rates.
"Nio is currently working on the launch of new car brands, that would be less premium, still obviously 100% electric, and more suited for the European market needs," Nicolas Vincelot, general manager for France, said during a France-China business forum in Paris.
Tesla said in December its largest-ever recall covering 2.03 million U.S. vehicles - or nearly all of its vehicles on U.S. roads - was to better ensure drivers pay attention when using its advanced driver assistance system.
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