Tesla CEO Elon Musk has previously urged the Government of India to bring the taxes down. The Government is now asking Tesla to source auto components worth at least $500 million from India.

Indian goods worth as much as $26 billion, which are currently taxed at 5% by the UAE, will be allowed at zero duty once the free trade agreement (FTA) with Abu Dhabi comes into force by May.

The next commodity supercycle could start and end with Chinese graphite, the single most important battery material right now in terms of supply and demand.

The domestic forging industry said the Union Budget 2022-23 is focusing on investing more in infrastructure and renewable energy, that will indirectly support employment generation.

Stellantis N.V. has announced the plan to increase its shareholding in GAC-Stellantis from 50% to 75%.

Indian tech company Ola has announced plans to invest Pound 100 million in the UK to open a research and development facility for a planned electric car, in a significant boost to the British automotive industry.

If the Federal Reserve decides to increase interest rates, as it suggested it would soon this week, experts say the US automotive industry could lose $22 billion in sales.

In defence sector, 68% of the capital procurement budget will be earmarked for domestic industry in 2022-23, up from 58% in 2021-22. Defence R&D will be opened up for industry, start-ups and academia with 25% of defence R&D budget earmarked.

The domestic auto components industry may see a revenue growth of 15-17 % this fiscal and 10-12% in the next financial year on the back of recovery in automobile sales, according to a report.