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.

Pune-headquartered Kinetic Green Energy & Power Solutions has teamed up with China-based electric vehicle giant Aima Technology Group to co-design and develop electric two-wheelers for India.

Reliance New Energy Solar Ltd (RNESL), subsidiary of Reliance Industries Ltd (Reliance), has signed agreements to acquire 100% shareholding in Faradion Limited (Faradion) for a value of Pound 100 million.

French auto giant Renault and Japanese carmakers Nissan Motor and Mitsubishi Motors Corp are soon going to work together to develop electric vehicles.