The machine tool industry has a historic chance of growth due to the shift to electric vehicles and demand for localised manufacturing, as per the head of the biggest Taiwanese machine tool company.

The Mexican government requested a dispute resolution panel under the US-Mexico-Canada free trade agreement because it claims the United States is improperly interpreting stricter regional content rules under the pact.

Kumar Rakesh, senior automobile and technology analyst at BNP Paribas India, said that, raw material prices are stabilizing and price hikes would positively impact the margins of automakers.

In a major step to fight climate change, the Biden administration is raising vehicle mileage standards to significantly reduce emissions of planet-warming greenhouse gases.

India’s auto industry is going through a churn and has seen several top-level exits. Automakers have announced departures from their top-level management or a change in their global leadership teams.

India and Taiwan have started negotiations for a free-trade agreement and the setting up of a semiconductor manufacturing facility by a Taiwanese firm in India.

Magenta, India’s homegrown integrated Electric Vehicle (EV) charging solutions company, confirmed a significant investment into Axiom Energy Conversion Limited, a leading EV component manufacturer.

South Korea’s auto parts supply chain is rapidly losing competitiveness and manpower due to slow response to faster transition to automated and electric mobility amid lack of financial resources.

Dr Mahendra Nath Pandey, Union Heavy Industries Minister, mentioned that India’s transition to Electric Mobility System can save Rs 20 trillion by 2030 on avoided oil imports alone.