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.

A consortium led by South Korean electric carmaker Edison Motors Co has agreed to acquire debt-ridden SsangYong Motor Co Ltd for $254.65 million.

Stellantis CEO Carlos Tavares believes that the pressure to accelerate the shift to EVs by auto companies around the world can potentially threatens jobs and vehicle quality.

Auto industry executives expect electric vehicles will make up just over half of new vehicle sales in the United States and China by 2030 and could do so without receiving government subsidies.

The ongoing chip shortage is likely to moderate passenger vehicle sales growth to 11-13% this fiscal, down from the earlier volume growth forecast of 16-17 per cent, delaying the industry recovery as the waiting period is increasing amid strong demand due to production curbs, says a Crisil report.

This year auto dealers expect the semiconductor shortage to result in sales dropping by about 30%. SIAM has asked the MEA to reach out to chipmakers to prioritise Indian automakers when plants reopen.

The initiatives will strengthen the US’ leadership in producing and selling clean vehicles, increasing the domestic supply chain and growing auto jobs. Ford, GM, Stellantis and UAW will support this effort.

Declaring the US must "move fast" to win the car making future, President Joe Biden touted a commitment from the auto industry to make EVs up to half of U.S. sales by the end of the decade.

The Automotive Component Manufacturers Association of India, ACMA has announced its findings on the automotive component industry.