PIF and Lucid Motors have drawn up a term sheet under which PIF could invest more than $1 billion in Lucid Motors and obtain majority ownership, sources told Reuters.
Tesla’s CEO sees no option but to keep working at his current relentless pace, no matter the deepening concerns of board members and investors about his health and stability.
Volkswagen has agreed to a salary increase of nearly 6 percent for workers in Mexico and another raise for next year, the company’s Mexican union said, averting a potential strike.
Lexus global president Yoshihiro Sawa says electric vehicles will not suit everyone and buyers will need choices.
JCI has given itself until November to decide whether to spin off its battery business, sell it outright or keep it.