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GM and Posco Chemical have signed a nonbinding term sheet to create the joint venture and expect to execute definitive agreements by the first quarter of next year.

Automakers could charge higher prices and sell fewer cars, or accept lower profit margins, Tavares says.

Self-driving startup Nuro said it was rolling out California’s first commercial autonomous delivery service in partnership with 7-Eleven. Nuro’s vehicles will have a safety driver on board.

U.S. light-vehicle sales are expected to decline 11 to 12 percent in November, analysts say, as the chip crunch continues to dent supplies, dashing hopes for a more substantial finish to 2021.

VW’s plan to build six battery cell plants in Europe is a strategic pillar in the company’s bid to become the world’s top EV seller.