Chinese manufacturers will be out in force at next week s IAA auto show, one of the industry s biggest, revving their new electric models on the turf of German carmakers, which have been lagging in the e-mobility race. At the same time, European manufacturers are facing increasingly stiff competition from Chinese carmakers which are touting their vehicles at far lower prices.
China: Data showed that U.S. crude oil inventories fell by nearly 6 million barrels last week on strong exports and refining run rates. Weekly products supplied, a proxy for demand, rose to the highest since December.
Automobile Industry: Global majors do not want to sour their relationship with suppliers in China, which still offers clear economies of scale for many key components. Despite the challenges, India s component industry aims to double exports in about four to five years from the current USD 20 billion.