The European Union is preparing new local-content rules for automakers as part of a broader industrial push, but the plan is already drawing concern from carmakers and neighboring countries that fear supply-chain disruption and retaliation.
Volvo recently announced a recall of 40,323 EX30 electric SUVs. The affected vehicles may experience battery pack overheating during high-charge charging in rare cases, with the worst-case scenario potentially leading to battery fire. The company stated it will replace the high-voltage battery pack related modules free of charge and recommends owners limit charging to 70% until repairs are completed.
Oil prices climbed above $114 a barrel on Monday as the Iran war disrupted production and shipping routes in the Middle East, sending Asian equities sharply lower and raising new fears about inflation and global growth.