"We are going to be a big catalyst in accelerating the (EV) ecosystem," Prabhjeet Singh, president of Uber India and South Asia, said.

In September, Ola said it was looking to expand into Latin America, ASEAN and European Union countries

Both carmakers gained from a plunge in the yen in October last year, even as a shortage of chips and soaring costs of raw materials squeezed global carmakers

A shortage of chips is preventing Subaru and other automakers from ramping up production following the loss of business from Covid

No financial details were disclosed on the valuation of the business on Monday, which some sources have indicated could be up to 10 billion euros

India is now the third-largest EV market in the world behind the US and China, the Business Standard said

The Vietnamese company is gearing up to expand in the United States, where it hopes to compete with existing automakers

The world's third largest carbon polluter projects it needs $10 trillion to $15 trillion in investment to achieve net-zero carbon emissions by 2070

Honda will prioritise electrification in cars, motorcycles and power generators to keep pace with rivals Tesla and China's BYD, it has said

The Vietnamese EV-maker hopes to compete with existing automakers in the US by offering two models, the VF8 and VF9, with starting prices of $59,000 and $83,000

Tesla has chosen to lower prices and take some additional downtime at the Shanghai factory to bring supply and demand back in balance

Rival Chinese electric vehicle maker BYD and the budget-EV joint venture of General Motors in China both outsold the US carmaker