Abhirup Roy

Volkswagen Group raised its investment in Rivian by 16% to $5.8 billion, the two automakers said on Tuesday, as the companies kick off their planned joint venture to develop electric vehicle architecture and software.

Rivian said on Thursday it was on track to turn a gross profit in the fourth quarter helped by cost cuts and a sharp increase in sales of green car credits, despite a parts shortage disrupting production and weak EV demand.

Rivian is expected to report on Thursday its first drop in quarterly revenue since going public three years ago, after a shortage of parts forced the maker of electric SUVs and pickups to slash its 2024 production target last month.

Tesla CEO Elon Musk stunned investors and analysts with plans to grow vehicle sales by 30% next year, buoyed by a new, cheaper model and enthusiasm for self-driving software, but delivering on that promise would surprise much of Wall Street.

Tesla's stock jumped nearly 17% on Thursday, a day after it forecast surging car sales growth, reassuring investors that CEO Elon Musk was still looking to expand the core business of selling electric vehicles.

Tesla CEO Elon Musk said he expects vehicle sales to grow 20% to 30% next year, reassuring investors the company was improving its core business of selling electric vehicles profitably, and reducing concerns about when it could produce a robotaxi.

Tesla's investors and analysts will get a chance to grill CEO Elon Musk on his robotaxi plans on Wednesday when the electric automaker reports its quarterly results, after a much-hyped unveil this month that lacked key details and slammed shares.

Investors jeered the design and the lack of financial detail, with Tesla shares tumbling 9% on Friday.

Tesla opened doors at a Hollywood event late Thursday to unveil its long-promised robotaxi and update investors on artificial intelligence projects, efforts CEO Elon Musk has bet will drive the electric vehicle maker's long-term growth.

Ratan Tata, the former Tata Group chairman who put a staid and sprawling Indian conglomerate on the global stage with a string of high-profile acquisitions, has died, the Tata Group said in a statement late on Wednesday. He was 86.