Korean companies are concerned the new US law restricts which companies can receive US subsidies for making electric vehicles and where firms can source battery materials.

China dependence on foreign sources of battery metals such as nickel, lithium and cobalt poses a risk to its electric vehicle industry, a metals industry official said on Friday.

Markets fell in Hong Kong and Shanghai amid the bleak economic outlook in China, but shares edged up in Australia and India

Production hubs in China have seen output hit by Covid-related lockdowns in Shanghai. There is also deep concern about the impact of growing tensions between the US and China.

Juneyao Group is exploring a move into the EV market, where sales are booming because of generous government subsidies and tax incentives.

A climate law signed by Joe Biden last week, which restricts tax credits to firms making electric vehicles in the United States, may prompt Hyundai to start its Georgia facility this year.

The upfront cost of the self-driving feature would climb from $12,000 to $15,000 on September 5, Musk announced on the weekend.

Only 2% of cars sold in Australia are electric, compared with 15% in Britain and 17% in Europe.

Tesla says the upgrade of its plant in Shanghai has boosted output at its most productive facility and helped to slash delivery waiting times for two of its models

The climate law passed by the US aims to localize the manufacturing of EVs but "adds a steep requirement aimed at weeding out 'foreign entities of concern' from supply chains", it says.

CATL said the construction of the $7.6 billion plant in Hungary, to supply Mercedes, BMW and VW, will be its biggest overseas investment

Beijing Judian Chuxing Technology was just one of a series of partnerships ride-hailer Didi struck with automakers including Volkswagen, Toyota and BYD