Elon Musk has confirmed selling $6.9 billion worth of shares in his car company, saying he is covering the risk that a US court forces him to takeover the social media platform.

The carmaker sold 28,217 Chinese-made vehicles in July – nearly two-thirds less than its sales in June – while its factory in Shanghai was being upgraded to boost its output

The news, announced by Investment Affairs Minister Luhut Pandjaitan on Monday, follows a meeting between Tesla chief Elon Musk and President Joko Widodo in Texas in May

CATL had been in the final stage of choosing between sites in South Carolina and Kentucky for battery production before Pelosi's controversial Taiwan trip

Nio said it will rev up the construction of battery swapping stations in Europe with a view to expanding car sales in Germany, the Netherlands, Sweden and Denmark.

Tesla, the world's largest seller of EVs last year, maintained its lead in the first six months of this year despite running into a few hurdles, the report said

Indonesia's chief economic minister Airlangga Hartarto met with Toyota vice-chairman Shigeru Hayakawa on Tuesday in Tokyo, the Jakarta ministry said

China's zero-Covid policy, which has snarled supply chains and hurt production, prompted LGES to seek EV-battery factory sites elsewhere in Asia

The fund is likely to be set up with technical assistance from the US Agency for International Development (USAID)

The HiPhi Z is the Shanghai company's second production car, which claims a range of 705km and acceleration from 0-100 km/h in 3.8 seconds

The company said it would establish an advanced energy materials research institute and a new energy technology industrialisation research centre in Beijing

The move is part of BYD's international push, which has seen it open showrooms in New Zealand and Singapore as well as Norway, Brazil, Costa Rica and Colombia