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Wan Gang, the visionary behind the surge in electric vehicles in China, sees European collaboration as a promising way forward. HEFEI, China — Wan Gang, widely recognized as the architect of China's electric vehicle (EV) strategy, suggested on Wednesday that Chinese investment in Europe's electric vehicle sector could benefit both regions amid current disputes commercial. “I believe the governments of China and the European Union are now considering how, through negotiations, to combine investment with commodity trade,” said Wan Gang, current president of the China Association for Science and Technology. Wan made the remarks via an official English translation during…

Cars are parked in the parking lot of a Chevrolet dealership in Chicago, Illinois, on June 20, 2024. A cyberattack on CDK Global, a software provider that helps dealers manage sales and service, disrupted operations at approximately 15,000 dealerships in the United States and Canada. DETROIT – U.S. auto sales are expected to rise 2.9% in the first half of this year from a year earlier. However, there are concerns that the auto industry may struggle to maintain its momentum in the final six months of the year. Cox Automotive reports that vehicle inventory levels are increasing, incentives are increasing,…

General view of the Bank of England building in London. LONDON – The Bank of England announced its decision to keep interest rates steady at its June meeting, but described the move as “finely balanced” following the UK’s achievement of its 2% inflation target. Money market prices had been pointing to a roughly 50% chance of a rate cut in August, as investors had interpreted a subtly dovish message. The central bank's key interest rate stands at 5.25%, its highest level in 16 years, held since August. Seven members of the monetary policy committee voted to keep the rate unchanged,…