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Volkswagen Group will spend C$69 million ($48.1 million) on a 9.9% stake in lithium miner Patriot Battery Metals to secure raw materials for electric vehicles.

DETROIT — U.S. auto safety regulators have backed away from seeking a giant recall of nearly 50 million air bag inflators and will investigate further after auto industry comments.

WASHINGTON — The Federal Reserve cut its key interest rate Dec. 18 by a quarter-point — its third cut this year — but also signaled that it expects to reduce rates more slowly next year.

XIAMEN, China — The world’s largest maker of batteries for electric vehicles said Dec. 18 it will get into battery swapping in China in a big way starting next year.

Ryder System promoted Chief Financial Officer John Diez to president and chief operating officer effective Jan. 1, the Miami-based company said.

Analysts are betting that further market-share gains and increased profit contributions from Walmart’s higher-margin ancillary businesses will extend the stock’s rally.

Housing starts decreased 1.8% to an annualized rate of 1.29 million, the slowest since July, according to government data released Dec. 18. The metric can help project the flatbed sector.

Ethanol makers and corn growers have fought for more than a decade to expand access to E15 amid fierce opposition from oil refining states. That opposition has eased some with the rise of EVs.

Based on data from some of the North American freight industry’s largest carriers, fleet-wide fuel efficiency averaged 7.77 mpg in 2023, compared with 7.62 mpg in 2022.

Honda Motor Co. and Nissan Motor Co. are exploring a potential merger, according to people familiar with the matter, which would create a singular rival to Toyota Motor Corp.