The memorandum of understanding accounted for more than half of the $10 billion of investments signed by the Kingdom and China during the Arab-China Business Conference.

By 2032, about half of the world’s buses will be entirely battery-powered as will almost three out of four buses sold, according to BloombergNEF’s seventh annual Electric Vehicle Outlook.

Shipments of plug-in passenger vehicles surged to around 27 million units in 2023 as sales jumped in China and the U.S., offsetting slower growth in Europe.

BloombergNEF expects sodium to take market share from the cheapest, lowest-range end of the Chinese car market, potentially displacing 272,000 tons of demand for lithium by 2035.

The organization said indirect net proceeds from the offering are expected to be about $800 million while the company could reportedly seek a $7.5 billion valuation.

The Ultium CAM joint venture will reportedly support the annual production of 360,000 Chevrolet, Cadillac, GMC, Buick and BrightDrop vehicles in North America from 2025 to 2030. 

Starting July 2023, Saudi Arabia will begin cutting back its contributions to the global oil supply by at least 1 million barrels a day.

The region is still recovering from a historic energy crisis that was exacerbated by severe supply cuts from Russia in the wake of its war with Ukraine.

Fuel consumption levels for U.S. scheduled service airlines fell by 3.9% from 1.545 billion gallons in March 2023 to 1.484 billion gallons during April 2023.

The fund hopes to “stimulate the growth and consolidation of national strategic supply chains" according to a statement from Italy’s industry ministry.