In June 2024, the European Union (EU) announced big new tariffs on electric vehicles produced in China. Among other details and clarifications, plug-in hybrids were not included. The high tariffs would only apply to fully electric cars. On a continent trying to electrify the auto industry pretty quickly, that seemed counterproductive. And it was. Yes, clearly, European automakers were trying to protect themselves from cheap Chinese electric cars with long range and great tech. However, the market pressure of those cheap Chinese electric cars with long range and great tech certainly would have pushed legacy automakers to build better, cheaper electric cars faster.

Most Asian stocks turned lower on Thursday as technology shares tumbled after middling earnings from Oracle sparked doubts over the broader artificial intelligence trade.

Oil prices were broadly stable on Thursday as investors shifted their ‍focus back ‌to Russia-Ukraine peace talks while watching for any fallout from a U.S. seizure of a sanctioned tanker off ⁠the coast of Venezuela.

New-vehicle prices in the United States rose in November, continuing a slow, steady increase that has persisted for more than a year, according to Kelley Blue Book. The average transaction price (ATP) reached $49,814, up 1.3% from a year earlier and mostly unchanged from October’s $49,760. Prices are expected to rise in December, when higher-end models typically dominate sales.