Author: Reuters

WM Motor, a Chinese electric-car star that has fallen on hard times, is reversing into an ambitious Plan C. After two earlier attempts at an initial public offering floundered, the group founded by Zhejiang Geely veteran Freeman Shen will at last go public by selling its auto business to Hong Kong-listed Apollo Future Mobility for $2 billion.

Chinese electric vehicle (EV) maker BYD Auto Co plans to build a plant in Vietnam to produce car parts, three people with knowledge of the plan told Reuters, in a move that would reduce the company's reliance on China and deepen its supply chain in Southeast Asia as part of a global expansion.

Tesla cut the prices on its top-selling electric vehicles for the U.S. market on Friday, the automaker's website showed. The price cuts on the Model 3 and Model Y ranged between 6% and 20% on the prices that held before the discount, according to a Reuters calculation.