Finance

Elon Musk bets on new batteries for Tesla

More than half of the Tesla electric cars produced in the first quarter were equipped with lithium-iron-phosphate (LFP) batteries. In production, the new "batteries" are a cheaper counterpart to the lithium-nickel-cobalt version.

The popularity of iron in battery production is growing amid problems with nickel supplies, exacerbated by the Ukrainian crisis. Avoidance of Russian metals makes companies look for analogues. Besides Tesla, about 12 automakers are considering switching to LFP.

ECB tries to save EU economy - central bank will be flexible in reinvesting PEPP program

The pandemic has left persistent vulnerabilities in the eurozone economy that contribute to the uneven normalization of our monetary policy among different countries, the ECB said. The ECB has instructed Eurosystem committees and ECB services to accelerate the development of a new mechanism to combat fragmentation. Why it matters. Rising

Price for oil price cap yet to be determined, head of European Commission

"The EU is ready in principle to go to the oil price cap," von der Leyen added. Earlier, the head of the U.S. Treasury Yellen said that the U.S. is not against the purchase of oil by India above the price cap. The WSJ also reported citing sources

U.S. officials forced to roll back plan to limit Russian oil prices - Bloomberg

India and China - Russia's most important trading partners - will not participate, Bloomberg sources said. The price cap plan is still alive after all. However, the price cap will be higher than previously thought. Earlier, U.S. Treasury Secretary Yellen said the price ceiling could be in the range

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