New car sales in the European Union fell 18.3% in August to their lowest in three years, dragged down by double-digit losses in major markets Germany, France and Italy and sliding electric vehicle (EV) sales,

EV deliveries in the region’s biggest car market, Germany, fell 69% during August, fueling a 36% drop across the region.

US tech billionaire Elon Musk has not developed a product that can cut household energy consumption by up to 90 percent, nor has the Department of Justice sued to prevent its release, despite claims in social media advertisements.

Shares jumped 7.4% as investors saw the rate cuts as a clear tailwind for the U.S.'s largest electric vehicle (EV) maker. That gain was enough to add $50 billion to its market cap. While Tesla is still the leader in electric vehicles,