Volkswagen has agreed on key terms to sell its Osnabrück factory in Germany, which will be converted into a defence production hub. Investment company Aurelius would become the majority owner, while the state of Lower Saxony would acquire a stake. According to the report, Israeli defence company Rafael Advanced Defense Systems is expected to become the facility's first major industrial partner.

Volkswagen has reached an agreement to sell its diesel engine unit, Everllence, to Bain Capital for approximately €7.4 billion (R139.30 billion). This deal surpassed offers from other private equity firms, including one that collaborated with Volkswagen's major shareholders, according to TimesLIVE.

China's car exports have risen sharply even as domestic vehicle sales fell by 24 percent, according to TimesLIVE. Chinese carmakers are expanding their presence in Europe and emerging markets, maintaining overseas growth despite the introduction of stricter trade rules in those regions. The figures highlight a widening gap between weakening demand at home and strengthening sales abroad for China's automotive industry, which continues to push into international markets.

South African pharmacy retailer Clicks is switching part of its distribution fleet to electric trucks in a bid to reduce operating costs. According to TimesLIVE, the move to electric vehicles is expected to cut the company's fuel costs by up to R25 million a year. The shift forms part of the retailer's efforts to make its distribution operations more cost-efficient.

Allies of former President Donald Trump have sought to reassure Israeli officials regarding the ongoing tensions surrounding the US-Iran nuclear deal. This comes amid concerns in Israel about the implications of the deal for regional security and stability. The discussions highlight the complex dynamics between US foreign policy and Israeli interests in the Middle East, particularly in relation to Iran's nuclear ambitions.

Jaguar Land Rover plans to cut 4,000 jobs over the next two years, according to Capital FM Business. The reductions are expected to fall mainly at the carmaker’s UK-based head office rather than across other operations. Details beyond the timetable, total number affected and the concentration at head office were not provided in the report.