tie-up

The tie-up will see the firms sharing critical technology at a time of slowing global demand for electric cars and increased competition from Chinese rivals.

The firms added they would be working with the CMA to secure approval for the tie-up.

It has also agreed a new tie-up with book chain Waterstones, which is set to open in its Oxford Street store in London next month.

After the announcement, Mr Musk posted several messages on his social media platform X, formerly known as Twitter, criticising the tie-up.

Credit Suisse bondholders filed a lawsuit in New York arguing that Switzerland unlawfully wiped out the bank’s $17 billion in debt to facilitate its tie-up with UBS.