Oil prices fell below $37 a barrel Tuesday on expectations crude demand will weaken amid a severe global economic slowdown.

By midday in Europe, light, sweet crude for February delivery was down 91 cents at $36.68 a barrel in electronic trading on the New York Mercantile Exchange.

In London, February Brent crude fell 19 cents to $42.72 a barrel on the ICE Futures exchange.

"After some transient end-of-year strength, it would appear that crude oil bears have once again found their groove," said the Schork Report, edited by oil trader and analyst Stephen Schork.

Crude prices have fallen more than 25 percent since reaching just above $50 a barrel last week as traders returned from the holiday break to find evidence of falling manufacturing and consumer spending across the globe.

The February contract fell 8 percent on Monday, or $3.24, to settle at $37.59 after Alcoa Inc., the world's third-largest aluminum company, reported a quarterly loss of $1.19 billion.

Alcoa, the first component of the Dow Jones industrial average to post results, said last week it plans to lay off about 13 percent of its global work force by the end of 2009 amid sinking prices and demand for

DETROIT (AP) -- Several startup automakers are in hot pursuit of electric-powered vehicles, but they face an uphill road as they challenge major car companies like Toyota and General Motors in the race for the green car market.

California-based Tesla Motors Inc. and Fisker Automotive are displaying cars at the North American International Auto Show this week, grabbing attention with sleek electric-drive vehicles that combine environmentally friendly chic with sports car sex appeal.

Tesla, which started in 2004, showcased its $109,000 all-electric two-seat Roadster sports car at the Detroit show, where CEO Elon Musk planned to outline his company's future Tuesday with an address before the Society of Automotive Analysts.

Fisker displayed the production version of its $87,900 Karma plug-in luxury sports sedan, a four-seater with solar panels and the ability to drive gas-free for 50 miles. Fisker, which expects the Karma to roll off the production line in October, also unveiled the Karma S, a convertible expected in 2011.

"We really don't have any competition, at least in the next two years," in the luxury plug-in segment, said Henrik Fisker, the company's founder. "Being able to do 50 miles on electric-only and then drive after as a normal car, as a normal hybrid, there's no other car that can do that."

All swagger aside, the startups have plenty of doubters. Many question whether the niche companies will

China's BYD Auto's e6 all-electric automobile made its Detroit debut today, with an assist from the chairman of Berkshire Hathaway subsidiary MidAmerican Energy Holdings.

MidAmerican and Warren Buffett made headlines last September, paying $230 million for a 10 percent stake in BYD.

CNBC's team at the Detroit Auto Show shot some video of the car, described by the manufacturer as a "mid-size five passenger crossover vehicle" with a range of about 250 miles on a single charge.

A shorter-range electric vehicle was introduced in China last month.

In a news release, BYD Chairman and President Wang Chuanfu is quoted as saying the company plans to sell both all-electric and hybrid vehicles in the U.S. starting in 2011. He also says BYD will set up manufacturing facilities in the U.S. "when it is appropriate."

MidAmerican Chairman David Sokol was also present at the Detroit show. His quote: "For the electric-vehicle market to mature, the underlying charging infrastructure and technologies must mature at least simultaneously, if not first. Perhaps like no other corporate entity in the world, we are in a position to help