IAA

The boat and its cargo were fully intact, the IAA said, adding that the vessel appeared to have sunk either in a storm or after coming under attack by pirates.

According to the IAA, the shipwreck is the "first and oldest" to be found in the region and probably sank during a storm or as a result of a pirate attack.

The IAA says the remains of at least 10 missing people have so far been found.

Chinese battery giant CATL's chairman Robin Zeng called for global partners to accelerate electric vehicle development at a Chinese EV forum at the Munich auto show IAA Mobility on Wednesday.

"It is perhaps the darkest moment for German automakers but I also feel their strongest determination ever to change at the IAA," Gu said on the sidelines of Munich's IAA car show.