Challenge: Car Brands

You have a list of car brands, which currently looks like this:

['mazda', 'lexus', 'bmw', 'tesla', 'kia']

As you can see, some brand names are not correctly formatted. Specifically, bmw and kia should be in uppercase, while the other brands should be capitalized.

To rectify this, you need to adjust all the names in the list cars to the correct format and store them in a new new_list. As a result, you should end up with a new new_list that appears like this:

['Mazda', 'Lexus', 'BMW', 'Tesla', 'KIA']

1. Create an empty list using square brackets, and name it new_list;
2. Iterate through all the elements of the original list using a for loop;
3. Next, check if the element from the list is equal to bmw, kia, and so on, using if-elif-else statements;
4. For brand names that need to be in uppercase, use the upper() method;
5. For brand names that need to be capitalized, use the title() method;
6. Add the corrected brand names to the new_list using the append() method.