Alibaba Raises $10.2 Billion to Expand AI Infrastructure 
Gold Prices Hit Three-Month High as Dollar Weakens 
TikTok, DOJ Reach $400 Million Children’s Privacy Settlement 
Canada Announces Dollar-for-Dollar Retaliation Against 50% U.S. Tariffs 
Asian Stocks Slide as Samsung, Alibaba Lead Tech Selloff 
Anthropic IPO Could Challenge SpaceX’s Record $86 Billion Offering 
Australia’s Big Four Banks Face Mortgage Slowdown as Valuations Draw Scrutiny 
SoftBank Plans Record $6.3 Billion Bond Sale to Fund OpenAI Investments 
Hanmi Pharm Soars 30% on $2.3 Billion Genentech Obesity Drug Deal 
RBA Debated Rate Hike as Inflation Risks Persist 
Samsung Shares Tumble 8% as $79 Billion Return Plan Disappoints 
US Dollar Heads for Worst Week Since July as Fiscal Concerns Mount 
China EV Stocks Slide as Door Handle Recall Hits 4.3 Million Vehicles 
Ampol Profit Surges as Refining Margins Hit Record Highs 
Indian Sugar Stocks Surge on Tight Supply, Festive Demand 
Tesla Raises Cybertruck Prices by $5,000 in US 
China opens new Arctic trade route – but obstacles will prevent its wider use 
Add as a preferred source on Google
Despite the impact of the Inflation Reduction Act (IRA), Hyundai Motor Company and Kia Motors secured the second spot in U.S. electric vehicle sales for the first half of 2023, trailing only Tesla.
Hyundai Motor and Kia Motors were able to make this achievement of selling more EVs in the U.S. despite the effects of the Inflation Reduction Act (IRA). According to The Donga Ilbo, it appears that the South Korean automakers’ strategy of venturing into the lease market was effective since this move made them eligible for subsidies regardless of the IRA.
Based on market research, Hyundai Motor and Kia were able to sell about 38,457 units of electric vehicles, and this number pushed them up to become the second largest seller of EVs in the U.S. The first spot was occupied by Tesla, with 336,894 units sold, while General Motors placed third after selling 36,322 vehicle units.
Volkswagen ranks fourth this year with 26,538 electric cars sold, and Ford Motor Company is in the fifth spot with 25,709 EVs sold. It was added that the companies attained good performance ratings despite implementing the IRA that grants subsidies of up to $7,500 to EV and battery makers operating in the country.
Meanwhile, The Korea Economic Daily reported that Hyundai Motor was also able to break out after experiencing a slump for four years in China. This comes after the company’s Chinese joint venture posted its first sales growth in the country and revealed a 13% increase in sales for selling 123,259 vehicles.
The JV, called Beijing Hyundai Motor Co., is a partnership between Hyundai Motor and BAIC Motor. The surge in sales is for the first half of this year only. This is the first time since 2019 that the company has been able to increase its sales volume.
“It is an inspiring result in China, where homegrown brands such as BYD and Chang’an are raising their share, whereas imported brands are struggling with falling sales,” a source in the automobile sector said in a statement.
Photo by: Martin Katler/Unsplash
