Samsung to Invest $90 Billion in South Korea to Expand AI Chip, Display, and Battery Production 
EU Chip Industry Faces Growing Risks From China Export Controls and U.S. Technology Dependence: Report 
Kioxia Bets on AI Memory Boom With Next-Gen NAND Production in Japan 
Wall Street Ends Mixed as Weak Jobs Data Lowers Fed Rate Hike Bets, Chip Stocks Tumble 
Asian Currencies Stay Under Pressure as Dollar Holds Near 13-Month High Ahead of U.S. Jobs Report 
Texas Man Charged After Fatal Tesla Full Self-Driving Crash in Katy 
Suncorp Cuts 2026 Premium Growth Forecast as Australia, New Zealand Markets Weaken 
Trump Reports $1.4 Billion in Crypto Income as Digital Assets Become Top Wealth Source 
US Resumes Dollar Shipments to Iraq After Months-Long Suspension 
Meta Stock Jumps as AI Cloud Expansion Challenges AWS, Microsoft, and Google 
OpenAI Proposes 5% U.S. Government Stake Amid AI Policy Talks 
TetherMax Rebranding Highlights Official Exchange Partnerships as Foundation of Trust 
Denmark Central Bank Intervenes to Support Krone Peg Against Euro 
New Zealand Consumer Confidence Rises in June as Inflation Expectations Ease 
Japan Signals Surprise Yen Intervention Strategy as BOJ Hawkish Stance Puts FX Traders on Alert 
Oil Prices Slip as Iran Talks and Strong Supply Outlook Ease Market Concerns 
South Korean Stocks Tumble as AI Chip Selloff Hits Asian Markets 
Hyundai Motor finally announced the name of its urban air mobility (UAM) unit that is based in the United States. On Tuesday, Nov. 9, the South Korean automaker said it is calling its subsidiary "Supernal."
Hyundai Motor established its UAM in the U.S. with a goal of making its presence known and felt in the mobility solutions market there. As per Yonhap News Agency, Supernal is headquartered in Washington D.C., and it has plans to set up a research and development (R&D) facility in California next year.
The main goal of Supernal is to produce a fully electric UAM vehicle by the year 2028. These models should be ready to work in some urban areas as well as regional air mobility or RAM for intercity operations by 2030.
Hyundai Motor established its UAM division last year, and one of its projects is to produce an electric vertical take-off and landing or simply eVTOL, which is a technology that will make cars fly. This is said to be an important innovation for the future as it can be a solution to traffic congestion since it can connect the sky and the ground.
At any rate, the Supernal UAM company is owned by Hyundai's three leading affiliates - Hyundai Motor Co., Hyundai Mobis Co., and Kia Corp. According to Korea Joongang Daily, in the early days, before the carmaker called it UAM, its original name was Genesis Air Mobility.
"In adding a new dimension to mobility, we are on a mission to transform how people and society move, connect, and live," Supernal's chief executive officer and Hyundai Group president, Jaiwon Shin, said in a press release.
He added, "We have bold ambitions at Supernal but being first to market is not one of them. We are working to build the right product and the right integrated market, and we will leverage Hyundai Motor Group's scaled manufacturing expertise to ensure AAM reaches the right price point and is accessible to the masses."
Shin was revealed to be a former employee at the U.S. National Aeronautics and Space Administration (NASA), but it was not mentioned what his position was. In 2019, Hyundai recruited him to work for its innovative "flying cars" of the future. Hyundai is aiming to integrate UAM into the current transportation system and make it work without complexities.
