Chip Stocks Rally as Samsung and SK Hynix’s $1.3 Trillion Investment Plan Boosts AI Optimism 
Oil Prices Rise as U.S.-Iran Talks Keep Geopolitical Risks in Focus 
US Jobs Report Preview: June Payroll Growth Seen Slowing as Fed Rate Decision Looms 
OpenAI Proposes 5% U.S. Government Stake Amid AI Policy Talks 
Gold Price Hits Annual Low as Fed Rate Hike Bets and Sticky Inflation Weigh on Bullion 
Nike Q4 Earnings Beat Estimates as Wholesale Growth Offsets Direct Sales Weakness 
SoftBank’s LY Corp, Bain Raise Kakaku.com Bid to ¥670 Billion, Intensifying Takeover Battle 
Apple Expands iPhone Lineup, Boosts Foldable iPhone Production Plans Through 2027 
Trump Administration to Launch Voluntary AI Standards for Frontier Models 
Trump Reports $1.4 Billion in Crypto Income as Digital Assets Become Top Wealth Source 
Gold Price Holds Above $4,000 as Fed Rate Hike Expectations and U.S. Jobs Data Weigh on Market 
RBA Minutes Signal Australia Central Bank Remains Ready to Raise Interest Rates if Inflation Persists 
Asian Currencies Slip as Dollar Holds Firm, Yen Near Four-Decade Low Ahead of Fed, Jobs Data 
Asian Stocks Slide as Chip Shares Tumble Ahead of Key U.S. Jobs Report 
India Manufacturing PMI Slows in June as Demand Weakens Despite Lower Cost Pressures 
Michael Burry Shorts Tesla at $416 as AI and Semiconductor Bearish Bets Expand 
South Korea Warns Won Is Undervalued, Boosts FX Coordination With Japan 
Hyundai Motor revealed on Wednesday this week that it will be injecting ₩370 billion or about $300 million for its plant in the United States. The funding will be used to support the company’s production of eco-friendly electric vehicles in the facility later this year.
The South Korean automaker will be upgrading the existing assembly lines of its plant in Alabama to build the all-electric Genesis GV70 sport utility vehicle and the Santa Fe, gasoline hybrid model. These are targeted for production in December and October, respectively, as per Yonhap News Agency.
This will be Hyundai Motor's first-ever US-made electric vehicle and will be rolled out in its Montgomery, Alabama plant’s assembly line in the latter half of this year. It was noted that the automaker made the announcement despite strong resistance from its labor union group that is against the production of EVs in the United States.
Since last year, Hyundai Motor has been mentioning its intention to produce EVs in the U.S., but this is the first time that it is confirming its plan. Moreover, in a move that it did not do earlier, the firm also released specific details, including the models it is planning to make in America.
"Hyundai is taking its first steps toward bringing EV production to the United States,” Hyundai Motor Manufacturing Alabama’s president and chief executive officer, Ernie Kim, said in a statement. “We are excited to showcase our team members in producing EVs here in Alabama."
It was reported that Hyundai Motor's development plans in Alabama will also prepare the state for its auto manufacturing industry for the EV revolution. Alabama’s Governor Kay Ivey said that this project truly aligns with the territory’s strategic initiatives. Additionally, this latest investment is said to be part of Hyundai Motor’s extensive plan to put in $7.4 billion in its US facilities and markets by 2025.
The Korea Economic Daily further reported that Hyundai’s latest investments also include plans to build a new dedicated EV plant in Hyundai Motor Manufacturing Alabama LLC (HMMA) facility. The Korean carmaker is looking to expand its footprint in the fast-growing EV market in the country; thus, it is taking these steps today.
“The local production of the Electrified GV70 will help Hyundai get ahead of its Japanese rivals in the US market,” Yoo Ji Woong, an analyst at Korea’s DAOL Investment & Securities, said.
