Intel’s Testing of China-Linked Chipmaking Tools Raises U.S. National Security Concerns 
Azul Airlines Wins Court Approval for $2 Billion Debt Restructuring and New Capital Raise 
California Jury Awards $40 Million in Johnson & Johnson Talc Cancer Lawsuit 
Australia’s Labour Market Weakens as November Employment Drops Sharply 
Mexico Moves to Increase Tariffs on Asian Imports to Protect Domestic Industries 
Asian Technology and Chipmaking Stocks Slide as AI Spending Concerns Shake Markets 
Asian Currencies Steady as Fed Delivers Hawkish Rate Cut; Aussie and Rupee Under Pressure 
Oil Prices Rebound as U.S.-Venezuela Tensions Offset Oversupply Concerns 
CMOC to Acquire Equinox Gold’s Brazilian Mines in $1 Billion Deal to Expand Precious Metals Portfolio 
SpaceX Begins IPO Preparations as Wall Street Banks Line Up for Advisory Roles 
Korea Zinc Plans $6.78 Billion U.S. Smelter Investment With Government Partnership 
Wall Street Futures Dip as Broadcom Slides, Tech Weighed Down Despite Dovish Fed Signals 
Dollar Struggles as Markets Eye Key Central Bank Decisions and Global Rate Outlooks 
Rio Tinto Signs Interim Agreement With Yinhawangka Aboriginal Group Over Pilbara Mining Operations 
Gold Prices Dip as Markets Absorb Dovish Fed Outlook; Silver Eases After Record High 
Fortescue Expands Copper Portfolio With Full Takeover of Alta Copper 
Hyundai Motor America and Kia America have announced a recall for over 280,000 units of specific models. The automakers are calling back sport utility vehicles due to fire risks.
As per Yonhap News Agency, Hyundai Motor and Kia’s recall are for vehicles that were sold in North America. The U.S. Department of Transportation said on Tuesday, Aug. 23, that the recall affects 245,030 units of Hyundai Palisade and 36,417 Kia Telluride. Both SUV units are part of the 2020-2022 models.
In the filing, the federal transportation agency also issued a “stop sale” this week. This is for the vehicles that are not yet sold but are affected by the recall. The units that are still in the processing facilities are also covered by the “stop sale” order.
“An accessory tow hitch sold through dealerships may allow moisture into the harness module, causing a short circuit,” the US Department of Transportation’s National Highway Traffic Safety Administration said in the announcement that was posted on Tuesday. “In some cases, an electrical short can cause a vehicle fire while driving or while parked and turned off.”
The NHTSA added, “As an interim repair, Hyundai dealers will inspect the tow hitch module and remove the fuse, as necessary. An interim repair is not available for Kia vehicles.”
It is fortunate that the agency or the automakers have not yet received any reports of injuries or crashes related to the issue. Moreover, the officials said that Hyundai Motor and Kia do not have an exact solution at this time because they are still working on the development of the right repair for the recall.
In the meantime, owners of Hyundai Palisade and Kia Telluride were advised to park their vehicles far from their homes and buildings. Until the units are properly repaired, they should be parked outside at all times. The carmakers will be contacting the owners through mail once the repair is available, and they could bring their SUVs to authorized dealers.
Meanwhile, Associated Press News reported that Hyundai Motor and Kia already reported 25 incidences of fires and melting in the U.S. and Canada. The dealers will be checking the wiring and taking out the fuse while a final repair process is being developed.
