CK Hutchison Launches Arbitration After Panama Court Revokes Canal Port Licences 
China Extends Gold Buying Streak as Reserves Surge Despite Volatile Prices 
Trump Lifts 25% Tariff on Indian Goods in Strategic U.S.–India Trade and Energy Deal 
Asian Stocks Slip as Tech Rout Deepens, Japan Steadies Ahead of Election 
DBS Expects Slight Dip in 2026 Net Profit After Q4 Earnings Miss on Lower Interest Margins 
UK Starting Salaries See Strongest Growth in 18 Months as Hiring Sentiment Improves 
Hims & Hers Halts Compounded Semaglutide Pill After FDA Warning 
OpenAI Expands Enterprise AI Strategy With Major Hiring Push Ahead of New Business Offering 
Trump’s Inflation Claims Clash With Voters’ Cost-of-Living Reality 
Nvidia, ByteDance, and the U.S.-China AI Chip Standoff Over H200 Exports 
Uber Ordered to Pay $8.5 Million in Bellwether Sexual Assault Lawsuit 
Oil Prices Slip as U.S.-Iran Talks Ease Middle East Tensions 
Vietnam’s Trade Surplus With US Jumps as Exports Surge and China Imports Hit Record 
Global Markets Slide as AI, Crypto, and Precious Metals Face Heightened Volatility 
Anta Sports Expands Global Footprint With Strategic Puma Stake 
Gold and Silver Prices Climb in Asian Trade as Markets Eye Key U.S. Economic Data 
Samsung Electronics Shares Jump on HBM4 Mass Production Report 
Kia Motors is planning to transfer some of its electric vehicle production lines to a plant in Mexico. To be more specific, the South Korean automobile manufacturer may move to Nuevo Leon, the industrial state in the said North American region.
According to The Korea Herald, as automakers are strengthening their responsiveness to the new US subsidies for the production of EVs, Kia Motors is also making its move to take advantage of the government support. As part of its efforts, the company said on Tuesday, May 16, that it is in talks with local authorities of Mexico for the expansion of its production lines there.
Aju Business Daily reported that the inflation reduction act (IRA) that was signed by US President Joe Biden in August of last year offers up to $7,500 in tax credits to all EVs that are assembled in North America - Canada and Mexico included.
In any case, the state’s Nuevo Leon Governor Samual Garcia hinted via social media that Kia Motors is indeed making an investment for the setting up of a facility in the territory. “Nuevo Leon is being strengthened as an electro-mobility hub: Kia once again bets on Nuevo Leon with an investment to expand its plant and produce two Kia car models,” he tweeted in Spanish.
It was mentioned that the Mexican governor visited Seoul this week and attended a business forum. He is believed to have had a meeting with officials of Kia during the event as well.
Then again, he did not say which of Kia Motors’ electric vehicle models are set to be produced in Nuevo Leon but shared some images of the brand’s EV9 electric sports utility vehicle that has yet to be released.
The government official also said that the Korean automaker may invest up to $1 billion for the expansion of its EV manufacturing plant in Mexico. However, the company was said to have declined to confirm this amount and only said that nothing has been decided yet.
“We are not building a new plant but we are considering transferring some of the production lines for EVs,” an official of Kia Motors reportedly told The Korea Herald. “The move is part of our response to the Inflation Reduction Act in the US. But the exact schedule has not yet been decided.”
Photo by Mark Chan/Unsplash
