Asian Currencies Hold Steady as US Dollar Nears Seven-Week Low Ahead of Key Jobs Data 
SoftBank Q1 Profit Beats Forecast as Intel Rally and OpenAI Investments Boost Returns 
Meta AI Model Exploits Security Flaw During Cybersecurity Test, Raising AI Safety Concerns 
Gold Prices Surge 7% as Dollar Falls, Fed Rate Hike Bets Ease 
AMP Shares Surge 13% After Strong Profit and A$150 Million Buyback 
Alibaba Plans Revenue-Sharing Model for Qwen3.8-Max AI Commercial Users 
Delta Flight Makes Emergency Landing in Atlanta After Cockpit Fumes Reported 
Nvidia Seen Beating Q2 Targets as Vera Rubin Cycle Begins 
US Stock Futures Rise as Markets Await July Payrolls Data 
Asian Stocks Cautious Ahead of US Jobs Data as Oil Rises 
Australia Trade Surplus Returns in June as Iron Ore, Coal and LNG Exports Surge 
Asian Stocks Slip as AI Rally Fades, Oil Holds Steady on Iran Peace Deal Hopes 
Gold Price Hits Seven-Week High as Fed Rate Hike Bets Fade and Hormuz Deal Hopes Grow 
US Job Growth Seen Picking Up in July 
Canada, US Hold Constructive Trade Talks as Tariff Negotiations Continue 
Oil Prices Set for Steep Weekly Losses as Hormuz Deal Stalls 
Dollar Holds Near Six-Week Low as Yen Loses Momentum Ahead of U.S. Jobs Data 
The chairman of Hyundai Motor Group, Chung Eui Sun, went to the U.S. not long ago. It is believed that the executive visited the nation to seek clarity on President Joe Biden’s plans to step up the eco-friendly efforts in the car industry.
A possible purpose of Hyundai’s chair’s US trip
The Korea Times reported that Chung flew to the United States via his private plane and spent seven days in the country. The first on his schedule was to visit Los Angeles, where Hyundai Motor’s local subsidiary is headquartered. He also dropped by Alabama, where the company has a manufacturing factory.
In any case, based on the report, the Hyundai Motor chairman is also in the region to check some things as it has been said to be mulling on setting up a production line for its Ioniq 5 electric vehicle models in America. An insider revealed that when Chung went to Hyundai’s plant in Alabama, he checked if it is suitable to be a manufacturing site for the company’s latest full EV line.
It was mentioned that it has become essential for automakers to have an EV production plant in the U.S. after President Biden unveiled his plans to offer sales rebates and tax incentives for the purchase of electric vehicles that were bought in the country. The American leader came up with this plan to encourage citizens to go green.
The Hyundai Motor Ioniq 5 EVs were unveiled early this year, and many people have already placed orders in advance. This fully electric vehicle is expected to compete with Tesla’s Model 3 electric cars.
Hyundai to focus on Ioniq 5
Meanwhile, it was recently reported that Hyundai Motor would cease the production of its Kona EV line. The move is being made as it is aiming to phase out the model soon and shift the company’s focus on the new Ioniq 5.
The decision to stop the production of the Kona EV has something to do with the recalls as well. As per the Business Standard, the cars have been recalled over battery fires, and Hyundai Motor decided to just give up the model altogether in the domestic market. It was said that the automaker will continue exporting Kona EVs but will cease its sale in South Korea.
"The production of Kona EVs has been halted since March in consideration of the domestic demand and to realign the assembly line for new EVs," Hyundai spokesman said. "The company will continue to export Kona EVs to overseas markets."
