South Korea Inflation Hits Five-Month Low as CPI Reaches Central Bank Target 
Dollar Holds Firm as Strong U.S. Data, Fed Expectations and Global Central Bank Moves Shape Markets 
Novo Nordisk Warns of Profit Decline as Wegovy Faces U.S. Price Pressure and Rising Competition 
Nvidia’s $100 Billion OpenAI Investment Faces Internal Doubts, Report Says 
Asian Markets Wobble as AI Fears Rattle Stocks, Oil and Gold Rebound 
Indian Rupee Strengthens Sharply After U.S.-India Trade Deal Announcement 
Google Cloud and Liberty Global Forge Strategic AI Partnership to Transform European Telecom Services 
Gold and Asian Stocks Rebound as Market Volatility Eases and Global Sentiment Improves 
NRW Holdings Shares Surge After Securing Major Rio Tinto Contract and New Project Wins 
SpaceX Reports $8 Billion Profit as IPO Plans and Starlink Growth Fuel Valuation Buzz 
China Services PMI Hits Three-Month High as New Orders and Hiring Improve 
Nvidia Confirms Major OpenAI Investment Amid AI Funding Race 
Nintendo Shares Slide After Earnings Miss Raises Switch 2 Margin Concerns 
Gold, Silver, and Platinum Rally as Precious Metals Recover from Sharp Selloff 
SpaceX Updates Starlink Privacy Policy to Allow AI Training as xAI Merger Talks and IPO Loom 
U.S. Stock Futures Edge Lower as Tech and AI Stocks Drag Wall Street Ahead of Key Earnings 
The Volvo Group said it would be investing $84 million in South Korea and aims to release an electric sports utility vehicle (SUV) in the country this year. The company is also targeting a 20% sales growth through this new investment.
According to The Korea Times, Volvo Cars is working on its complete transition to EV production by 2030. As part of this project, the company is planning to launch new EVs every year. So far, it has already unveiled two electric vehicles, which are the C40 and EX90 models. These two are said to have been fitted with batteries from LG Energy Solution (LGES).
The Swedish luxury car maker will also step up its cooperation with battery and tech firms in Korea since technology is fast becoming an important part of the auto production industry. Technology is also a key ingredient in maintaining competitiveness in the global market now thus, it wants to improve relations with tech companies.
"We have been cooperating with Korean tech and battery partners for many years and we expect that to continue. We see that technology will be very important for the future," Jim Rowan, chief executive officer of Volvo Cars, said during a recent press conference. "We will build our own battery factory in Sweden but we will maintain relationships with the current battery manufacturer because we plan to expand our business and we will need supply from both."
Meanwhile, Yonhap News Agency reported that Volvo Car’s sales goal for 2023 is about 17,500 units. The latest investment of KRW111 billion or$85 million is set to be used for the expansion of its showrooms, after-sales services, and more as it transitions to EV production.
To boost its EV lineup in Korea, Volvo Cars will release its EX90 flagship SUV before this year ends. The launch was moved to an earlier time as the original date was in 2024.
