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Futures July 1st news, in the second quarter, global oil inventories increased by 1.6%, of which crude oil inventories increased by 1.1% and refined oil inventories increased by 2.4%; last week, oil inventories fell by 0.8% overall, of which crude oil destocked by 1.5% and refined oil accumulated by 0.2%. After the ceasefire in the Iran-Israel conflict, oil prices returned to the dominance of macro and supply and demand logic. Whether the US tariff exemption for most countries after July 9 and the 24% reciprocal tariff exemption between China and the United States will continue after mid-August still pose macro risks. Under the expectation of rapid production increase of OPEC+, the supply and demand outlook is still relatively loose, and crude oil is seen as volatile and weak in the near future. Pay attention to the short-selling opportunities near the upper boundary after Brent returns to 57-67 US dollars/barrel and SC returns to the 430-510 yuan/barrel range. The risk point lies in the degree of reversal of the accumulated inventory due to the month-on-month improvement in peak season demand.The final UK Manufacturing PMI for June will be released in ten minutes.Masu, the new member of the Bank of Japan: The real interest rate is indeed negative, and I do not object to the central bank governors statement.Masu, the new member of the Bank of Japan: Recent economic conditions show that we are not yet in a state where we can raise interest rates quickly. We must act cautiously and pay close attention to various economic data.Teslas new car registrations in Norway increased 53.8% year-on-year in June.

Hyundai Motor will develop South Korea's first EV-specific plant

Charlie Brooks

Jul 12, 2022 11:05



Hyundai Motor Co. plans to construct its first dedicated electric vehicle (EV) manufacturing facility in South Korea by 2025, according to the automaker's union, which cited the company's CEO.


Hyundai Motor Group, which consists of Hyundai Motor and Kia Corp, announced in May its aim to invest 48.07 billion dollars in South Korea between now and 2025.


Hyundai Motor was unable to quickly comment. According to a statement published by the union, the promise was made by the company during ongoing salary negotiations.


This month, unionized Hyundai Motor employees in South Korea voted for a potential strike for the first time in four years in reaction to management's emphasis on foreign investment and salary increases.


The announcement comes after South Korea's largest automaker said in May that it planned to invest $5.5 billion in Georgia to build complete EV and battery production facilities.


Hyundai Motor forecasts that construction on the EV facility in Georgia will begin in early 2023, with commercial production commencing in the first half of 2025.