RECENT HEADLINES June 30
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South Korea's automobile exports in 2024 may reach new high

According to Yonhap News Agency, the Korea Automobile Manufacturers Association (KAMA) stated that thanks to strong demand for eco-friendly models and SUVs, South Korea's automobile export value in 2024 is expected to increase by 5.4% year-on-year to 74.7 billion USD, a record high. If the export value of auto parts is included, the total is expected to reach 98 billion USD.
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At least six pure electric models will be produced at BMW’s USA factory

Recently, the BMW Group announced the opening of an advanced stamping workshop at its Spartanburg plant in South Carolina, USA, in celebration of its 30th anniversary of production. This development is in preparation for the launch of the new BMW X3. From now until 2030, the US plant will produce at least six pure electric models.​

 Tesla considering abandoning 4680 battery production due to unsatisfactory energy density and charging performance

According to relevant sources, Tesla is considering halting 4680 battery production at its Texas Gigafactory due to unsatisfactory energy density, charging performance, and higher costs. If cost reduction goals are not met by the end of the year, Tesla plans to abandon 4680 battery production and procure batteries from external suppliers instead.

 EU adjusts tariff policy on Chinese EV

After collecting more information, the EU made "minor adjustments" to tariffs on Chinese electric vehicles. SAIC Group's tariffs slightly decreased from 38.1% to 37.6%, Geely Auto's tariffs decreased from 20% to 19.9%, and BYD's tariffs remained unchanged at 17.4%.
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SAIC Volkswagen to launch 5 new energy vehicles starting in 2026

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Recently, Volkswagen Group, SAIC Motor Corporation, Volkswagen (China) Investment Co., Ltd., Volkswagen (China) Technology Co., Ltd., and SAIC Volkswagen signed multiple technical cooperation agreements in Shanghai for new product projects. The agreements include developing three plug-in hybrid models and two pure electric models for the Chinese market, with launches expected from 2026 to 2030.
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Audi partners with Microsoft, integrating ChatGPT into approximately 2 million cars starting in July

Audi announced a collaboration with Microsoft to integrate ChatGPT via Azure OpenAI services into approximately 2 million cars starting in July. However, Audi models sold in China will not include the ChatGPT-enabled voice assistant, as Audi is likely to seek a local supplier for an equivalent solution.
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Hyundai releases official images of INSTER with a maximum range of 355 km

Hyundai released official images of the Hyundai INSTER, a pure electric version of the Hyundai CASPER. This small SUV features a 113-horsepower single motor and offers a maximum range of 355 km. The new model will launch first in Korea in the summer of 2024, followed by releases in Europe, the Middle East, and Asia-Pacific regions.
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Volvo delays U.S. launch of EX30 due to tariff issue

Due to increased U.S. tariffs on Chinese electric vehicles, Volvo will delay the U.S. launch of its EX30 electric crossover by over a year. To accommodate this, Volvo plans to expand EX30 production at its Ghent plant in Belgium to supply both the U.S. and European markets, with production expected to begin in September 2025.
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Ferrari plans to offer electric vehicle battery subscription service at approximately $7,500 per year

According to Bloomberg, Ferrari plans to offer an extended warranty for its next-generation hybrid and electric supercars to alleviate customer concerns about battery aging. Ferrari will offer a battery subscription service for approximately $7,500 per year, allowing owners to replace the battery after eight years.
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