News Round-Up: Hyundai, UAW, Toyota, Rivian

Hyundai, UAW, Toyota, Rivian
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News Round-Up: Hyundai, UAW, Toyota, Rivian

Hyundai Embraces Tesla's Charging Future Amidst EV Surge

In September 2023, Hyundai's EV sales skyrocketed with a 16% YoY increase, especially the IONIQ 5. Complementing this success, Hyundai has announced its intent to integrate the Tesla NACS plug-in future EVs, enhancing compatibility with Tesla's acclaimed Supercharger network. This move signifies Hyundai's aggressive leap forward in the global EV landscape. 🚗⚡🌍

UAW & Detroit Automakers Nearing Agreement?

After days of stalemate, the UAW and Ford are inching closer to an agreement on wage hikes, with Ford proposing a significant increase. Meanwhile, GM has secured a hefty $6 billion credit line amidst the ongoing strike. UAW's President Shawn Fain will update members soon on the negotiations progress. 🚗🤝🔧

Toyota and LG's Billion-Dollar Battery Bond

Toyota and LG Energy Solution ink a $3 billion deal to boost the U.S. EV market. Now working with 9 of the top 10 automakers, LG will supply Toyota with lithium-ion batteries. This partnership supports Toyota's expanding EV lineup, spotlighting a new model from their Kentucky plant by 2025. 🚗🔋🤝

Rivian's Surprise Convertible Note Move

Rivian's stock dipped 11% after announcing a $1.5 billion convertible debt offering, catching investors off-guard. Despite the plunge, Rivian's Q3 revenue forecasts remain steady, meeting analyst expectations. As they navigate supply-chain hurdles and chase market leader Tesla, Rivian continues its EV push with Amazon-backed deliveries. 🚗💡📉

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