South Korean President Yoon Suk Yeol met with Tesla CEO Elon Musk in Washington, D.C., today during a six-day visit to the US. The meeting was at Musk’s request to discuss the possibility of building a Tesla Gigafactory in Korea.
Yonhap, a Korean news agency, summarized the meeting, saying that Yoon emphasized that “South Korea boasts world-class manufactured robots and an advanced labor force, making it an ideal location to run a Gigafactory.”
And Yoon was directly quoted as saying:
“Should Tesla decide to invest, we will provide active support in terms of location, workforce and taxes”
In their previous meeting, Yoon had a similar message – that Korea has a world-class automotive industry and that Korea would work to improve regulations to allow for easier foreign investment into the country. We have no transcript of that meeting, but it sounds like he was more direct in this meeting – promising specific direct support to Tesla rather than generalized government action on regulations.
Musk reportedly responded by stating that he expects to visit South Korea and that the country remains a leading candidate for a Gigafactory.
Korea was already on Tesla’s shortlist for potential new Gigafactory locations, and Yoon and Musk met virtually in November to discuss this possibility. At the time, rumors included that Tesla was considering a Gigafactory in Mexico or Canada.
Since then, Tesla has announced that it will build a Gigafactory in Mexico, which might have thrown some cold water on rumors of other locations. But it turns out that Tesla is still interested in other locations as electric car sales are set to see “explosive growth” worldwide in the coming years.
Given Tesla’s goal to expand sales by 50% per year for the foreseeable future, with a potential (and quite optimistic) goal of selling 20 million vehicles in 2030, it’s going to need a lot of factories to get there.
Tesla already operates one factory in Shanghai, which is a relatively short 500-mile hop over the Yellow Sea away from Korea. But in East Asia, a region where half of the world’s population lives, there is certainly room for more than one factory.
Korea is turning out to be a major player in the EV industry. Korean battery suppliers LG Chem, Samsung SDI, and SK On are cooperating with many automakers around the globe, and Hyundai and Kia are among the largest electric vehicle manufacturers.
Plus, Korea is a free trade partner with America, whereas China is not. This could be relevant given the new battery component and critical mineral rules in the Inflation Reduction Act, requiring the domestic or free trade manufacturing of battery components and critical minerals, respectively. While any Korean Gigafactory would primarily serve Asian markets, this could add some flexibility for Tesla in terms of processing or recycling battery minerals.
Korea, in particular, felt spurned by these rules because they also require that cars undergo final assembly in North America (unless you lease them, an interpretation that Korean automakers pushed for). This has caused many Korean automakers to commit to building factories in the US, so having an American automaker establish a factory in Korea would certainly be fair play in response.
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Members of media chat before the start of a press conference by Aramco at the Plaza Conference Center in Dhahran, Saudi Arabia November 3, 2019.
Hamad I Mohammed | Reuters
Saudi Aramco on Tuesday posted a drop in second-quarter revenues, citing lower crude oil and refined chemical products prices that were only partially offset by higher traded volumes.
The world’s largest oil company declared an adjusted net income of 92.04 billion Saudi riyal ($24.5 billion) over the three months to the end of June. The result compares with a forecast of adjusted net income of $23.7 billion, according to an analyst survey estimate supplied by the company.
Second-quarter revenues dropped to 378.83 billion Saudi riyals from 425.71 billion Saudi riyal in the same period of the previous year.
“Market fundamentals remain strong and we anticipate oil demand in the second half of 2025 to be more than two million barrels per day higher than the first half,” Aramco CEO Amin Nasser said in a Tuesday statement accompanying the results.
Crude prices have stayed depressed over the course of the year, barring a brief second-quarter flare-up sparked by Israel-Iran tensions. Futures have been under pressure from an uncertain outlook for demand, exacerbated since April by the rollout ofWashington’s wide-spanning tariffs. The protectionist trade measures muddy the picture for growth in the world’s largest economy and the future of the U.S. dollar, which denominates most commodities — including crude oil.
Aramco’s income is set to see a boost from higher output, after Saudi Arabia – and seven other OPEC and non-OPEC partners — complete unwinding 2.2 million barrels per day of voluntary cuts through a last tranche in September. Saudi Arabia most recently produced 9.356 million barrels per day in June, according to independent analyst estimates compiled in OPEC’s Monthly Oil Market Report.
Aramco has increasingly tapped debt markets, with two issuances totalling $9 billion in the second half of 2024 and a three-part bond sale of $5 billion this year.
Front of mind for investors is the dividend policy at Aramco, which in March slashed investor returns for 2025 to $85.4 billion — down sharply from the $124.2 billion of 2024 — after a first-quarter decline in net profits. Aramco declared a base dividend of $21.1 billion and a performance-linked dividend of $0.2 billion in the third quarter.
The company’s dividend yield stood at 5.5% as of Monday, still ahead of U.S. industry peer Exxon Mobil‘s 3.6% and Chevron‘s 4.5%, according to FactSet data.
Aramco’s payouts ripple sharply into the budget of Saudi Arabia, which has been juggling diversifying its economy away from oil reliance under Crown Prince Mohammed bin Salman’s signature Vision 2030 program. Saudi Arabia’s gross domestic product expanded by 3.9% in the second quarter, boosted by non-oil activities.
More than 100,000 home batteries across California stepped up as a virtual power plant last week in a scheduled test event, and the results were impressive, according to new analysis from The Brattle Group.
Sunrun was the largest aggregator, Tesla was the largest OEM, and most of the batteries were enrolled in California’s Demand-Side Grid Support (DSGS) program.
Sunrun’s distributed battery fleet delivered more than two-thirds of the energy during a scheduled two-hour grid support test on July 29. In total, the event pumped an average of 535 megawatts (MW) onto the grid – enough to power over half of San Francisco.
The event, run between 7 and 9 pm, was coordinated by the California Energy Commission, CAISO (California Independent System Operator), and utilities to prepare for stress on the grid during August and September heat waves. And it worked.
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Sunrun alone averaged over 360 MW during the two-hour window. The batteries kicked in right when electricity demand typically spikes in the evening, acting just like a traditional power plant, but from people’s homes.
Brattle’s analysis found that the battery output made a visible dent in statewide grid load, when the power is needed most. “Performance was consistent across the event, without major fluctuations or any attrition,” said Ryan Hledik, a principal at The Brattle Group. He called it “dependable, planning-grade performance at scale.”
The Brattle Group
Residential batteries, Hledik explained, don’t just help shave off demand during critical hours; they can reduce the need for new power plants entirely. “They can serve CAISO’s net peak, reduce the need to invest in new generation capacity, and relieve strain on the system associated with the evening load ramp,” he said.
This isn’t a one-off. Sunrun’s fleet already helped drop peak demand earlier this summer, delivering 325 MW during a similar event on June 24. The company compensates customers up to $150 per battery per season for participating.
Sunrun CEO Mary Powell summed it up: “Distributed home batteries are a powerful and flexible resource that reliably delivers power to the grid at a moment’s notice, benefiting all households by preventing blackouts, alleviating peak demand, and reducing extreme price spikes.”
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Hyundai’s new Elexio electric SUV, which is built in China, could be sold in overseas markets. The CEO of Hyundai Australia calls it “a promising vehicle” that could help the company regain market share from Tesla, BYD, and others.
Will Hyundai’s new Elexio SUV be sold overseas?
The Elexio SUV is the first dedicated electric vehicle from Hyundai’s joint venture with BAIC in China, Beijing Hyundai.
According to a new report, Hyundai’s new electric SUV could be sold in overseas markets, including Australia. Don Romano, the CEO of Hyundai Australia, told journalists (via EV Central) last week during the launch event for the new IONIQ 9 that the company has done a “terrible job” with its EVs so far.
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“And the only explanation for that is that we haven’t put enough focus into it,” he explained. However, Romano promises the automaker will do better.
Hyundai plans to boost marketing and support its dealership network, which only began selling IONIQ EV models a little over a year ago.
The Hyundai Elexio electric SUV (Source: Beijing Hyundai)
In what mostly went under the radar, Romano also suggested the new Elexio SUV could arrive in Australia. “It’s under evaluation now,” he said, adding, “it’s definitely a promising vehicle.”
Despite this, it may have a few hurdles to clear. Hyundai’s Australian boss explained, “I still have work to do to ensure that it’s the right vehicle in the right segment at the right price for our market. And I have not reached that level yet.”
Hyundai Elexio electric SUV interior (Source: Beijing Hyundai)
Romano told journalists that a final decision needs to be made “in the next 60 to 90 days,” and to check back in three months when he will have a definitive answer.
Hyundai Australia is also looking to launch the IONIQ 2, a smaller, more affordable EV to sit between the Inster EV and Kona Electric.
Hyundai Elexio SUV (Source: Beijing Hyundai)
Romano said, “It’s a potential opportunity,” but didn’t provide any details. He said, at this point, he’s just glad Hyundai is producing it. “Now I just need to get the details and find out, will it fit into our overall product plan and create enough demand to where it becomes a viable option for us? So my initial thought is absolutely. Yep.” Hyundai Australia’s boss told journalists.
The new EVs would help Hyundai, which has been struggling to keep pace in the transition to electric, compete in Australia and other overseas markets.
Hyundai Elexio electric SUV during global testing (Source: Beijing Hyundai)
As of June 2025, Hyundai has sold only 853 EVs in Australia. In comparison, Tesla has sold 14,146 electric vehicles, and BYD has sold over 8,300. Even Kia is selling more EVs in Australia, with 4,402 units sold in the first six months of the year.
Measuring 4,615 mm in length, 1,875 mm in width, and 1,673 mm in height, Hyundai’s electric SUV is slightly smaller than the Tesla Model Y.
It recently underwent three consecutive crash tests among several other global evaluations, consistently outperforming benchmarks. Based on Hyundai’s E-GMP platform that powers nearly all Hyundai and Kia EVs, the Elexio has a CLTC driving range of up to 435 miles (700 km)
Hyundai is set to launch it in China in the third quarter of 2025. Prices have yet to be announced, but it’s expected to start at around 140,000 yuan ($19,500).
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