U.S. President Donald Trump steps off of Air Force One after arriving back at Joint Base Andrews on June 17, 2025 on Joint Base Andrews, Maryland. Trump said he left the G7 Leaders’ Summit a day early to return to Washington to try to deal with the conflict between Israel and Iran.
Hopes of a quickceasefire between Israel and Iran were dashed by several social media posts from U.S. President Donald Trump. As he took an early departure from the Group of Seven summit, Trump said it “certainly has nothing to do with a Cease Fire” and that he was involved in something “much bigger than that.”
What’s bigger than a ceasefire? An escalation in conflict on the prospect ofthe U.S. joining the hostilities in the Middle East. Trump, on his social media platform Truth Social, threatened Iran’s leader Ayatollah Ali Khamenei that he is an “easy target” and wants him to “surrender.”
The U.S. Federal Reserve’s rate-setting meeting will conclude Wednesday. While central bankers are expected to leave interest rates unchanged, the committee will release updated projections of where they see rates going. Chair Jerome Powell will also answer questions from the media at this press conference. All of those are market-moving events — so it’s a relief, at least, they come from official communiques.
What you need to know today
Trump weighs strike on Iran A U.S. military strike against Iran is one of the options Trump is considering, after meeting with his top national security advisors on Tuesday afternoon, current and former administration officials told NBC News. Earlier in the day, Trump wrote on Truth Social that the U.S. knows “exactly” where the Iran’s leader, Ayatollah Ali Khamenei, is “hiding,” and demanded “UNCONDITIONAL SURRENDER!”
Exports from Japan fall in May Japan exports in May declined 1.7% year over year, according to data from Japan’s trade ministry released Wednesday. While that drop fares better than the 3.8% decline expected from a Reuters poll of economists, it’s still the steepest fall since September 2024 and reverses the 2% growth in April. Exports to the U.S. dropped 11.1% from a year earlier, much worse than than the 1.8% fall in April.
Meta trying to poach OpenAI staff: Altman On a podcast released Tuesday, OpenAI CEO Sam Altman said Meta had sought to hire “a lot of people” from the artificial intelligence company, and had offered signing bonuses as high as $100 million — but “so far none of our best people have decided to take them up on that.” Meta CEO Mark Zuckerberg is frustrated with his firm’s standing in the AI space, sources told CNBC.
U.S. passes landmark crypto bill The U.S. Senate on Tuesday passed the GENIUS Act, a landmark crypto bill that establishes federal guardrails, including full reserve backing, monthly audits, and anti-money laundering compliance, for U.S. dollar-pegged stablecoins. It also opens the door to a range of issuers, including banks, fintechs, and major retailers looking to launch their own stablecoins or integrate them into existing payment systems.
[PRO]Global stocks will reign: Investors The era of U.S. exceptionalism might be coming to an end. Not only have global stocks vastly outperformed those in America year to date, investors also thinkthey will be the best-performing asset class over the next five years, according to the results of Bank of America’s latest fund manager survey.
While any immediate movement on interest rates seems improbable, the Federal Reserve’s policy meeting, which concludes Wednesday, will feature important signals that still could move markets.
Among the biggest things to watch will be whether Federal Open Market Committee members stick with their previous forecast of two rate cuts this year, how they see inflation trending, and any reaction from Chair Jerome Powell to what has become a concerted White House campaign for easier monetary policy.
As things stand heading into the meeting, markets are pricing in the next cut to come in September, which would be the one-year anniversary of a surprisingly aggressive half-percentage-point reduction the FOMC instituted amid concerns over the labor market. The committee added two more quarter-point moves by the end of the year and has been on hold since.
Robotaxi developer Zoox has cut the ribbon on the first serial production facility for purpose-built robotaxi vehicles in the United States. This new cutting-edge facility will be able to assemble thousands of Zoox’s unique autonomous vehicles each year as its commercial services expand.
Zoox is a California-based Robotaxi developer that continues to expand its network of test vehicles to make way for the rollout of its unique purpose-built vehicle, unlike anything else on the roads.
While much of Zoox’s current test fleet consists of existing vehicles retrofitted with sensors and cameras, Zoox has designed and delivered an entirely purpose-built EV without pedals or a steering wheel. We’ve seen those Robotaxis roll off Zoox’s existing production line in Fremont, California, before hitting Bay Area and Las Vegas roads.
Today, Zoox officially opened a second production facility closer to its California headquarters. This facility will house dedicated assembly lines for its bespoke robotaxis. Zoox’s latest video, which you can view below, provides an in-depth look at those new production lines.
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Source: Zoox
Zoox moves Robotaxi production to new CA facility
This morning, Zoox shared an exciting look at its new production facility, which was described as a “first of its kind” for purpose-built robotaxi assembly in the US. Per Zoox, the 220,000 square-foot plant is located in Hayward, California, and consists of one assembly line which, at full scale, can produce 10,000 robotaxis per year.
In addition to serial production, Zoox’s second facility will house robotaxi engineering, software and hardware integration, component storage, shipping and receiving, plus the end-of-line testing required before any vehicles are deployed.
Zoox made efforts to ensure its new state-of-the-art plant was sustainable and based in the US to create an environment in which autonomous robots and humans work side by side to build fully autonomous robotaxis. Per Zoox:
Constructing a state-of-the-art facility also provided an opportunity to showcase our values at Zoox. The facility is situated near our Foster City headquarters, fostering collaboration between engineers and other teams. Zoox owns, operates, and assembles these purpose-built robotaxis, giving the company oversight of the entire process end-to-end and the opportunity to flex the production depending on expansion and market demand. As the robotaxi design advances, the facility’s unique layout and building equipment will be able to accommodate these future changes and features.
In an assembly facility focused on building autonomous robots, our Zoox crew remains an essential part of the manufacturing process. Robots on the floor are primarily used for specific tasks, such as applying adhesive for glass installation (which requires precision to avoid leaks and smudges) and transporting the robotaxi down the assembly line, ensuring a smooth and efficient workflow. The rest is done manually.
Zoox shared that its initial facility in the Bay Area has been repurposed into a dedicated facility for its retrofitted test fleet and sensor pod configuration. While production of the purpose-built robotaxis is exciting to see, much of Zoox’s US operations revolve around the retrofits for now.
Zoox has said that paid robotaxi rides to the public will begin in Las Vegas soon, followed by San Francisco. Other cities like Austin and Miami will join, but not for a few years. Meanwhile, Zoox continues testing other areas such as Los Angeles and, most recently, Atlanta.
In the meantime, Zoox provided a look at the assembly of its purpose-built robotaxi vehicles before they make their way out into the real world. Check it out:
Source: Zoox
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Federal prosecutors filed a civil forfeiture action targeting more than $225 million in cryptocurrency traced to a sprawling web of fraudulent investment platforms. Victims were tricked into believing they were investing in legitimate crypto ventures, only to be scammed by criminal networks often operating overseas.
“This seizure of $225.3 million in funds linked to cryptocurrency investment scams marks the largest cryptocurrency seizure in U.S. Secret Service history,” said Shawn Bradstreet, special agent in charge of the U.S. Secret Service’s San Francisco Field Office, in a statement.
Authorities said the network was connected to at least 400 suspected victims worldwide, including dozens in the U.S. Crypto fraud was responsible for more than $5.8 billion in reported losses last year, according to FBI data.
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The seized funds are now subject to forfeiture proceedings aimed at eventually returning money to victims.
The U.S. Secret Service and FBI used blockchain analysis and other tools to trace the cryptocurrency back to stolen assets. The DOJ credited Tether, the world’s largest stablecoin issuer, for assisting in the operation.
According to the complaint, the funds were linked to the theft and laundering of money from victims of cryptocurrency investment fraud schemes, commonly known as confidence scams that often involve romance.
The network relied on hundreds of thousands of transactions to obscure the origin of the funds, using sophisticated blockchain maneuvers to conceal the flow of stolen assets.
Starting at under $10,000, the Seagull is the most affordable EV BYD offers in China. It’s also the company’s best seller. In just over two years, BYD has sold over 1 million Seagull EV models. Now, it’s rolling out to new global markets.
BYD Seagull EV sales surpass the 1 million mark
BYD officially launched its low-cost electric car in April 2023, with deliveries kicking off the following month. In just 25 months, BYD Seagull sales surpassed 1 million.
The Seagull went back and forth with the Tesla Model Y for a few months in 2024 as the best-selling EV in China. In November, it outsold every car in China, including gas-powered vehicles.
After selling an additional 60,131 Seagull models in May, BYD announced that its cumulative sales had reached nearly 993,000.
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With just over 7,000 models to go, we knew the milestone was coming soon. During a launch event for its new Seal 06 EV on June 6, BYD officially announced that Seagull EV sales reached 1 million.
The Seagull typically starts at 69,800 yuan, or about $9,300. However, after slashing prices last month, the low-cost EV now starts at just 55,800 yuan ($7,800).
BYD Seagull EV testing with God’s Eye C smart driving system (Source: BYD)
It’s available in three trims: Vitality, Freedom, and Flying. Two battery options are offered, 30.1 kWh and 38.9 kWh, which provide a CLTC range of 305 km (190 mi) and 405 km (252 mi), respectively.
BYD claimed that the Seagull opened “a new era of electricity being lower than oil” after launching the new model in 2024.
Earlier this year, BYD upgraded most of its lineup at no extra cost, including the Seagull EV, with its new “God’s Eye” smart driving system.
The Seagull measures 3,780 mm in length, 1,715 mm in width, and 1,540 mm in height, which is even smaller than the outgoing Chevy Bolt EV and VW ID.3. It’s closer in size to the Fiat 500e.
BYD Dolphin Surf EV for Europe (Source: BYD)
In Europe and the UK, BYD launched the Seagull EV under the name Dolphin Surf. It’s slightly bigger (+210 mm in length) and more powerful than the Chinese variant.
Although it’s not quite $10,000, prices start at just £18,650 (just over $25,000) in the UK, which is still one of the most affordable options. BYD’s base Dolphin Surf “Active” has a WLTP range of 203 miles. An extended-range “Boost” trim is available with a range of up to 305 miles (507 km). It starts at £21,950 ($30,000).
Electrek’s Take
The Seagull has been a huge part of BYD’s success over the past few years. It’s already rolling out in overseas markets, such as Brazil and Mexico, under the name Dolphin Mini.
The Dolphin Surf’s arrival is only expected to accelerate BYD’s momentum going into the end of the year. Although BYD is best known for its ultra-affordable EVs, like the Seagull (or Dolphin Surf), it’s rapidly expanding its lineup with new luxury vehicles, entry-level models, mid-size SUVs, and electric supercars.
One thing is certain: BYD will be a name to continue to watch closely over the next few years as the industry shifts to electric.
BYD’s commitment to ending production of vehicles powered entirely by gas engines in 2022 is quickly paying dividends.