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☆ Toyota and Nissan pair up with Tencent and Baidu for China AI arms race
▼ + stars: | 2024-04-25 | by ( ) www.cnbc.com time to read: +2 min

Japan's Toyota Motor will pair up with China's Tencent while Nissan will team up with Baidu , the companies said on Thursday, cross-border partnerships that highlight the importance of artificial intelligence for carmakers. Both Tencent, a gaming and social media giant and Baidu, China's leading search engine, have been leaders in the country's generative AI race. The companies will offer services through Tencent's strengths in big data, AI and cloud computing, Xu said. Nissan said it and Baidu had signed a memorandum of understanding to carry out research on AI and so-called "smart cars". Nissan will use Baidu's generative AI on its platform to study the feasibility of future tech development, it said.

Persons: China's, BYD, Toyota's Yiming Xu, Xu, Nissan Organizations: Beijing Auto, Toyota, Nissan, Baidu Locations: Beijing, China

☆ 'Too early to judge': Global carmakers contend with closure at busiest U.S. autos port
▼ + stars: | 2024-03-27 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

The remains of the Francis Scott Key Bridge on March 26, 2024 in Baltimore. Michael A. McCoy | The Washington Post | Getty ImagesThe Baltimore bridge collapse on Tuesday prompted carmakers to assess operations after the closure of the busiest U.S. auto port. Six people who had been working on the bridge were presumed dead on Wednesday, after rescuers failed to find them. The Port of Baltimore, the 11th largest port in the U.S. and its busiest for autos and light trucks, has been closed until further notice. Sweden's Volvo Group said it did not expect a significant impact, but was checking its U.S. production facilities.

Persons: Francis Scott Key, Michael A, carmakers, Dimitris Psillakis, it's, Psillakis Organizations: Francis Scott Key Bridge, McCoy, Washington Post, Getty, Logistics, Mercedes, Benz, CNBC, Baltimore, Volkswagen Group of America, Germany's Volkswagen, VW, Audi, Lamborghini, Bentley, Atlantic, Volvo Group, General Motors, Ford, Toyota, Nissan, Mitsubishi Locations: Baltimore, Port, U.S, East, Brunswick, Georgia

☆ Toyota partially halts output at Tianjin plant in China - Jiji
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Johanna Geron/File Photo Acquire Licensing RightsTOKYO, Dec 1 (Reuters) - Japan's Toyota Motor (7203.T) is partially suspending production at its plant in Tianjin, China, the Jiji news service reported on Friday, as global automakers face strong sales competition in the world's top auto market. A spokesperson for Toyota China did not immediately comment on the report. A representative for FAW (SASACJ.UL), Toyota's joint venture (JV) in the Tianjin plant, said he was not immediately able to comment. Reuters reported last month that Toyota has told dealers it will extend a plan to reduce output at its JV with FAW in China. Its sales and production in China over that period slipped compared to 2022 amid the rising competition.

Persons: Johanna Geron, Jiji, Daniel Leussink, Rocky Swift, Brenda Goh, Edmund Klamann, Christina Fincher Organizations: Toyota, REUTERS, Rights, Toyota China, FAW, Reuters, JV, Lexus, China Association of Automobile Manufacturers, Thomson Locations: Zaventem, Belgium, Tianjin, China, Europe, North America, Tokyo, Shanghai

☆ Subaru to raise US wages after UAW deals with Detroit Three -CEO
▼ + stars: | 2023-11-16 | by ( Abhirup Roy | ) www.reuters.com time to read: +2 min

Atsushi Osaki, President and CEO at Subaru, speaks during the press day preview of the Los Angeles Auto Show in Los Angeles, California, U.S. November 16, 2023. REUTERS/David Swanson/File Photo Acquire Licensing RightsLOS ANGELES, Nov 16 (Reuters) - Subaru (7270.T) will raise the wages of its U.S. plant workers in light of recent labor deals reached by the Detroit Three automakers and United Auto Workers (UAW), the Japanese automaker's CEO, Atsushi Osaki, told Reuters on Thursday. Non-union automakers that have raised wages for their U.S. plant workers after the UAW deals include Japan's Toyota (7203.T) and Honda (7267.T), and South Korea's Hyundai (005380.KS). UAW President Shawn Fain has said "UAW" stands for "U are welcome" in response to the rising wages at the non-union plants. Reporting by Abhirup Roy in Los Angeles; Writing by Ben Klayman; Editing by Chris Reese, Andrea Ricci and William MallardOur Standards: The Thomson Reuters Trust Principles.

Persons: Atsushi Osaki, David Swanson, Osaki, Joe Biden, Shawn Fain, Abhirup Roy, Ben Klayman, Chris Reese, Andrea Ricci, William Mallard Organizations: Subaru, Los Angeles Auto, REUTERS, Detroit Three, United Auto Workers, UAW, Reuters, General Motors, Ford, Chrysler, Los, Detroit, Toyota, Honda, Hyundai, Thomson Locations: Los Angeles , California, U.S, Lafayette , Indiana, Los Angeles, South

The Toyota logo is seen on the bonnet of a newly launched Camry Hybrid electric vehicle at a hotel in New Delhi, India, January 18, 2019. India taxes EVs at just 5%, while the levy on hybrids is as high as 43%, just below the 48% imposed on petrol cars. Indian giants Tata Motors (TAMO.NS) and Mahindra & Mahindra (MAHM.NS) are backing EVs, while Toyota and Honda Motor (7267.T) want support for hybrids. Toyota has begun developing EVs while also championing hydrogen-powered cars, saying a "multi-pathway" approach is needed to solve the climate crisis. In its letter, Toyota also asks India to bring hybrid cars under a government incentive programme that offers discounts to buyers, a scheme now available only for EVs.

Persons: Anushree, Narendra Modi's, Modi's, Vikram Gulati, Gulati, Aayog, Sarita Chaganti Singh, Aditi Shah, William Mallard Organizations: Toyota, REUTERS, Tata Motors, Mahindra & Mahindra, Honda, EVs, Thomson Locations: New Delhi, India, DELHI, policymaking, Toyota's India

☆ Tesla cuts US prices of Model 3, Y in push to meet delivery goal
▼ + stars: | 2023-10-06 | by ( Urvi Manoj Dugar | ) www.reuters.com time to read: +2 min

Tesla Model 3 vehicles are shown for sale at a Tesla facility in Long Beach, California, U.S., May 22, 2023. The price cuts by Tesla - now by about 2.7% to 4.2% - started in January to support sales in an uncertain economy and fend off competition from U.S. automakers such as Ford and China's BYD. The standard Model 3 sedan is now $1,250 cheaper at $38,990, while the Model Y long-range variant costs $2,000 less at $48,490, the automaker's website showed. Overall, the standard Model 3's prices have come down by about 17% since the start of the year, while the Model Y long-range variant has seen a drop of over 26%. The price cuts will also add pressure on the "Detroit Three" as they deal with an unprecedented strike by autoworkers' union.

Persons: Mike Blake, Tesla, autoworkers, Urvi Dugar, Jyoti Narayan, Nilutpal, Shubham Kalia, Akash Sriram, Nivedita Bhattacharjee, Arun Koyyur Organizations: Tesla, REUTERS, U.S, Ford, Toyota, Alpha, Reuters, Thomson Locations: Long Beach , California, U.S, Bengaluru

☆ Nintendo founder's YFO set to raise Toyo bid -source
▼ + stars: | 2023-09-25 | by ( Makiko Yamazaki | ) www.reuters.com time to read: +1 min

It took about nine months for Toyo to form a special committee to assess YFO's offer, which YFO said acted against shareholders' interest. At an annual meeting in June, Toyo shareholders approved seven of nine directors backed by YFO, allowing these directors to form a majority of the board. It had been possible for YFO to hold talks with Toyo since the board reshuffle, the source said. YFO had already notified Toyo of its proposal and believes it could start a tender offer by late December, the source said. Expectations for a sweetened offer from YFO have in recent weeks boosted Toyo shares, which closed at 1,241 yen on Monday.

Persons: Yamauchi, Toyo, YFO, YFO's, Makiko Yamazaki, Alexander Smith Organizations: Japan's Toyo, Toyo, YFO, Thomson Locations: TOKYO

☆ Toyota halts production at Czech plant due to parts shortage
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +1 min

A Toyota Logo is seen at a Toyota dealership in Zaventem, Belgium, November 25, 2022. REUTERS/Johanna Geron/File Photo Acquire Licensing RightsPRAGUE, Aug 22 (Reuters) - The Czech plant of Japan's Toyota (7203.T) halted production due to a parts shortage caused by a fire at a local supplier, a spokesperson for the carmaker said on Tuesday. "We had to stop production yesterday evening. The outage is the second this year at the plant which produces 1,000 cars a day after a break in February. The Czech Republic is heavily dependent on the auto industry, led by Volkswagen's Skoda Auto (VOWG_p.DE).

Persons: Johanna Geron, Tomas Paroubek, Robert Muller, Kirsten Donovan Organizations: Toyota, REUTERS, Rights, Volkswagen's Skoda, Hyundai, Thomson Locations: Zaventem, Belgium, Czech, Czech Republic, KS

☆ Toyota, Pony.Ai to set up robotaxi JV with $139 mln investment
▼ + stars: | 2023-08-04 | by ( ) www.reuters.com time to read: +1 min

file photo: A logo of the autonomous driving technology startup Pony.ai is seen on a screen during an event in Beijing, China May 13, 2021. REUTERS/Tingshu WangBEIJING, Aug 4 (Reuters) - Autonomous vehicle technology startup Pony.Ai on Friday said it would set up a joint venture with Japan's Toyota Motor (7203.T) with an investment of 1 billion yuan ($139 million) to mass produce robotaxis. The venture marks a new development in the partnership between Pony.Ai and Toyota, which first teamed up in 2019. In the years since, the Japanese automaker has invested hundreds of millions of dollars in Pony.Ai. Pony.Ai, which has offices in China and the United States, has launched robotaxi services in Beijing and Guangzhou.

Persons: Tingshu Wang, Pony.Ai, Liz Lee, Tom Hogue, Christopher Cushing Organizations: REUTERS, Japan's Toyota, Guangzhou Automobile Group, GAC, Toyota, Pony.Ai, Beijing, Thomson Locations: Beijing, China, Tingshu Wang BEIJING, Pony.Ai, United States, Guangzhou

Goldman Sachs on Monday cut Tesla to "hold" equivalent rating, joining Morgan Stanley and Barclays, which downgraded the stock last week. The brokerages, however, raised their price targets to reflect the momentum in Tesla shares, which have soared 71% since late April and more than doubled this year. The EV maker's shares were last down 1.2% in morning trading on Monday. Tesla's market capitalization of $813.29 billion far outstrips that of Japan's Toyota (7203.T), which is the next biggest global car company by market value. However, the brokerages reiterated that they saw strong growth ahead with Tesla remaining a global EV leader.

Persons: Goldman Sachs, Tesla, Morgan, Japan's, Goldman, Mark Delaney, Morgan Stanley, Jefferies, Aniruddha Ghosh, Susan Mathew, Anil D'Silva Organizations: Tesla Inc, EV, Morgan Stanley, Barclays, EV maker's, Japan's Toyota, Intelligence, Ford, General Motors, Truist Securities, Tesla, Thomson Locations: China, Bengaluru

During the streak, Tesla shares rose by more than 40%, boosting its market value to roughly $814 billion. The rally was kicked off by news of the adoption of Tesla's charging system by legacy U.S. automakers Ford (F.N) and General Motors (GM.N). Wedbush compared Tesla's share gains to Amazon, which for years defied many investor expectations that its stock would eventually fall. Tesla shares slumped in 2022, losing 65% of their value, and helping the shorts make a mint. The 13-day rally cost short sellers more than $7 billion in mark-to-market losses, taking year-to-date losses to nearly $12.7 billion, according to S3 Partners.

Persons: Tesla, Chavi Mehta, Aditya Soni, David Gaffen, Maju Samuel Organizations: Toyota, U.S, Ford, General Motors, America, Wall Street, Wedbush Securities, Amazon.com, GM, S3 Partners, Thomson Locations: U.S, Bengaluru

☆ Staging partial recovery, Russia's April car sales leap 170.4% y/y - Autostat
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +2 min

May 4 (Reuters) - Car sales in Russia leapt by 170.4% year-on-year in April, analytical agency Autostat said on Thursday, with the country's bruised car market staging a partial recovery from the soaring prices and reduced deliveries of the same month last year. All of the top 10 models sold in April were either Russian or Chinese, Autostat's data showed. Avtovaz earlier on Thursday said its April sales had jumped 225% year-on-year in April and rose 18.4% month-on-month. Lada held 33% market share in April, up from 23% a year ago, but the growing share of Chinese models is most noticeable. Sales of South Korea's Kia (000270.KS) and Hyundai, and Japan's Toyota (7203.T) were down 67%, 68.1% and 67.8%.

IRACEMAPOLIS, Brazil, April 28 (Reuters) - Brazil's ability to produce and sell hybrid cars that can run on 100% ethanol is a huge asset for its auto industry as global economies push for decarbonization to tackle climate change, Vice President Geraldo Alckmin told Reuters. Alckmin on Thursday attended the opening of a factory by Chinese carmaker Great Wall Motor Co Ltd (601633.SS) that will produce hybrid cars, including a flex-fuel pickup called Poer. Brazil has one of the world's largest ethanol industries, and most cars in the country can run on 100% biofuel made from sugarcane or corn. He highlighted the export opportunities hybrid cars manufactured in Brazil can bring for the country as it pushes for re-industrialization, a process in which he sees the auto industry playing a key role. "It is very important because it is an industry of cutting-edge technology, with semiconductors and the whole decarbonization area," said the vice president.

☆ Toyota edges past 9.1 mln vehicle output goal, warns chip shortage lingering
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +1 min

Companies Toyota Motor Corp FollowTOKYO, April 27 (Reuters) - Japan's Toyota Motor Corp (7203.T) set a global annual output record in the business year ended in March, just edging past its target of 9.1 million vehicles as factory disruption from global chip supply woes and pandemic lockdowns eased. But the world's biggest automaker by sales warned it continued to see impacts from the long-running global chip shortage, saying it remained hard to predict its effect going forward. Global sales for the 12 months ended March rose to 9.61 million vehicles from 9.51 million in the prior year, setting another annual record for the company. The company didn't release new sales or production targets for the current business year that started in April. That compared with 24,466 battery EVs sold by Toyota worldwide for the whole of 2022.

☆ South Korea announces $15 bln investment in advanced battery technologies
▼ + stars: | 2023-04-20 | by ( Heekyong Yang | ) www.reuters.com time to read: +3 min

[1/2] An employee walks past the logo of LG Energy Solution at its office building in Seoul, South Korea, November 23, 2021. "The joint investment will allow South Korea to start commercial production of solid state batteries ahead of others," the ministry said in a statement. South Korea is home to three of the world's five biggest electric vehicle (EV) battery makers --LG Energy Solution Ltd (LGES) (373220.KS), Samsung SDI Co Ltd (006400.KS) and SK On. EV battery makers are racing to develop new battery technologies that promise longer driving range, higher energy density and better safety than the conventional lithium-ion batteries. The industry ministry said South Korea aimed to quadruple domestic production capacity of cathode materials and triple exports of battery production-related equipment with the investment.

A new EV platform, if implemented, would be the result of a far-reaching review of Toyota's electric-car strategy undertaken last year. Its current production architecture, the e-TNGA system, was launched in 2019 and produces electric vehicles on the same assembly line as gasoline cars and hybrids. The briefing was given by the former chief competitive officer tasked with the EV strategy review, Shigeki Terashi, according to the person. So far it has fallen short - its initial battery EV, the bZ4X, suffered an early recall and has had only limited sales. GM sold more than 20,000 electric vehicles during the first quarter while Toyota and its luxury brand Lexus sold about 1,880 battery electrics.

☆ Japan's Toyota hands St Petersburg plant over to Russian state
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +2 min

"Toyota's production site in St Petersburg has... been transferred to the state," Russia's Ministry of Industry and Trade said in a statement. The company said in September it had decided to stop vehicle production in Russia due to the interruption in supplies of key materials and parts. "Toyota confirms that it has concluded the transfer of its vehicle production plant to NAMI effective from March 31, 2023," Toyota said in a statement. Neither party disclosed a fee for the transaction, and Toyota declined to give any further details of the deal. NAMI, Russia's Central Automobile and Engine Research and Development Institute, has already taken plants from Renault and Nissan.

☆ Toyota's Q3 profit jumps 22%, buoyed by weak yen and higher sales
▼ + stars: | 2023-02-09 | by ( Daniel Leussink | ) www.reuters.com time to read: +4 min

Operating profit for the three months ended Dec. 31 was 956.7 billion yen ($7.28 billion). That beat the average 764.54 billion yen profit estimated by 10 analysts, according to Refinitiv data. In the same period a year earlier, Toyota reported a 784.4 billion yen profit. He will hand over to the leader of Toyota's Lexus luxury brand as the shift to electric vehicles challenges the car giant. It also cut its sales target for battery electric vehicles to 40 from 58, following an embarrassing recall of its first battery electric model, the bz4x, last year due to safety issues.

☆ Timeline: Toyota CEO Akio Toyoda to step down after 14 years at the helm
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +3 min

Here's a chronology of key events and milestones in Toyota's history under Toyoda, the 66-year-old grandson of the company's founder. "CRISIS AFTER CRISIS"In June 2009, Toyoda became the president of the company his grandfather Kiichiro founded in 1937, replacing Katsuaki Watanabe. Akio was the first member of Toyoda family to take the helm since 1995. The safety crisis, which forced Toyoda to testify before Congress in 2010, threatened Toyota’s reputation and continued success in its most profitable market. Toyoda said on Thursday his term at the helm started with "crisis after crisis."

☆ China's BYD takes cautious approach to U.S. in global EV push
▼ + stars: | 2023-01-18 | by ( Norihiko Shirouzu | ) www.reuters.com time to read: +7 min

[1/2] The logo of BYD is pictured at the 2022 Paris Auto Show in Paris, France October 17, 2022. While BYD has not fully articulated its global ambitions in public, a concerted worldwide push has become the single most important strategic focus for China's biggest EV maker, four sources familiar with BYD management's thinking said. "BYD is taking a cautious approach to the U.S.," the person said. "I would say BYD at this point is already better positioned than Tesla in the EV era." "America is going to be a key, key part of this global push strategy," one said.

☆ Volkswagen Group deliveries lowest in over a decade
▼ + stars: | 2023-01-12 | by ( Victoria Waldersee | ) www.reuters.com time to read: +2 min

Buzz, a fresh take on the iconic vehicle of the Volkswagen brand, during its world premiere in Paris, France, March 9, 2022. Group sales rose 14.3% in the fourth quarter, but the outlook for 2023 remains clouded by weak economies and supply chain shortages, extended executive sales committee member Hildegard Wortmann said. Audi, Lamborghini and Bentley weathered 2022 better than Volkswagen Passenger Cars and Skoda, with deliveries down around 4% at the premium brands and down 9% for mass-market vehicles. Group deliveries fell 7% versus 2021. The Volkswagen Group's deliveries were up 12% in the second half of the year, but the full-year figure was dragged down by a drop of over a fifth in the first half.

☆ Tesla shares start 2023 lower on worries over weak demand, logistical issues
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +1 min

Jan 3 (Reuters) - Tesla Inc (TSLA.O) shares kicked off 2023 with a 5% drop on Tuesday, extending a selloff from last year on growing worries about weakening demand and logistical problems that have hampered deliveries. The latest slide came after the world's most valuable automaker missed estimates for fourth-quarter deliveries despite shipping a record number of vehicles. Shares of the electric-vehicle maker were trading at $117 before the bell, after losing 65% of their market value in 2022, their worst year on record. The company, which had a peak market capitalization of more than $1 trillion, now has a valuation of about $390 billion. That still makes it the world's most valuable automaker, even though its production is a fraction of rivals such as Japan's Toyota Motor Corp (7203.T).

☆ The Asian nation where 35% of people say they’ll 'never travel' again
▼ + stars: | 2022-12-19 | by ( Monica Pitrelli | ) www.cnbc.com time to read: +7 min

Yet, no country came close to the travel reluctance shown in Japan, where some 35% of respondents said they don't intend to travel again. The survey asked about "any leisure travel" and did not differentiate between domestic or international travel plans, said Lindsey Roeschke, a travel and hospitality analyst at Morning Consult. The number of people who say they'll "never travel" again is nearly six times greater in Japan (35%) than in Germany (6%), according to Morning Consult's "The State of Travel & Hospitality" report. We expect to see a return to the pre-2020 demand for international travel sooner rather than later. The British artist known as Miles Takes told CNBC Travel that "international travel still seems a while away" for him.

☆ Exclusive: Automakers to double spending on EVs, batteries to $1.2 trillion by 2030
▼ + stars: | 2022-10-25 | by ( Paul Lienert | ) www.reuters.com time to read: +3 min

To put the figure in context, Alphabet (GOOGL.O), the parent company of Google and Waymo, has a market cap of $1.3 trillion. Automakers have forecast plans to build 54 million battery electric vehicles in 2030, representing more than 50% of total vehicle production, according to the analysis. To support that unprecedented level of EVs, carmakers and their battery partners are planning to install 5.8 terawatt-hours of battery production capacity by 2030, according to data from Benchmark Mineral Intelligence and the manufacturers. Japan's Toyota Motor Corp (7203.T) is investing $70 billion to electrify vehicles and produce more batteries, and expects to sell at least 3.5 million battery electric models (BEVs) in 2030. It plans at least 30 different BEVs and expects to transition the entire Lexus range to battery electric over that span.

☆ EXCLUSIVE Automakers to double spending on EVs, batteries to $1.2 trillion by 2030
▼ + stars: | 2022-10-21 | by ( Paul Lienert | ) www.reuters.com time to read: +4 min

Register now for FREE unlimited access to Reuters.com RegisterAutomakers have forecast plans to build 54 million battery electric vehicles in 2030, representing more than 50% of total vehicle production, according to the analysis. To support that unprecedented level of EVs, carmakers and their battery partners are planning to install 5.8 terawatt-hours of battery production capacity by 2030, according to data from Benchmark Mineral Intelligence and the manufacturers. Leading the charge is Tesla (TSLA.O), where Chief Executive Elon Musk has outlined an audacious plan to build 20 million EVs in 2030, requiring an estimated 3 terawatt-hours of batteries. Japan's Toyota Motor Corp (7203.T) is investing $70 billion to electrify vehicles and produce more batteries, and expects to sell at least 3.5 million battery electric models (BEVs) in 2030. It plans at least 30 different BEVs and expects to transition the entire Lexus range to battery electric over that span.

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