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☆ Panasonic’s auto deal deserves a speedy sequel
▼ + stars: | 2023-11-22 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Toru Hanai/File Photo Acquire Licensing RightsHONG KONG, Nov 22 (Reuters Breakingviews) - Panasonic’s (6752.T)decision to sell part of its automotive unit suggests CEO Yuki Kusumi’s plans are taking a promising turn. The business, which pioneers technology like infotainment systems for the next generation of internet-connected cars, is a growing but capital-intensive opportunity. Selling a stake to Apollo Global Management (APO.N), with the possibility of a listing later, could help fund faster development without denting Panasonic’s balance sheet or returns. This was an obvious target for Kusumi, who previously led the auto unit. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Toru Hanai, Yuki Kusumi’s, Panasonic’s, it’s, Katrina Hamlin, Francesco Guerrera, Thomas Shum Organizations: Panasonic Corp, Advanced Technologies, Makuhari, REUTERS, Reuters, Apollo Global Management, Sony, Hitachi, Panasonic, X, Walmart, Thomson Locations: JAPAN, Chiba, Japan, HONG KONG, Asia, Rome

☆ Panasonic plans to sell stake in autos business to Apollo Global funds
▼ + stars: | 2023-11-17 | by ( ) www.reuters.com time to read: +1 min

A logo of Panasonic Corp is pictured at the CEATEC JAPAN 2017 (Combined Exhibition of Advanced Technologies) at the Makuhari Messe in Chiba, Japan, October 2, 2017. REUTERS/Toru Hanai/File Photo Acquire Licensing RightsTOKYO, Nov 17 (Reuters) - Japan's Panasonic Holdings (6752.T) said on Friday it plans to sell a stake in its automotive systems business to funds managed by U.S. private equity firm Apollo Global Management, and has signed a memorandum of understanding with an Apollo affiliate. Continued investment in the automotive systems business would be necessary to achieve sustained growth for the company amid a rapid shift to electric cars and changes to vehicle architecture, Panasonic said. The automotive unit makes cockpit and electronics systems. It is separate from Panasonic's energy unit that makes batteries for electric vehicles, including those from Tesla (TSLA.O).

Persons: Toru Hanai, Daniel Leussink, David Dolan, Christopher Cushing Organizations: Panasonic Corp, Advanced Technologies, Makuhari, REUTERS, Rights, Japan's Panasonic Holdings, U.S, Apollo Global Management, Apollo, Panasonic, Thomson Locations: JAPAN, Chiba, Japan, Tokyo

☆ Japan's Denso, Mitsubishi Electric to invest $1 bln in Coherent's silicon carbide unit
▼ + stars: | 2023-10-10 | by ( ) www.reuters.com time to read: +2 min

A logo of Mitsubishi Electric Corp is pictured at the CEATEC JAPAN 2017 (Combined Exhibition of Advanced Technologies) at the Makuhari Messe in Chiba, Japan, October 2, 2017. REUTERS/Toru Hanai/File Photo Acquire Licensing RightsOct 10 (Reuters) - Coherent (COHR.N), a major U.S. supplier of materials used to make chips for the automotive industry, said on Tuesday Japan's Denso (6902.T) and Mitsubishi Electric (6503.T) will invest $1 billion in the company's silicon carbide business. Denso and Mitsubishi Electric will invest $500 million each in exchange for a 12.5% non-controlling ownership interest in Coherent's unit, as per the agreement. The investment would alleviate the financial burden for Coherent, which had explored strategic review of its silicon carbide business in May. Chips made with silicon carbide are used in applications that require massive quantity of power conversion such as inverters and drivetrains in electric vehicles.

Persons: Toru Hanai, Denso, Takemi, Priyamvada, Sherry Jacob, Phillips Organizations: Mitsubishi Electric Corp, Advanced Technologies, Makuhari, REUTERS, Mitsubishi Electric, Mitsubishi, Reuters, Hitachi Ltd, Sumitomo Electric Industries Inc, Thomson Locations: JAPAN, Chiba, Japan, U.S, Pittsburgh , Pennsylvania, Bengaluru

REUTERS/Toru Hanai//File Photo Acquire Licensing RightsTOKYO, Oct 5 (Reuters) - Fujitsu (6702.T) and research institute Riken on Thursday announced the successful development of Japan's second quantum computer, as part of research efforts around the world to make the nascent technology practical. The 64 qubit quantum computer from Fujitsu and state-backed Riken will be integrated with a 40 qubit quantum computer simulator, as researchers work to eliminate the errors which prevent such systems from providing accurate results. IBM last year launched a 433 qubit quantum computer. Qubits, or quantum bits, are a measure of the power of quantum computers, which use quantum mechanics. China, the U.S. and allied industrial democracies are in a race to take a lead in advanced technology including quantum computing, with President Joe Biden moving to hamper some U.S. investment in Chinese efforts to develop the technology.

Persons: Toru Hanai, Shintaro Sato, Joe Biden, Sam Nussey, Miho Uranaka, Stephen Coates Organizations: Fujitsu, Advanced Technologies, Makuhari, REUTERS, Rights, IBM, Thomson Locations: CEATEC, JAPAN, Chiba, Japan, China, U.S

☆ Italy says it will be equal partner in jet fighter project with UK, Japan
▼ + stars: | 2023-09-23 | by ( ) www.reuters.com time to read: +2 min

A concept model of the Global Combat Air Programme (GCAP)'s fighter jet is displayed at the DSEI Japan defense show at Makuhari Messe in Chiba, east of Tokyo, Japan March 15, 2023. REUTERS/Kim Kyung-Hoon/File Photo Acquire Licensing RightsROME, Sept 23 (Reuters) - Italy said on Saturday it will be an equal partner in the next-generation fighter program with Britain and Japan, as further talks are still underway on the project, including on where to base its headquarters. The three countries established the Global Combat Air Programme (GCAP) in December after Britain and Japan agreed to merge their fighter efforts in a ground-breaking collaboration that aims to deploy an advanced aircraft by the middle of the next decade. Reuters on Thursday reported that Japan and Britain were going to dominate design and manufacturing on the project, with London likely to lead its organisation due to its deeper and more recent experience in jet fighter development. "The Global Combat Air Programme, or GCAP, is an actual trinational programme based on the principle of equal sharing, as the Prime Ministers stated in the Joint Ministerial Declaration last December," an Italian defence ministry statement said.

Persons: Kim Kyung, Angelo Amante, Andrew Cawthorne Organizations: Global Combat Air, Makuhari Messe, REUTERS, Rights, Reuters, Combat Air, of Defence, Thomson Locations: Japan, Chiba, Tokyo, Italy, Britain, London

☆ AI is all the rage now, but the gaming industry may not be ready to adopt it just yet
▼ + stars: | 2023-09-21 | by ( Will Koulouris | ) www.cnbc.com time to read: +1 min

Visitors play the Warriors All-Stars video game in the Koei Tecmo Holdings booth during the Tokyo Game Show 2017 at Makuhari Messe on September 21, 2017 in Chiba, Japan. TOKYO — Video games are in focus with the Tokyo Game Show 2023 underway — but some of the biggest game developers in Japan say hot trends like generative AI and virtual reality/augmented reality headsets for game development may not be ready yet. Game developers like Japan's Koei Tecmo have been using conventional algorithmic AI "for a long time," Hisashi Koinuma, president and chief operating officer of Koei Tecmo Games told CNBC, but challenges still remain when utilizing the latest iteration — generative AI — in game development. "We are not yet at the stage of integrating generative AI into our products, but are in the process of testing various ways to integrate it in the future," Koinuma said Wednesday. The issue with copyright concerns is not one shared by Koei Tecmo alone.

Persons: Koei, Koinuma, Koei Tecmo Organizations: Warriors, Koei Tecmo Holdings, Makuhari Messe, TOKYO —, Tokyo, Koei Tecmo, Koei Tecmo Games, CNBC, Koei Locations: Chiba, Japan, TOKYO, —

☆ Elon Musk is on a glittery Tokyo summer vacation with Grimes and his son X. I've been to the same art exhibit he went to, and I've got to say — the man knows what's fun.
▼ + stars: | 2023-08-19 | by ( Cheryl Teh | ) www.businessinsider.com time to read: +2 min

Elon Musk, Grimes, and their son X are in Tokyo. Musk posted videos and photos of TeamLab Planets Tokyo's massive light exhibit. Musk posted a clip of what appeared to be part of the sprawling TeamLab Planets Tokyo exhibit in Odaiba. And it seems Musk and Grimes' son, X, was also in tow, and equally fascinated by the lights. This trip to Japan is Musk's second trip to Asia this year, and his first trip to Japan in close to a decade, per The Japan Times.

Persons: Elon Musk, Grimes, X, Musk, hasn't, Ma Organizations: Makuhari Messe, Japan Times Locations: Tokyo, Japan, Chiba ., Asia, China

[1/5] A concept model of the Global Combat Air Programme (GCAP)'s fighter jet is displayed at the DSEI Japan defense show at Makuhari Messe in Chiba, east of Tokyo, Japan March 15, 2023. REUTERS/Kim Kyung-HoonTOKYO, March 15 (Reuters) - Britain and Japan are set to dominate a three-nation project with Italy to build an advanced jet fighter, with Rome set to pay around only a fifth of the overall development cost, two sources said. "The cost of the project will likely be around 40% each for Japan and Britain," one of the people with knowledge of discussions told Reuters. Japan's defence ministry said that discussions were ongoing and declined to comment on the cost sharing ratios. Details of which companies will build what components are being hammered out in regular talks between more junior government officials and contractors in Britain, Japan and Italy, the sources said.

☆ Toyota to ramp up on batteries, keep its options open, new CEO says
▼ + stars: | 2023-02-13 | by ( ) www.reuters.com time to read: +2 min

[1/4] Koji Sato, who was named as new CEO of Toyota Motor Corp, attends Tokyo Auto Salon 2023 at Makuhari Messe in Chiba, east of Tokyo, Japan January 13, 2023. REUTERS/Kim Kyung-HoonCompanies Toyota Motor Corp FollowLexus FollowTOKYO, Feb 13 (Reuters) - Toyota Motor Corp (7203.T) will ramp up its battery-electric offerings by focusing on its Lexus luxury brand, its incoming chief executive said on Monday, but the company will not deviate from a long held strategy of exploring other technologies. Toyota, which popularised the hybrid technology of the Prius, has said that hybrids make better sense for many drivers, especially in markets where the infrastructure is not ready to support batteries. Sato said Toyota would accelerate its battery-electric offerings by focusing on the Lexus. While he oversaw the creation of Lexus's first fully electric model, he has previously spoken of keeping open other options for powering vehicles.

☆ Chinese EV giant BYD set for surge in 2022 profit as sales jump
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: +1 min

[1/3] Chinese EV maker BYD's Seal is displayed at Tokyo Auto Salon 2023 at Makuhari Messe in Chiba, east of Tokyo, Japan, January 13, 2023. REUTERS/Kim Kyung-Hoon/File PhotoJan 30 (Reuters) - China's BYD Co , the world's biggest seller of battery electric vehicles (BEVs) and plug-in hybrids, expects its 2022 net profit to be more than five times the amount it booked a year earlier, it said on Monday. With sales of 1.86 million cars, it expects a net profit of 16-17 billion yuan ($2.37-$2.52 billion) versus 3 billion in 2021, an exchange filing showed. The company said it had it achieved strong sales growth and significantly improved profitability and had "effectively relieved the cost pressure brought about by the rising upstreamraw material prices". ($1 = 6.7498 Chinese yuan renminbi)Reporting by Zhang Yan, Brenda Goh and Hong Kong newsroom; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

☆ Toyota names Lexus chief Koji Sato CEO as Akio Toyoda takes chairman role
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +2 min

[1/3] Toyota Motor Corporation President Akio Toyoda and Toyota's GAZOO Racing Company President Koji Sato attend an event for Toyota GAZOO Racing and LEXUS at Tokyo Auto Salon 2023 at Makuhari Messe in Chiba, east of Tokyo, Japan January 13, 2023. REUTERS/Kim Kyung-HoonCompanies Toyota Motor Corp FollowLexus FollowTOKYO, Jan 26 (Reuters) - Toyota Motor Corp (7203.T) said on Thursday that Akio Toyoda will step down as president and chief executive to become chairman from April 1, and hand over the helm of Japan's biggest automaker to the company's top branding officer. Koji Sato, a 53-year-old who is also president of Toyota's luxury brand Lexus, will become the new CEO, the company said. He has held positions as the president of Lexus International and Gazoo Racing Company, Toyota’s motorsport brand, since 2020. He also took on an executive role at Toyota and became its chief branding officer in January 2021.

☆ Back to the future: Toyota sets sights on old-car upgrades in zero-emissions drive
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: +1 min

[1/5] Toyota Motor Corporation President Akio Toyoda and Toyota's GAZOO Racing Company President Koji Sato attend an event for Toyota GAZOO Racing and LEXUS at Tokyo Auto Salon 2023 at Makuhari Messe in Chiba, east of Tokyo, Japan January 13, 2023. REUTERS/Kim Kyung-HoonCHIBA, Japan, Jan 13 (Reuters) - In an eye-catching bid to show that cars can be clean while appealing to old-school petrolheads, Toyota Motor (7203.T) on Friday showcased zero-emission versions of its 1980s sports range, which still boasts a strong global fan base. Toyota President Akio Toyoda said remodelling existing cars needed to be explored as an option to achieve a goal of zero carbon emissions by 2050. In Japan, only one in about 20 cars on the road are new, and older ones are mainly powered at least partly by gasoline. "It's important to leave a choice for cars that are already loved or owned by someone," Toyoda, a self-confessed car-lover and race-car driver, said at the event.

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