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☆ Toyota's first new 4Runner SUV in 15 years will offer a hybrid engine
▼ + stars: | 2024-04-09 | by ( Michael Wayland | ) www.cnbc.com time to read: +3 min

Toyota's "truck family" is also known as the "five brothers": the Tacoma and Tundra pickup trucks and the 4Runner, Land Cruiser and Sequoia SUVs. 2025 Toyota 4Runner Trailhunter ToyotaToyota said pricing of the 2025 4Runner will be released closer to its on-sale date. 2025 Toyota 4Runner Limited ToyotaThe 4Runner's available hybrid engine is a turbocharged 2.4-liter engine with a 48-horsepower electric motor integrated into the eight-speed transmission to produce up to 326 horsepower and 465 foot-pounds of torque. Production of the 2025 4Runner is taking place at Toyota's Tahara plant in Japan. Correction: The 2025 Toyota 4Runner is the first new version of the vehicles in 15 years.

Persons: Dave Christ, We've, Jack Hollis Organizations: Toyota, Pro Toyota Toyota, Toyota Tacoma, Tacoma, Cruiser, Sequoia, Land Cruiser, Toyota Toyota, Toyota Motor North America, CNBC, Toyota 4Runner Limited, TRD Locations: Toyota's, Japan

TOKYO (AP) — Japanese transport officials raided a Toyota-affiliated plant Tuesday after the company admitted to cheating on engine testing, as Toyota Motor Corp. reported it sold over 11 million vehicles in 2023 to retain its status as the world’s top car manufacturer. In April, a whistleblower exposed that Daihatsu Motor Corp., which makes small cars and is 100% owned by Toyota, had been cheating on its testing for decades. In 2022, Hino Motors, a truck maker that’s also part of the Toyota group, said it had systematically falsified emissions data dating back as far as 2003. But production has been halted on some of the models, including the 10 models affected by the latest cheating. Sato has acknowledged Toyota group companies need better communication and education about the importance of complying with rules.

Persons: Akio Toyoda, ” Toyoda, Toyoda, Sakichi Toyoda, Kiichiro Toyoda, Akio’s, Koji Sato, that’s, Sato, Daisuke Uchida, ” Uchida, “, ” ___ Yuri Kageyama Organizations: TOKYO, Toyota, Toyota Motor Corp, Toyota Industries Corp, Lexus, Volkswagen AG, Reporters, Daihatsu Motor Corp, Hino Motors, Nikkei, Toyota Industries, Cruiser, General Motors Co, Pontiac, Keio University Locations: Hekinan, Aichi Prefecture, Japan, Nagoya, Tokyo, Europe, East, Africa, Asia, North America, United States, California

TOKYO (AP) — Toyota chief Koji Sato apologized Monday to customers, suppliers and dealers for flawed testing at a group company, following a series of similar problems in recent years. The apology came a day before Chairman Akio Toyoda is to announce a “global vision” for the Toyota Motor Corp. group. The latest woes at Japan’s top automaker involve testing required for Japanese government approval at Toyota Industries Corp., which makes diesel engines. In 2022, Hino Motors, a truck maker that’s also part of the Toyota group, said it had systematically falsified emissions data dating back as far as 2003. They include the Land Cruiser and Hilux sport utility vehicles, according to Toyota.

Persons: —, Koji Sato, Akio Toyoda, ” Sato, ”, that’s, Sato, “, Yuri Kageyama Organizations: TOKYO, — Toyota, Toyota Motor Corp, Toyota Industries Corp, Toyota, “, Daihatsu Motor Corp, Hino Motors, Cruiser Locations: Tokyo, Japan, Europe, East, Africa, Asia, North America

☆ Toyota halts shipment of 10 models over diesel engine testing issues
▼ + stars: | 2024-01-29 | by ( ) edition.cnn.com time to read: +2 min

A special investigative committee found irregularities during horsepower output testing for the certification of three diesel engine models. Ten models use the affected engines globally, Toyota (TM) said, including the Hiace van, Fortuner SUV, Innova multi-purpose vehicle and Lexus-branded LX500D SUV. The company said it would take measures such as running new engine certification tests in the presence of regulators as needed. The company holds a near 25% stake in Toyota Industries, which is a key Toyota group company. Shares in Toyota Industries sank into negative territory shortly after the news and ended down 4%.

Persons: Koichi Ito Organizations: Toyota, Cruiser, Toyota Industries, Lexus, world’s, Daihatsu, Toyota Motor, Mar Locations: Tokyo, Aichi prefecture

TOKYO (AP) — A Japanese automaker that cheated on safety tests for decades said Monday it doesn't expect to resume shipping cars any time soon. The Japanese government ordered a subsidiary of Toyota to halt production of its entire lineup after reports of faked safety test results emerged last year. The Daihatsu Motor Co. skipped mandatory safety tests by copying data from testing on one side of cars to the other, and used timers to ensure airbags went off in tests, a review found. An investigation including third-party experts found 174 cases of faked tests affecting dozens of models, including cars sold under the Toyota Motor Corp. nameplate. The review found that cheating went back 30 years.

Persons: —, Keita Ide, Soichiro Okudaira, truckmaker Hino, Akio Toyoda, Toyota’s, ” ___ Yuri Kageyama Organizations: TOKYO, Toyota, Daihatsu, Co, Toyota Motor Corp, Toyota Industries Corp

Toyota, Toyota Industries and Aisin will sell Denso shares worth a total of about 700 billion yen ($4.7 billion) at current market prices, the two sources said. In a statement, Denso said it was considering a share sale, a buyback and other capital measures, but that nothing had yet been decided. At $4.7 billion, it would be the second-biggest such share offering in Japan this year, after the more than $9 billion sale of shares in Japan Post Bank (7182.T) in March, according to LSEG data. Denso shares, which were down almost 4% before the news, extended losses after the Reuters report and fell as much as 6.8% on the day, closing 4.9% lower. Toyota shares finished little changed, as did the benchmark Nikkei 225 (.N225).

Persons: Denso, Miho Uranaka, Daniel Leussink, Maki Shiraki, Nobuhiro Kubo, David Dolan, Jamie Freed, Miral Fahmy, Louise Heavens Organizations: Companies, Toyota, Toyota Industries, Aisin, Japan Post Bank, Tokyo Stock Exchange, Buyers, KDDI Corp, Reuters, Nikkei, Thomson Locations: TOKYO, Denso, Japan

Toyota Motor's portion will represent almost half of the roughly 10%, with the total sale seen at about 700 billion yen ($4.7 billion) at current market prices, the two sources said. A Toyota spokesperson said it was not in a position to comment on Denso, adding the contents of the Reuters report of the share sale were not something it had announced itself. Buyers of the shares are expected to largely be domestic investors, and the price has yet to be determined, the sources said. Denso shares, which were down almost 4% before the news, extended losses after the Reuters report and fell as much as 6.8% on the day, closing 4.9% lower. Toyota shares finished little changed, as did the benchmark Nikkei 225 (.N225).

Persons: Miho Uranaka, Daniel Leussink, Maki Shiraki, Nobuhiro Kubo, David Dolan, Jamie Freed Organizations: Companies, Toyota, KDDI Corp, Tokyo Stock Exchange, Reuters, Nikkei, Thomson Locations: TOKYO, Denso

☆ Japan's Denso to invest $3.3 billion to bulk up chips business
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +1 min

Semiconductor chips are seen on a printed circuit board in this illustration picture taken February 17, 2023. REUTERS/Florence Lo/Illustration/File Photo Acquire Licensing RightsTOKYO, Oct 26 (Reuters) - Japanese automotive supplier Denso (6902.T) will invest about 500 billion yen ($3.3 billion) in semiconductors by 2030 as aims to triple the scale of its chips business by 2035 from current levels, the company's president said on Thursday. Thus, we will forge strategic partnerships with various companies," Denso President Shinnosuke Hayashi said at the Japan Mobility Show, which officially opened on Thursday. The company will hire new employees to specialise in electrification and software and also move staff from mature businesses to electrification and software, he said. ($1 = 150.1900 yen)Reporting by Daniel Leussink; Editing by David Dolan, Jamie Freed and Edwina GibbsOur Standards: The Thomson Reuters Trust Principles.

Persons: Florence Lo, Shinnosuke Hayashi, Daniel Leussink, David Dolan, Jamie Freed, Edwina Gibbs Organizations: REUTERS, Rights, Denso, Toyota, Taiwan Semiconductor Manufacturing, Sony, Japan, Thomson Locations: Japan

HONG KONG, Aug 2 (Reuters Breakingviews) - Koji Sato enjoyed a smooth ride in his first quarter behind the wheel at Toyota Motor (7203.T). Toyota now trades just shy of 10 times estimated earnings for the next 12 months, per Refinitiv. Those same Chinese brands are encroaching on emerging markets like Thailand, where Toyota has traditionally sold well. Executives told investors on Tuesday that they’re eager to review other investments, too, including cross-holdings in the Toyota group and other assets. Total sales rose by 24% to 10.5 trillion yen in the same period.

Persons: Koji Sato, Sato, Toyota’s, that’s, Encouragingly Sato, Antony Currie, Pranav Kiran Organizations: Reuters, Toyota, Ford, General Motors, Nissan, Thomson Locations: HONG KONG, Asia, China, Thailand

[1/2] 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. REUTERS/Anushree Fadnavis/File PhotoTOYOTA CITY, Japan, June 14 (Reuters) - Shareholders of Toyota (7203.T) voted down an unprecedented resolution on its automaker's climate lobbying and backed its board at an annual general meeting (AGM) on Wednesday, sending an endorsement of the Japanese automaker's strategy. Shareholders also voted in favour of all 10 members of the board. That vote, and particularly support for Chairman Akio Toyoda, has been in focus after some major U.S. pension funds said they would not vote for Toyoda, citing concerns about board independence. Toyota is taking a multi-pathway approach toward carbon neutrality that includes petrol-electric hybrids and hydrogen fuel cells, along with EVs.

Persons: Anushree, Akio Toyoda, Toyoda, Akio, Tadashi Imai, Daniel Leussink, David Dolan, Christopher Cushing Organizations: REUTERS, TOYOTA CITY, Toyota, Shareholders, Thomson Locations: New Delhi, India, Japan

TOKYO, June 13 (Reuters) - Toyota (7203.T) faces an unprecedented challenge at its annual shareholder meeting on Wednesday, with some pension funds voting against Chairman Akio Toyoda on governance issues, while seeking more disclosures on the Japanese automaker's climate lobbying. Two prominent U.S. proxy advisers have flagged concern about Toyota's board independence. The step comes as companies across Japan face more pressure from investors, especially on environmental, social and governance (ESG) issues. The strong financial performance has meant concerns about board independence have largely been shrugged off, said Kazunori Suzuki of Waseda Business School. He enjoys strong support from individual investors and the many suppliers and Toyota group companies among its shareholders.

Persons: Akio Toyoda, Toyoda, Kentaro Shibata, Kazunori Suzuki, Anders Schelde, Denmark's, AkademikerPension, AkademikerPension's Schelde, Nicholas Benes, Benes, that's, Makiko Yamazaki, Maki Shiraki, Daniel Leussink, David Dolan, William Mallard, Clarence Fernandez Organizations: Toyota, Nikkei, Waseda Business School, Tokyo, Exchange, Services, International Paralympic Committee, Sumitomo Mitsui Financial Group, Training, of Japan, Nissan, Honda, Reuters, Thomson Locations: TOKYO, New York, Japan, Toyota

Toyota shares closed up 3.4%, outperforming the 1.2% gain in the Nikkei index (.N225). BOARD INDEPENDENCENew York City Comptroller Brad Lander said in a statement the Toyota board was not adequately independent. The New York comptroller's office oversees a pension system with $243 billion in assets under management. Those funds held 6.7 million shares in Toyota Group companies, including Toyota Boshoku (3116.T) and Toyota Tsusho (8015.T) as of end March. The New York pension system has also urged both Ford (F.N) and General Motors (GM.N) to move rapidly toward electrification and to disclose more about their lobbying on vehicle standards.

Persons: Akio Toyoda, Glass Lewis, Toyoda, CalPERS, Brad Lander, Daniel Leussink, David Dolan, Maki Shiraki, Kevin Krolicki, Jamie Freed, Christopher Cushing, Leslie Adler Organizations: Toyota Motor Corp, California Public Employees, New York, Toyota, Tokyo Stock Exchange, Nikkei, The, Toyota Group, Ford, General Motors, Lexus, Thomson Locations: TOKYO, New York City, York, Tokyo

One of them, Glass Lewis, recommended shareholders vote against re-electing Toyoda, citing what it said was his responsibility for the lack of a sufficiently independent board. CalPERS, which declined to comment, is the largest U.S. public pension fund with some $450 billion in assets under management. The New York City pension funds held 6.7 million shares in Toyota Group companies, including Toyota Boshoku (3116.T) and Toyota Tsusho (8015.T) as of end March. BOARD INDEPENDENCENew York City Comptroller Brad Lander said the Toyota board was not adequately independent, in a statement explaining the vote by the funds it oversees. The New York pension system has also urged both Ford (F.N) and General Motors (GM.N) to move rapidly toward electrification and to disclose more about their lobbying on vehicle standards.

Persons: Akio Toyoda, Glass Lewis, Toyoda, CalPERS, Brad Lander, Daniel Leussink, David Dolan, Maki Shiraki, Kevin Krolicki, Jamie Freed, Christopher Cushing Organizations: Toyota Motor Corp, California Public Employees, New York, Toyota, Tokyo Stock Exchange, The, New, Toyota Group, Nikkei, Ford, General Motors, Lexus, Thomson Locations: TOKYO, New York City, York, Tokyo

☆ Top shareholder Toyota 'quite positive' on Allkem-Livent tie-up - Allkem
▼ + stars: | 2023-05-11 | by ( ) www.reuters.com time to read: +1 min

MELBOURNE, May 11 (Reuters) - Top Allkem Ltd (AKE.AX) shareholder Toyota is "quite positive" about a $10.6 billion tie-up plan with U.S.-based lithium chemicals maker Livent Corp (LTHM.N), Allkem's CEO said on Thursday as shares in his Australian-listed company surged. Allkem Ltd and Livent said on Wednesday they would combine in an all-stock deal to create the world's third-largest producer of lithium, a key metal for electric vehicle batteries. Toyota Tsusho Corp (8015.T), the Japanese automaker's trading arm, holds 6.16% of Allkem's shares. "Toyota is aware of the transaction... it is quite positive, their reaction to the deal," Allkem CEO Martin Pérez de Solay told Reuters. Livent shares ended up 5.2% on the New York Stock Exchange.

TOKYO, April 27 (Reuters) - Japan's Denso Corp (6902.T), a leading supplier to Toyota Motor Corp (7203.T), reported an 86.3% rise in fourth quarter operating profit on Thursday, benefitting from stronger sales and weaker lockdown-induced headwinds. The company, a major manufacturer of automotive parts and chips, posted operating profit of 158.1 billion yen ($1.18 billion) for the three months to end-March, versus an average 161.51 billion yen profit estimated by 10 analysts. A year earlier, the company earned 84.9 billion yen in profit. Denso gets about half of its revenue from the Toyota group, which also includes Toyota truck unit Hino Motors (7205.T) and small-car maker Daihatsu, and counts Toyota Chairman Akio Toyoda as a board member. The company, which makes systems for running gasoline engines and driving hybrid and battery-powered vehicles, projected operating profit of 510 billion yen for the current business year that started April 1.

☆ Toyota accepts union demands for biggest wage hike in two decades
▼ + stars: | 2023-02-23 | by ( ) edition.cnn.com time to read: +3 min

As one of Japan’s biggest employers, Toyota (TM) has long served as a bellwether of the spring labor talks, which are in full swing at major companies. Toyota and the union federation representing 357,000 Toyota group workers said the base pay rise was the biggest in two decades, though they both declined to provide the percentage increase. Successful talksToyota said its wage increase would also apply to part-time workers and senior contract workers. Takaaki Sakagami, deputy secretary-general of the Federation of All Toyota Workers’ Union, said the union was pleased it had been able to reach a deal with the company quickly. Video game maker Nintendo (NTDOF) said earlier this month that it planned to lift workers’ base pay by 10%, despite trimming its full-year profit forecast.

TOKYO, Feb 22 (Reuters) - Toyota Motor Corp (7203.T), the world's biggest automaker, said on Wednesday it would accept a union demand for the biggest base salary increase in 20 years and a rise in bonus payments, as Japan steps up calls for businesses to hike pay. As one of Japan's biggest employers, Toyota has long served as a bellwether of the spring labour talks, which are in full swing at major companies. The All Toyota Workers' Union is set to hold a media briefing later on Wednesday. "We will boost consumption and expand domestic demand by promoting efforts toward structural wage increases," Kishida said at a lower house budget committee session on Wednesday. Video game maker Nintendo Co Ltd (7974.T) said earlier this month that it planned to lift workers' base pay by 10%, despite trimming its full-year profit forecast.

☆ 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.

The chip is called the Zynq UltraScale+ MPSoC and was developed by Xilinx, which was acquired by AMD this year. This will allow automakers to update not only software, but also the chip, after the car is sold, Rehan Tahir, AMD’s senior product marketing manager for automotive told Reuters. Tahir said the Aisin auto parking system will start production on 2024 models, but declined to say which car brands would use it. Tahir said the Aisin system works with four cameras and 12 ultrasonic sensors on the car to parallel park and also back into parking spaces. But the human in the car will have to decide if that spot is in a no-parking zone, he said.

☆ 7 companies poised to cash in on the $30 billion hydrogen commercial-vehicle market by winning over giants like Amazon
▼ + stars: | 2022-09-20 | by ( Andrew Moseman | ) www.businessinsider.com time to read: +7 min

Rising fuel costs, the possibility of stricter emissions regulations to come, and questions about battery supplies, have all increased the appeal of zero-emission fuel cells. Volvo TrucksVolvo GroupCEO: Martin LundstedtMarket Cap: $32.97 billionHQ: Gothenburg, SwedenVolvo Trucks said in June 2022 it had begun testing hydrogen fuel-cell trucks. In the latter case, Plug Power has provided Amazon with more than 15,000 fuel cells to replace the batteries in its warehouse forklifts since 2016. Plug just signed a new deal to provide the behemoth with the liquid hydrogen necessary to run its fuel-cell vehicles starting in 2025. As part of a deal with Weichai group, Ballard is building fuel cells in China to power fuel-cell vehicles in that market.

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