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☆ Mitsubishi's China venture with GAC to cut staff costs after SUV sales dive
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +3 min

[1/2] The logo of Mitsubishi Motors Corp is seen at a showroom of the company's headquarters in Tokyo, Japan November 26, 2018. REUTERS/Toru HanaiBEIJING/SHANGHAI, July 13 (Reuters) - Mitsubishi Motors' (7211.T) joint venture with China's Guangzhou Automobile Group (GAC) (601238.SS) on Thursday said it would cut staff costs to try to revive its fortunes after sharp sales declines for sport utility vehicles (SUV) such as the Outlander. The joint venture, known as GAC Mitsubishi Motors, was launched by GAC, Mitsubishi Motors and trading house Mitsubishi Corp (8058.T) in 2012, focusing on SUV sales in China. The announcement follows mounting pressure on the joint venture that makes Mitsubishi's Outlander model. Mitsubishi's sales in China peaked in 2018, when it recorded sales of over 141,000 vehicles, according to industry data.

Persons: Toru Hanai, Mitsubishi, AlixPartners, Kevin Krolicki, Shri Navaratnam, Mark Potter Organizations: Mitsubishi Motors Corp, REUTERS, Mitsubishi Motors, China's Guangzhou Automobile Group, GAC, GAC Mitsubishi Motors, Mitsubishi Corp, Mitsubishi, Hyundai, Beijing, Thomson Locations: Tokyo, Japan, Toru Hanai BEIJING, SHANGHAI, ., China

☆ Mitsubishi Motors to extend suspension of production in China -Yomiuri
▼ + stars: | 2023-05-29 | by ( ) www.reuters.com time to read: 1 min

TOKYO, May 30 (Reuters) - Mitsubishi Motors Corp (7211.T) will extend the suspension of its production in China beyond May, the Yomiuri Shimbun daily reported on Tuesday. Reporting by Elaine Lies; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ Toyota, partners to start selling electric micro-vans by March 2024
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +2 min

TOKYO, May 18 (Reuters) - Toyota Motor Corp (7203.T) and two allied automakers unveiled a micro-sized electric van targeted at Japan's delivery industry on the sidelines of the Group of Seven (G7) summit in Hiroshima on Thursday. The small electric commercial van will run on a battery electric vehicle (BEV) system that Toyota is jointly developing with minivehicle specialists Daihatsu and Suzuki Motor Corp (7269.T), the companies said in a joint statement. The roll-out by Toyota, which owns 4.89% of Suzuki, and its partners also comes as other automakers in Japan are expanding their lineups with electric mini-commercial vans. Honda Motor Co Ltd (7267.T) said in December it would start selling a micro-sized commercial electric van with a target cruising range of 200km in spring 2024, as part of its effort to electrify its vehicle lineup. Mitsubishi Motors Corp (7211.T) in November re-launched its own small commercial van, Minicab-MiEV, which has a shorter cruising range of 133 km.

While other automakers like Volkswagen AG (VOWG_p.DE) have also been caught out by the sharp shift in China, Japanese automakers stand out because of their limited showing in the fast-growing category of electric and plug-in hybrid sales. Mitsubishi, like some other Japanese automakers, does not break out China sales figures. Industry data analysed by Reuters showed its first-quarter sales in China fell by 58% from a year earlier. Nissan Motor Co Ltd (7201.T) posted a 45.8% drop in China sales and Mazda Motor Corp (7261.T) sales were down 66.5% in the first quarter. "Japanese automakers could face a similar struggle in the United States as in China," he said.

☆ U.S. and Japan Strike Deal on Minerals Used in Batteries for Electric Cars
▼ + stars: | 2023-03-28 | by ( Andrew Duehren | ) www.wsj.com time to read: 1 min

Stacks of lithium-ion batteries on a battery pack, used for a kei electric vehicle, on the production line at the Mitsubishi Motors Corp. Mizushima plant in Japan. WASHINGTON—The U.S. and Japan reached a trade agreement for minerals used in clean-energy technologies, a deal aimed at allowing Japan to meet sourcing requirements for new electric-vehicle subsidies in the U.S. and shifting energy supply chains away from China. Under the deal, the U.S. and Japan agreed not to levy export duties on critical minerals they trade and coordinate labor standards in producing minerals, among other steps, according to a U.S. announcement. The pact builds on a limited trade accord the two countries reached in 2019, and they will review the minerals deal every two years to see if they should end or change it.

☆ Mitsubishi Motors to sell only EVs, hybrids by mid-2030s
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +2 min

[1/3] A Mitsubishi Motors signage is pictured next to a Mitsubishi Motors electric car at the Tokyo Motor Show, in Tokyo, Japan October 24, 2019. Mitsubishi considers plug-in hybrids (PHEV), hybrid electric vehicles and battery electric vehicles (BEV) as electrified vehicles. Electrified vehicles accounted for about 7% of the company's total new car sales in fiscal 2021. Mitsubishi, an early mover in EVs in the early 2010s, currently has no BEVs in its line-up in Europe. Of the other 14 models Mitsubishi plans to launch, seven will be purely combustion engine-powered ones, five will be hybrids and the remaining two will be BEV, the company said.

☆ Mitsubishi Motors to electrify 100% of its fleet by 2035 - Yomiuri
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +1 min

TOKYO, March 10 (Reuters) - Japanese carmaker Mitsubishi Motors Corp (7211.T) plans to electrify 100% of its fleet by 2035 through active introduction of hybrid and electric vehicles (EV), the Yomiuri Shimbun daily said on Friday. Mitsubishi is a junior member of the partnership of French carmaker Renault SA (RENA.PA) and Nissan Motor Co (7201.T), which last month announced a deal to redesign their alliance. Mitsubishi had previously said it would have 50% of its fleet electrified by 2030, a goal the Yomiuri said would remain unchanged, with emphasis then being on pushing forward with electrification over the next five years. Mitsubishi also plans on introducing EVs in Europe, it added, saying the company would make an announcement about its plans soon. The company, which is scheduled to hold a news conference later on Friday, declined to comment when asked about the report.

☆ Mitsubishi, Lotte, and RWE form alliance to study clean ammonia in Texas project
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +1 min

[1/3] The logo of Mitsubishi Motors Corp is seen at a showroom of the company's headquarters in Tokyo, Japan November 20, 2018. REUTERS/Toru HanaiFeb 8 (Reuters) - Japan's Mitsubishi Corp (8058.T) said on Wednesday it has agreed to jointly study the prospect of producing clean ammonia with South Korea's Lotte Chemical Corp (011170.KS) and German energy firm RWE (RWEG.DE) in the U.S. state of Texas. RWE, Lotte and Mitsubishi have signed a joint study agreement for clean ammonia production and export project in Port of Corpus Christi in Texas, part of the alliance to develop green and blue ammonia supply chains in Asia, Europe and the United States, the Japanese trading company said in a statement. First production is targeted by 2030 and to be gradually increased to up to 10 million tonnes of clean ammonia per year at multiple production units, the statement added. Reporting by Katya Golubkova; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

That announcement came after nearly four months of intense talks complicated by concerns about the sharing of intellectual property as Renault sought tie-ups with companies outside their alliance. The deal will see the French carmaker reduce its stake in Nissan to 15% from around 43%. That will see Renault put around 28% of the Japanese automaker in a French trust, crucially making the two more equal partners. While Renault bailed out Nissan two decades ago, it is the smaller automaker by sales. "One almost wonders what's the point of them having any stake in either one, any stake at all," Richter said.

☆ Analysis: Renault cedes power at Nissan for uncertain benefits
▼ + stars: | 2023-01-30 | by ( Gilles Guillaume | ) www.reuters.com time to read: +5 min

[1/2] The Nissan logo is seen on a car wheel at Nissan Gallery in Yokohama, Japan November 29, 2021. REUTERS/Androniki ChristodoulouPARIS, Jan 30 (Reuters) - Renault and Nissan hailed a new deal announced on Monday as a major step in reviving their two decade alliance. The deal, months in the making and still subject to board approvals, will see Renault (RENA.PA) reduce its stake in Nissan to 15% from around 43%. The deal sees Nissan commit to invest in Renault's flagship Ampere electric vehicle unit, which was the French group's key goal. "It is interesting for Renault to see Nissan enter Ampere, if only for financing projects.

TOKYO/PARIS, Jan 26 (Reuters) - French car maker Renault (RENA.PA) and its Japanese partner Nissan Motor (7201.T) aim to formally unveil a deal to reshape their alliance in London on Feb. 6, two sources close to the matter told Reuters on Thursday. Renault has consistently declined to comment publicly about the talks with its Japanese partner, while a spokesperson for Nissan declined to comment on Thursday. French newspaper Le Figaro reported late on Wednesday that the companies would announce 4 to 5 joint projects to relaunch the alliance. The future shape of the Franco-Japanese alliance has implications for both companies as well as their junior partner, Mitsubishi Motors Corp (7211.T). Renault, for instance, has said it will partner with companies from China's Geely Automobile Holdings (0175.HK) to semiconductor giant Qualcomm Inc (QCOM.O).

☆ Nissan and Renault close in on overhaul of alliance
▼ + stars: | 2023-01-25 | by ( ) www.reuters.com time to read: +2 min

TOKYO/PARIS, Jan 26 (Reuters) - Nissan and Renault are closing in on a sweeping overhaul of their globe-spanning automaking alliance as top executives meet on Thursday for talks to reset the two-decade-old partnership and chart a course for an uncertain electric future. Leaders of Nissan Motor Co Ltd (7201.T) and Renault SA (RENA.PA) are meeting via video link for an alliance board meeting, sources previously told Reuters. The future shape of the Franco-Japanese alliance has implications for both companies as well as their junior partner, Mitsubishi Motors Corp (7211.T). Renault, for instance, has said it will partner with companies from China's Geely Automobile Holdings (0175.HK) to semiconductor giant Qualcomm Inc (QCOM.O). Nissan has been concerned that the technology it has developed while partnered with Renault could leak to the French automaker's partners as it restructures, Reuters has reported.

Renault and Nissan declined to comment. The two sides have been in intensive negotiations since October when Renault CEO Luca De Meo went to Japan to meet Nissan CEO Makoto Uchida. Renault is looking for Nissan to invest in an electric-vehicle business it will carve out of its operations, while Nissan wants Renault to sell most its roughly 43% stake in Nissan to put the 23-year alliance on a more equal footing, Reuters has previously reported. The details of Renault's proposed protections for Nissan technology were not immediately known. Nissan holds 15% of Renault and does not hold voting rights.

☆ Indonesia says investment talks with Tesla still ongoing
▼ + stars: | 2023-01-12 | by ( Bernadette Christina | ) www.reuters.com time to read: +3 min

Luhut Pandjaitan, who has been leading the talks with Tesla, declined to disclose further details, citing a non-disclosure agreement. Bloomberg News also reported that the Indonesia talks include plans for production facilities and to facilitate the company's supply chain, citing people familiar with the matter. "I can't comment, we're still talking," Luhut told Reuters, adding that he had just recently held another round of talks with Tesla. Tesla currently makes its electric cars in China's Shanghai, Germany's Berlin, and Austin and Fremont in the United States. Indonesian authorities have said Japanese firms Toyota Motor Corp (7203.T) and Mitsubishi Motors Corp (7211.T) have pledged investments in EV production.

☆ Indonesia considers $320 mln in incentives to boost EV sales in 2023
▼ + stars: | 2022-12-21 | by ( ) www.reuters.com time to read: +2 min

President Joko Widodo told the same news conference: "We hope with these incentives, the electric motorcycle and electric car industry will grow". Indonesia targets 20% of overall car sales in 2025 to be EVs, Airlangga said. Companies that have invested or have announced planned investments in EV manufacturing in Indonesia include Toyota Motor Corp (7203.T), Mitsubishi Motors Corp (7211.T) and Hyundai Motor Co (005380.KS). SGMW Motor Indonesia, part of a joint venture of SAIC Motor Corp Ltd (600104.SS), General Motors Co (GM.N) and Wuling Motors Holdings (0305.HK), has an EV assembly facility in the Southeast Asian country. Indonesia has also tried to court U.S. firm Tesla (TSLA.O) to invest to produce not just EV batteries but also cars in the country.

☆ Honda to begin selling mini-commercial electric vans in spring 2024
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +2 min

TOKYO, Dec 7 (Reuters) - Honda Motor Co (7267.T) said on Wednesday it would begin selling micro-sized commercial electric vans in spring 2024, as part of its effort to electrify its vehicle lineups. Japanese automakers are turning to small commercial trucks as one way to make battery electric vehicles (BEVs) popular in the country, tapping into car size unique to the country amid pressure to slash its carbon footprint. Honda's electric van has a target cruising range of 200km (125 miles) and is seeking to set the price at around 1 million yen ($7,270). Commercial vehicle coalition CJPT, led by Toyota Motor Corp (7203.T), said in July it would develop small electric commercial vans with minivehicle specialists Daihatsu and Suzuki Motor Corp (7269.T). Honda in April laid out goals of producing some 2 million electric vehicles a year and 30 electric vehicle models globally by 2030.

☆ Mitsubishi Motors says no decision yet on investing in Renault's new EV unit
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +1 min

TOKYO, Nov 2 (Reuters) - Mitsubishi Motors Corp (7211.T), a junior partner in the Nissan Motor Co (7201.T) and Renault (RENA.PA) alliance, has not made a decision yet on whether to invest in the French automaker's electric vehicle company, a top executive said on Wednesday. Mitsubishi would consider whether taking part in the EV unit would be beneficial for the Japanese automaker's product development in the future, Kato said. The Japanese and French automakers said last month they were in talks about the future of their alliance, including Nissan potentially investing in the electric vehicle business being spun out of Renault. Mitsubishi will likely invest a few percent in the new Renault unit to retain its alliance relationship, Reuters reported last month, citing a person familiar with the matter. Reporting by Satoshi Sugiyama; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

The French and Japanese automakers said this month they were in talks about the future of their alliance, including Nissan potentially investing in an electric vehicle business being spun out of Renault. With Nissan holding only 15% of Renault - and without voting rights - French dominance of the alliance has long been a point of contention. Renault wants Nissan to invest in its electric vehicle unit, while Nissan wants Renault to cut its stake to 15%, Reuters previously reported. Given its investment needs, Renault is the more eager of the two to reach a deal, said a person familiar with negotiations. Alliance junior partner Mitsubishi Motors Corp (7211.T) will likely invest a few percent in the new Renault unit to retain its alliance relationship, said another person familiar with the matter.

☆ Battery maker Envision AESC seeking potential investors to fund expansion-CEO
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: +3 min

ZAMA, Japan, Oct 14 (Reuters) - Chinese renewable energy group Envision's battery business is seeking potential investors, as it looks to fund a planned 30-fold expansion in its battery production capacity for electric vehicles (EV), the unit's chief executive said. Envision AESC has also said it plans to supply batteries for Honda Motor Co (7267.T) and Mercedes-Benz (MBGn.DE). The company hopes to break into the top-tier EV supply rankings by leveraging its more than a decade of battery production experience. Matsumoto said the company is aiming to expand its share in the global EV battery market by roughly five times to about 15% by 2025 or 2026. Solid-state battery technology involves a high-capacity energy storage device that improves on lithium-ion batteries, replacing the liquid or gel-form electrolyte with a solid, conductive material.

☆ Nissan takes $687 mln loss as sells Russian business for 1 euro
▼ + stars: | 2022-10-11 | by ( ) www.reuters.com time to read: +3 min

A view shows the logo of Nissan on a car in Moscow, Russia, July 6, 2016. The Japanese automaker transfer its shares in Nissan Manufacturing Russia LLC to state-owned NAMI, it said. The deal will give Nissan the right to buy back the business within six years, Russia's industry and trade ministry said. The deal makes Nissan the latest major company to leave Russia since Moscow sent tens of thousands of troops into Ukraine in February. The Nissan deal was "of great significance for the industry," Russia's Industry and Trade Minister Denis Manturov said in a statement.

☆ Nissan takes $687 million loss as it sells Russian business for 1 euro
▼ + stars: | 2022-10-11 | by ( ) www.cnbc.com time to read: +2 min

The Japanese company will transfer its shares in Nissan Manufacturing Russia LLC to state-owned NAMI, it said. The deal will give Nissan the right to buy back the business within six years, Russia's industry and trade ministry said. The sale to NAMI will include Nissan's production and research facilities in St Petersburg as well as its sales and marketing center in Moscow, the ministry said. Nissan said it expected an extraordinary loss of around 100 billion yen ($687 million), but maintained its earnings forecast for the financial year ending in March. The Nissan deal was "of great significance for the industry," Russia's Industry and Trade Minister Denis Manturov said in a statement.

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