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☆ Toyota has been rocked by a string of scandals — but analysts are unfazed
▼ + stars: | 2024-06-14 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +4 min

A sign is displayed outside a Toyota Motor Corp. dealership on Jan. 30, 2024 in Tokyo, Japan. Toyota Chairman Akio Toyoda apologized Monday for massive cheating on certification tests for seven vehicle models as the automaker suspended production of three of them. Toyota took the crown with 10.7% market share, while Germany's Volkswagen came in second with a 6% market share. But for Toyota, the top automaker by market share in the world, the latest safety scandal is not the first time it's being investigated for false test data. In April last year, Daihatsu said it had rigged side-collision safety tests carried out for 88,000 small cars, most of those sold as Toyotas.

Persons: Akio Toyoda, Tomohiro Ohsumi, Germany's Volkswagen, that's, Toyota —, Suzuki, Toyoda, Hino Organizations: Toyota Motor Corp, Toyota, Getty, Germany's, Honda, country's Ministry of Land, Transport, Mazda, Suzuki Motor, Yamaha Motor, Corolla Fielder, Corolla, Daihatsu, Citi Locations: Tokyo, Japan, Infrastructure, Tourism

☆ Toyota lost over $15 billion in market value last week after being caught falsifying tests
▼ + stars: | 2024-06-10 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Toyota Motor Corporation Board Chairman Akio Toyoda bows during a press conference in Tokyo on June 3, 2024. Toyota said on June 3 it had suspended domestic shipments of three car models after falling foul of government certification rules along with its Japanese rivals Honda, Mazda, Suzuki and Yamaha. Shares of Japan's largest carmaker Toyota fell more than 5.4% last week, after the scandal broke on June 3, but is recovering on Monday. The automaker lost 2.45 trillion Japanese yen ($15.62 billion) in market value last week alone. Last week, Honda' s stock fell 5.75%, Yamaha Motor lost 2.2%, while Suzuki Motor inched down 0.3%.

Persons: Akio Toyoda, Suzuki, Honda Organizations: Toyota Motor Corporation, Toyota, Honda, Mazda, Yamaha, Ministry of Land, Transport, Tourism, Yamaha Motor, Suzuki Locations: Tokyo, Infrastructure

☆ 'The shooting has to stop': World's biggest shipping company pleads with Congress to help end Houthi Red Sea chaos
▼ + stars: | 2024-01-30 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +6 min

Ralby stressed the crisis in the Red Sea is not just a U.S. problem, but recent attacks by the U.S. military have led to greater targeting of its vessels. After those attacks, Maersk announced it would no longer be transiting the Red Sea. MSC announced on December 17 that it would divert its services that would typically transit the Red Sea and the Suez Canal around the Cape of Good Hope. Sailing around the Cape of Good Hope to avoid the Red Sea adds one to two weeks to a one-way shipping journey relative to the Red Sea and Suez Canal. Rising freight costs were a big component of inflation during Covid and the Red Sea crisis has renewed fears that another bout of supply chain-triggered inflation could occur.

Persons: Ralby, Ian Ralby, Darr, Charles, Bud, Salud Carbajal, Biden, Hapag Lloyd, Bab, Good Hope, Jon Gold, Phillips, Ralph Lauren, Levi Strauss, Gold Organizations: U.S, Mediterranean Shipping Company, U.S . Navy, Coast Guard, Maritime Transportation, MSC, Senate Foreign Relations Committee, Maersk, Maersk Detroit, Maersk Chesapeake, Navy, Intelligence, Suzuki, Volvo, Michelin, Ikea, National Retail Federation, Bank of America, Van Heusen Corporation, Birkenstock, Capri Holdings, Nike, Corp Locations: Suez, Ismailia, Egypt, Yemen, U.S, Iran, Gulf, Aden, Maersk, Good, Europe's, Asia, Europe, Vietnam

Attacks on ships in the Red Sea are delivering another shock to global trade, coming on top of pandemic-related logjams at ports and Russia's invasion of Ukraine. The normal route — three weeks via the Suez Canal — has been shut down by the Houthi attacks. Chief executive Stuart Machin said the Red Sea trouble was “impacting everyone and something we’re very focused on." For Europe, the impact is even bigger: 40% of clothes and 50% of shoes traverse the Red Sea. Norwegian fertilizer giant Yara said it was “only mildly impacted by the transit challenges in the Red Sea."

Persons: What’s, Ryan Petersen, Petersen, It’s, Clifton Broumand, Broumand, —, ”, “, it’s, Tesla, Spencer, Stuart Machin, Steve Lamar, Lamar, Flexport, Katheryn Russ, Davis, Judah Levine, Freightos, it's, Russ, Obama, Carlos Tavares, Stellantis, Jan Hoffmann, Frank Conforti, Conforti, ____ Anderson, Kelvin Chan, Anne D'Innocenzio, Yuri Kageyama, Tom Krisher, David McHugh Organizations: WASHINGTON, —, Hamas, Machine, Volvo, Suzuki Motor Corp, American Apparel & Footwear Association, University of California, U.S . Federal Reserve, BMW, Retailer, Free People, AP Business Locations: Belgium, Germany, British, Maryland, Asia, Ukraine, Yemen, Gaza, Europe, United States, Suez, Africa, “, Panama, Greater Landover , Maryland, Taiwan, China, Los Angeles, Berlin, Swedish, Ghent, Hungary, Japan, U.S, overcapacity, Red, Israel, India, New York, London, Tokyo, Detroit, Frankfurt

☆ Attacks on ships in the Red Sea are disrupting global trade. Here’s how it could affect what you buy
▼ + stars: | 2024-01-28 | by ( ) www.cnbc.com time to read: +8 min

Attacks on ships in the Red Sea are delivering another shock to global trade, coming on top of pandemic-related logjams at ports and Russia's invasion of Ukraine. The normal route — three weeks via the Suez Canal — has been shut down by the Houthi attacks. Chief executive Stuart Machin said the Red Sea trouble was "impacting everyone and something we're very focused on." For Europe, the impact is even bigger: 40% of clothes and 50% of shoes traverse the Red Sea. Norwegian fertilizer giant Yara said it was "only mildly impacted by the transit challenges in the Red Sea."

Persons: It's, Petersen, Ryan Petersen, Clifton Broumand, Broumand, it's, Tesla, Spencer, Stuart Machin, Steve Lamar, Lamar, Flexport, Katheryn Russ, Davis, Judah Levine, Freightos, Russ, Obama, Carlos Tavares, Stellantis, Jan Hoffmann, Frank Conforti, Conforti Organizations: Galaxy, Houthis Media, Getty, Machine, Hamas, Volvo, Suzuki Motor Corp, American Apparel & Footwear Association, University of California, U.S . Federal Reserve, BMW, Retailer Urban Outfitters, Free People Locations: Iran, Yemen, Anadolu, Greater Landover , Maryland, Taiwan, China, Gaza, Panama, Asia, Europe, United States, Suez, Africa, Ukraine, Belgium, Germany, British, Maryland, Los Angeles, Berlin, Swedish, Ghent, Hungary, Japan, U.S, overcapacity, Red, Israel, India

☆ Exclusive: Toyota plans third India plant, new SUV as domestic sales surge, sources say
▼ + stars: | 2023-09-27 | by ( Aditi Shah | ) www.reuters.com time to read: +3 min

The plant's proposed initial capacity would expand Toyota's existing manufacturing capacity in India by as much as 30% from 400,000 units currently. A representative for Toyota's India unit declined to comment. Cars originally from Maruti Suzuki's (MRTI.NS) stable such as the Glanza hatchback and Urban Cruiser Hyryder SUV now account for 40% of Toyota's India sales. Toyota, known for its Fortuner SUV and Camry hybrid in India, told Reuters earlier in September it expects record domestic sales in 2023. If Toyota does decide to press ahead with the model, parts would be imported for assembly in India, they said.

Persons: Maruti Suzuki, Suzuki, Aditi Shah, Edwina Gibbs Organizations: Toyota, Suzuki, Maruti, Cruiser, Reuters, 340D, Hyryder, Thomson Locations: DELHI, India, Europe, North America, Southeast Asia, Bidadi, Karnataka

☆ Maruti Suzuki goes upmarket in India with new seven seater
▼ + stars: | 2023-07-05 | by ( Aditi Shah | ) www.reuters.com time to read: +3 min

[1/3] Hisashi Takeuchi, MD & CEO of Maruti Suzuki India Ltd. and Shashank Srivastava, Senior Executive Officer, Marketing and Sales of Maruti Suzuki India Ltd., pose after the launch of multi-purpose vehicle Invicto in Gurugram, India, July 5, 2023. REUTERS/Sunil KatariaNEW DELHI, July 5 (Reuters) - Maruti Suzuki, India's biggest automaker, is looking to break into the premium car segment with its new seven seater, as a growing number of buyers opt for bigger, feature-packed cars. Maruti, known for small and compact cars that are mostly priced below 1 million rupees ($12,000), on Wednesday launched the Invicto seven seater with a hybrid powertrain starting from around 2.5 million rupees ($30,000). Maruti, majority owned by Japan's Suzuki Motor (7269.T), made its name as a mass market car brand offering affordable prices and low maintenance costs. When it comes to premium cars, or those typically priced above 2 million rupees, buyers tend to turn to the likes of Toyota Motor (7203.T) or Volkswagen (VOWG_p.DE), say analysts.

Persons: Hisashi Takeuchi, Shashank Srivastava, Sunil Kataria, Maruti Suzuki, Takeuchi, Japan's Suzuki, Srivastava, Aditi Shah, Mark Potter Organizations: Maruti Suzuki India Ltd, REUTERS, Maruti, India's, Wednesday, Japan's, Toyota Motor, Volkswagen, Thomson Locations: Gurugram, India, DELHI

[1/3] Stock brokers monitor new on television screen at a booth, during a trading session at the Pakistan Stock Exchange, in Karachi, Pakistan July 3, 2023. REUTERS/Akhtar SoomroKARACHI, July 3 (Reuters) - Pakistan's benchmark share index scored its biggest single-day jump in 15 years on Monday, gaining 5.9% on the first trading session after the country secured a last-gasp funding deal from the International Monetary Fund (IMF). The KSE 100 index (.KSE) closed up 2,442.06 points at 43,894.7, marking its biggest percentage gain since June 24, 2008, when it rose 8.6%, as per Refinitiv data. "Today's gain in the benchmark KSE 100 Index will likely to be highest in the history of Pakistan Stock exchange," it said. Several automakers including Pakistan Suzuki Motor Co (PKSU.PSX) had announced prolonged plant closures in 2023, citing import restrictions.

Persons: Akhtar Soomro, Shehbaz Sharif, Muhammad Iqbal Jawaid, Arif Habib, HCAR, Asif Shahzad, Swati Bhat, Lincoln, David Holmes Organizations: Pakistan Stock Exchange, REUTERS, International Monetary Fund, IMF, Topline Securities, Pakistan Stock, Pakistan, U.S ., Pakistan Suzuki Motor, Honda, Pakistan Suzuki, Indus, Toyota, Auto, Arif, Arif Habib Ltd, Thomson Locations: Karachi, Pakistan, Akhtar Soomro KARACHI

REUTERS/Amit Dave/File PhotoPARIS/DELHI, June 28 (Reuters) - Indian aerospace suppliers see record jet orders by the country's top two carriers boosting domestic parts manufacturing and aircraft repairs, but argue the government must do more to support production. Rising traffic, a search for alternative sourcing to China and orders this month from Air India and IndiGo for nearly 1,000 jets combined have made India a key market for aerospace. "We deserve a piece of that pie," added Sardessai, whose company makes engine and plane interior parts. While he could not estimate how much small suppliers will benefit, any subsidy or incentive could be helpful. AEROSPACE INCENTIVESSome suppliers like Sardessai and Aravind Melligeri, CEO of aerospace-parts producer Aequs, said India should create a production-linked incentive scheme for aerospace as it has done with other sectors.

Persons: Vallabhbhai, Amit Dave, Shekhar Sardessai, Safran, Alaric Diniz, Aravind Melligeri, Aequs, Narendra Modi's, Japan's Suzuki, Sachin Agarwal, Agarwal, Sardessai, Ankit Patel, Patel, Allison Lampert, Aditi Shah, Ben Klayman, Matthew Lewis Organizations: An Air, An Air India Airbus, International Airport, REUTERS, Air, IndiGo, Reuters, Kineco Group, Deloitte, Indian, Apple, Japan's, Hyundai, PTC Industries, PTC, Electric, Airbus, Boeing, Thomson Locations: An Air India, Ahmedabad, India, PARIS, DELHI, Indian, China, Air India, Paris, Goa, KS, Uttar Pradesh, Russian, Bengaluru, Europe, Delhi

☆ Japan's Suzuki to make 'flying cars' with SkyDrive
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: +1 min

TOKYO, June 20 (Reuters) - Japanese automaker Suzuki Motor Corp (7269.T) said on Tuesday it had reached an agreement with SkyDrive Inc to make "flying cars". The companies will use a Suzuki Group factory in central Japan to make electric vertical take-off and landing (eVTOL) aircraft and aim to begin production by around spring next year, Suzuki said in a statement. SkyDrive will establish a wholly owned subsidiary to make the aircraft and Suzuki will help with preparations for the manufacturing, including securing talent, the automaker said. Headquartered in the city of Toyota in central Japan, SkyDrive has trading house Itochu Corp (8001.T), tech firm NEC Corp (6701.T) and a unit of energy company Eneos Holdings Inc (5020.T) among its main shareholders. The two companies signed a deal in March last year to team up in research, development and marketing of flying cars.

Persons: Suzuki, SkyDrive, Satoshi Sugiyama, Robert Birsel Organizations: Suzuki Motor Corp, SkyDrive Inc, Suzuki Group, Toyota, Itochu Corp, NEC Corp, Eneos Holdings, Thomson Locations: TOKYO, Japan

☆ 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.

☆ Japanese ispace moon landing attempt falls short at 'very end,' CEO says
▼ + stars: | 2023-04-25 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +2 min

The Earth rises above the surface of the moon, as seen from the company's lander in lunar orbit in April 2023. Japanese lunar exploration company ispace attempted to land its first cargo mission on the moon on Tuesday, but lost communication with the spacecraft and has deemed the attempt unsuccessful, CEO Takeshi Hakamada said. "We have not been able to confirm a successful landing on the lunar surface," Hakamada said, speaking from Tokyo, Japan. The Tokyo-based company's Mission 1 lunar lander was aiming to softly touch down around 12:40 p.m. "We have to assume that we could not complete the landing on the lunar surface," Hakamada said.

☆ Pakistan's Honda Atlas shuts production to end-March on import difficulties
▼ + stars: | 2023-03-08 | by ( Ariba Shahid | ) www.reuters.com time to read: +2 min

KARACHI, Pakistan, March 8 (Reuters) - Honda Atlas Cars Pakistan Ltd has announced the longest plant shutdown to date in the current economic crisis amongst the country's automakers, which are struggling to obtain raw materials due to import difficulties. The company, a unit of Japanese car giant Honda Motor Co Ltd (7267.T), said its plant would shut from March 9, 2023, to March 31, 2023. Other listed-automakers, such as Indus Motor Company Limited (INDU) and Pak Suzuki Motor Company (PSMC), have also been forced to halt production during the past three quarters due to Pakistan's economic difficulties, which have seen central bank foreign exchange reserves drop to a level barely able to cover four weeks of imports. “Pakistan has limited dollars and until reserves improve to at least two months’ worth of import cover, import restrictions would likely continue.”Other manufacturing halts in the sector have been between two and 16 days. Reporting by Ariba Shahid in Karachi; Editing by Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.

☆ Japan's Suzuki to invest $35 bln through 2030 in EVs
▼ + stars: | 2023-01-26 | by ( Satoshi Sugiyama | ) www.reuters.com time to read: +2 min

Suzuki's announcement comes after other Japanese automakers have rolled out similar goals to catch up with European and U.S. rivals in the fast-growing battery EV market. Suzuki said it would introduce its first battery EVs, including small sport-utility vehicles and micro "kei" cars, in Japan in fiscal 2023. Suzuki plans to introduce battery EVs in Europe and India, and its first battery electric motorcycles globally, the following year. Suzuki plans to learn from Toyota how to use EV technology to make small electric cars, Suzuki said during a visit to India this month. "We will put in vehicles for various price ranges, for various people, for various regions," Toshihiro Suzuki said.

☆ Japan's Suzuki to invest $35 bln through FY 2030
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +1 min

TOKYO, Jan 26 (Reuters) - Japan's Suzuki Motor Corp (7269.T) said on Thursday it will invest a total of 4.5 trillion yen ($34.79 billion) in research and development as well as in capital expenditure as part of its growth strategy through fiscal 2030. The Japanese automaker said it would invest 2 trillion yen to facilitate electrification and autonomous driving technologies, while allocating 2.5 trillion yen to build battery electric vehicle plant and for renewable energy facilities. Suzuki said it is going to introduce its first battery electric vehicle automobiles in Japan in the financial year 2023, and in the financial year 2024 in Europe and India. It is also seeking to introduce its first battery electric motorcycles globally in financial year 2024. ($1 = 129.3500 yen)Reporting by Satoshi Sugiyama and Daniel Leussink; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

☆ India's top carmaker Maruti's profit doubles on strong demand
▼ + stars: | 2023-01-24 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Jan 24 (Reuters) - Maruti Suzuki India Ltd (MRTI.NS) beat quarterly profit estimates and reported improved margins on Tuesday as the country's biggest carmaker benefitted from strong demand for its passenger cars, helped by festive sales. Profit for Maruti, which has over 40% market share in the country's passenger vehicles segment, more than doubled to 23.51 billion rupees ($288.5 million) in the quarter ended Dec. 31, from 10.11 billion rupees a year ago. Analysts on average had expected a profit of 18.81 billion rupees, according to Refinitiv IBES data. Festive demand and improved availability of semiconductors pushed car sales up nearly 23% across companies last quarter, the Society of Indian Automobile Manufacturers has said. Maruti, majority owned by Japan's Suzuki Motor Corp (7269.T), said vehicle sales rose to 465,911 units in the quarter from 430,668 units a year ago.

☆ India's Maruti tops Q3 profit view on strong passenger car demand
▼ + stars: | 2023-01-24 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Jan 24 (Reuters) - Maruti Suzuki India Ltd (MRTI.NS) reported better-than-expected quarterly profit on Tuesday, as the country's biggest carmaker benefitted from strong demand for its passenger cars, sending shares up as much as 2.4%. Profit for Maruti, which has over 40% market share in the country's passenger vehicles segment, came in at 23.51 billion rupees ($288.53 million) for the quarter ended Dec. 31, compared with 10.11 billion rupees a year ago. Maruti, majority owned by Japan's Suzuki Motor Corp (7269.T), sold 465,911 vehicles in the quarter, up from 430,668 units the same quarter last year. The company said it had about 363,000 pending orders, out of which about 119,000 orders were for newly launched models. Analysts on average had expected the company to report a profit of 18.81 billion rupees, according to Refinitiv IBES data.

GM and the factory workers - who allege illegal termination after the company decided to exit - have been locked in legal battles since 2021. The latest filing signals an escalation in the dispute as workers accuse GM's India unit and its executives, including CEO Mary Barra, of failing to follow court orders. In its earlier court filings, it has said the industrial court acted beyond its power in ordering the compensation. The union disagreed, and said GM continues to "blatantly violate" the industrial court's order by not paying the workers a single cent. After that, GM ceased all operations and moved to close the plant in Maharashtra, but it has not received permission.

NEW DELHI, Jan 11 (Reuters) - Suzuki Motor Corp's (7269.T) Indian unit showcased a concept electric sport utility vehicle (SUV) at India's biennial car show on Wednesday, with the Japanese car maker's president saying the car would be launched in 2025. "I'm delighted to unveil the eVX, a concept SUV of our first global strategic EV (electric vehicle). We plan to bring it to market by 2025," said Suzuki Motor President Toshihiro Suzuki, speaking at an auto show event on the outskirts of the capital city of New Delhi. India is pushing carmakers to build more electric cars by offering companies billions of dollars in incentives with a lofty target of a market share of 30% for electric cars by 2030. Currently, electric cars make up less than 1% of total car sales in India.

☆ SpaceX launches lunar lander for Japanese venture ispace, which aims to create an economy around the moon
▼ + stars: | 2022-12-11 | by ( Michael Sheetz | ) www.cnbc.com time to read: +1 min

Japanese lunar exploration company ispace began its long-anticipated first mission on Sunday, with a SpaceX Falcon 9 rocket launching the venture's lunar lander from Florida. The Tokyo-based company's Mission 1 is currently on its way to the moon, with a landing expected near the end of April. Founded more than a decade ago, ispace originated as a team competing for the Google Lunar Xprize under the name Hakuto – after a mythological Japanese white rabbit. The investors of ispace include the Development Bank of Japan, Suzuki Motor, Japan Airlines, and Airbus Ventures. The ispace Mission 1 lander carries small rovers and payloads for a number of government agencies and companies – including from the U.S., Canada, Japan, and the United Arab Emirates.

☆ 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.

☆ Stellantis looks to India for affordable EVs for Europe
▼ + stars: | 2022-11-24 | by ( Aditi Shah | ) www.reuters.com time to read: +3 min

NEW DELHI, Nov 24 (Reuters) - Fiat parent Stellantis (STLA.MI) has concluded it can't currently make affordable electric vehicles (EVs) in Europe and is looking at lower-cost manufacturing in markets such as India, its chief executive told reporters. "So far, Europe is unable to make affordable EVs. Stellantis is investing heavily in EVs and plans to produce dozens in the coming decade, but Tavares warned last month that affordable battery EVs were between five and six years away. The power that is best placed to leverage this opportunity is obviously India," Tavares said. The carmaker plans to launch its first EV in India - an electric model of its Citroen C3 compact car - early next year.

☆ Stellantis looks to India for affordable EVs for Europe amid competition from China
▼ + stars: | 2022-11-24 | by ( Aditi Shah | ) www.reuters.com time to read: +3 min

NEW DELHI, Nov 24 (Reuters) - Fiat parent Stellantis (STLA.MI) has concluded it can't currently make affordable electric vehicles in Europe and is looking at lower-cost manufacturing in markets such as India, its chief executive told reporters. "So far, Europe is unable to make affordable EVs. The power that is best placed to leverage this opportunity is obviously India," Tavares said. Stellantis already makes its own electric motors and battery packs, and also has plans to make battery cells. In India, too, Tavares wants to locally procure EV components, including batteries so it can be competitive on cost and price.

☆ Japanese chipmaker Rohm considering joining JIP for Toshiba buyout
▼ + stars: | 2022-11-16 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +2 min

TOKYO, Nov 16 (Reuters) - Japanese chipmaker Rohm Co Ltd (6963.T) said on Wednesday it was considering joining a consortium led by private equity fund Japan Industrial Partners (JIP) to buy out Toshiba Corp (6502.T), as JIP works to consolidate its proposal. The Nikkei newspaper reported that Kyoto-based Rohm planned to invest up to about 300 billion yen ($2.14 billion) in the proposed 2.2 trillion yen acquisition of Toshiba, citing multiple sources it did not name. A Rohm spokesperson confirmed that the company was considering joining the JIP consortium for the buyout but added that nothing had been decided, including the amount of any investment. Rohm and Toshiba are both major manufacturers of power management chips, which efficiently control electric power in cars, electronic devices and industrial equipment. JIP has contacted several Japanese companies to join the bid for Toshiba, including utility Chubu Electric Power Co Inc (9502.T) and financial services group Orix Corp (8591.T), sources familiar with the matter have said.

☆ Japan's Rohm, Suzuki Motor join Toshiba buyout bid - Nikkei
▼ + stars: | 2022-11-16 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: 1 min

TOKYO, Nov 16 (Reuters) - Japanese chipmaker Rohm Co Ltd (6963.T) and automaker Suzuki Motor Corp (7269.T) have joined a proposal by private equity fund Japan Industrial Partners to take over Toshiba Corp (6502.T), the Nikkei newspaper said on Wednesday. Rohm will invest about 300 billion yen ($2.14 billion) in the buyout proposal, Nikkei said, citing multiple sources it did not name. ($1 = 139.8900 yen)Reporting by Mariko Katsumura and Daniel Leussink; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

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