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☆ Japan signed a critical minerals deal with the U.S. — but it's still losing the global EV race
▼ + stars: | 2023-06-20 | by ( Audrey Wan | ) www.cnbc.com time to read: +4 min

Tokyo in March signed the U.S.-Japan Critical Minerals Agreement, securing both countries' commitment to strengthen supply chains and promote EV battery technologies. Notably, the deal allows minerals from Japan to meet sourcing requirements for U.S. electric vehicle tax credits, unlocking up to $7,500 per vehicle. The critical minerals agreement was "negotiated in warp-speed time" when similar deals "usually take years," David Boling, Eurasia Group director for Japan and Asian trade, told CNBC. Hybrid EVs still account for 96.8% of new EV sales in the country, according to the Japan Automobile Dealers Association. EV supply chain strainJapan depends on China for critical minerals essential to the production of EV components.

Persons: Yasuhide Mizuno, Kiyoshi Ota, David Boling, Boling, Eurasia's, BEV, China's, Kristin Vekasi Organizations: Sony Honda Mobility, Sony, Bloomberg, Getty, Japan, U.S, U.S ., EV, Eurasia Group, CNBC, U.S . Trade, Honda, Toyota, Nissan, Japan Automobile Dealers Association, International Energy Agency, Argonne National Laboratory, IEA, University of Maine, Hitachi Metals, Nikkei Locations: Tokyo, Japan, U.S, China, Nikkei Asia

The plan comes a day before an annual shareholders meeting where governance and strategy - including a slow pivot to battery EVs under former CEO Akio Toyoda - will be scrutinised. Toyota said it aims to launch next-generation lithium-ion batteries from 2026 offering longer ranges and quicker charging. At the high end of the market, Toyota said it would produce an EV with a more efficient lithium-ion battery offering a range of 1,000 km (621 miles). An EV powered by a solid-state battery would have a range of 1,200 km and charging time of just 10 minutes, Toyota said. "What we want to achieve is to change the future with BEVs," Takero Kato, president of new Toyota EV unit BEV Factory, said in a video posted on the automaker's YouTube channel on Tuesday.

Persons: Akio Toyoda, Koji Sato, Takero Kato, BEV Factory, Henry Ford, Koji Endo, Toyota's, I'm, it's, Toyota's BEV Factory, Kato, Tesla, Daniel Leussink, Christopher Cushing, Kevin Krolicki Organizations: Toyota, EVs, Tesla, Engineers, Toyota EV, YouTube, NEW ASSEMBLY, SBI Securities, Lexus, Thomson Locations: TOKYO, China

The Japanese carmaker said it aims to launch next-generation batteries from 2026, seeking to win over consumers with vehicles that offer longer driving ranges and quicker charging times. It also said it was developing a method to mass produce solid-state batteries, which it aims to commercialise in 2027-2028. The automaker said it would produce an EV with a more efficient lithium-ion battery which would have a range of 1,000 km (621 miles). "We will launch the next-generation battery EVs globally and as a full lineup on the market from 2026," Kato said. Toyota also detailed other technologies that it plans to deploy to reduce costs for its EVs and batteries.

Persons: Takero Kato, BEV Factory, Kato, Tesla, Daniel Leussink, Christopher Cushing, Kevin Krolicki Organizations: Toyota, EVs, Tesla, Toyota EV, YouTube, U.S, Lexus, Thomson Locations: TOKYO

☆ Toyota shares surge 5% after announcing plans for next-gen battery EVs
▼ + stars: | 2023-06-13 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +2 min

In this article 7203.T-JP Follow your favorite stocks CREATE FREE ACCOUNTA display of Toyota electrified vehicles at the 2022 New York Auto Show, April 13, 2022. Toyota has a goal of achieving sales of 1.5 million all-electric vehicles per year by 2026, and selling 3.5 million all-electric vehicles annually by 2030. Separately, the company is also developing a method for mass producing all-solid-state batteries for battery electric vehicles, and aims to commercialize this in 2027 to 2028. Toyota said it will be looking at a 20% improvement in cruising range for its all-solid-state batteries, compared to the current batteries. HEVs refer to hybrid electric vehicles, which are vehicles that are powered by a conventional internal combustion engine in combination with one or more electric motors.

Persons: Scott Mlyn, Koji Sato, Sato, Akio Toyoda Organizations: Toyota, York Auto Show, CNBC, Tesla, Nikkei

☆ Not enough resources for EVs to be only cleaner car option, Toyota says
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +2 min

Some investors and environmental groups have long criticised Toyota (7203.T) for being slow to embrace BEVs, saying it has lagged Tesla Inc (TSLA.O) and others amid growing global demand. Gill Pratt, chief executive of the Toyota Research Institute, told reporters that BEVs could make a positive difference in reducing climate change in countries such as Norway, which has a lot of renewable infrastructure. But in other parts of the world, where coal is still used to produce power, hybrids were better for CO2 emissions, he added. "But it's going to take decades for battery material mines, renewable power generation, transmission lines and seasonal energy-storage facilities to scale up." BEVs are "one very important option" for achieving carbon neutrality and hydrogen is as well, Toyoda, who currently is chairman of Toyota, told reporters earlier on Thursday.

☆ US consumers keep vehicles for a record 12.5 years on average -S&P
▼ + stars: | 2023-05-15 | by ( Paul Lienert | ) www.reuters.com time to read: +1 min

May 15 (Reuters) - Americans in the waning days of the COVID pandemic are keeping their combustion-engine vehicles longer, according to a new study. Despite six straight years of increases, average vehicle age is expected to drop over the coming year as rising availability and renewed demand push new vehicle sales above 14.5 million in 2023, the S&P research said. Electric vehicles are bucking the aging trend, according to S&P. The average age of battery electric vehicles (BEV) in the U.S. actually fell to 3.6 years, down slightly from 3.7 years in 2022. During the same period, just 5.2% of combustion vehicles left the fleet, S&P said.

☆ Ford to test small UK fleet of hydrogen fuel cell E-Transit vans
▼ + stars: | 2023-05-09 | by ( Nick Carey | ) www.reuters.com time to read: +2 min

LONDON, May 9 (Reuters) - Ford Motor Co (F.N) said on Tuesday it will test a small fleet of prototype hydrogen fuel-cell versions of its electric E-Transit model to see if they are a workable zero-emission option for customers hauling heavy goods long distances. Ford will lead a consortium in the three-year project that includes BP (BP.L), which will focus on hydrogen and infrastructure, and British online supermarket and technology group Ocado (OCDO.L). Interest in using hydrogen fuel cells to power trucks and vans is getting a boost from fleet operators looking for a more practical alternative to electric vehicles and rising government aid, particularly the U.S. Inflation Reduction Act (IRA). Vehicles with hydrogen fuel cells, in which hydrogen mixes with oxygen to produce water and energy to power a battery, can refuel in minutes and have a much longer range than those with BEVs. But there are major challenges to be overcome for mass adoption of hydrogen fuel cells, including the lack of fueling stations and green hydrogen made using renewable energy to power them.

☆ Iveco to fully own venture with Nikola on electric, hydrogen trucks
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +3 min

Despite Nikola's problems, battery electric trucks developed by the venture based in Ulm, Germany are already circulating in the U.S., while orders are being collected in Europe. Fuel cell hydrogen trucks are expected to hit the road next year. As part of the agreement, Iveco will focus on Europe for the further development and commercialisation of its own battery electric (BEV) and fuel cell (FCEV) electric trucks, while Nikola will concentrate its operations in North America, the two groups said in a joint statement. Iveco's overall investment, through available liquidity, will be partly in cash, for $35 million, and partly in shares, with the purchase of 20 million Nikola shares. Iveco will retain a "meaningful" amount of Nikola shares, they said.

☆ Iveco takes full ownership of JV with Nikola on electric, hybrid trucks
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +2 min

MILAN, May 9 (Reuters) - Italy's Iveco Group (IVG.MI) has agreed to buy the full ownership of its joint venture with U.S. start-up Nikola (NKLA.O) developing battery electric and fuel cell heavy-duty trucks for 44 million euros ($48 million), it said on Tuesday. Battery electric (BEV) trucks developed by the JV are already circulating in the U.S., while orders are being collected in Europe. Fuel cell hydrogen hybrid (FCEV) trucks are expected to hit the road next year. As part of the agreement announced on Tuesday, Iveco will focus on Europe for the further development and commercialisation of its own battery electric and fuel cell electric trucks, while Nikola will concentrate its operations in North America, the two groups said in a joint statement. Iveco's overall investment, through available liquidity, will be partly in cash, for $35 million, and partly in shares, with the purchase of 20 million Nikola shares.

TOKYO, April 28 (Reuters) - Japan will provide as much as $1.8 billion in subsidies for a slate of storage battery and chip-related projects, Industry Minister Yasutoshi Nishimura said on Friday, marking Tokyo's latest push towards greater supply chain security. The government plans to give up to 184.6 billion yen ($1.38 billion) in subsidies for eight storage battery-related proposals and up to 56.4 billion yen for two semiconductor-related projects, Nishimura told reporters. Among the proposals that it will subsidise is a plan by automaker Honda Motor Co Ltd (7267.T) and battery maker GS Yuasa Corp (6674.T) to invest about 430 billion yen to boost storage battery production, with the ministry providing up to 158.7 billion yen in subsidies for the project. "We have great expectations that this will lead to the stable supply of storage batteries and the promotion of GX (green transformation)," Nishimura said. In a statement, Honda, GS Yuasa and their 14-year-old battery joint venture Blue Energy Co Ltd, said they planned to start production in April 2027 and would start mass production in October 2027.

☆ Electric car sales surged by 55% last year to surpass 10 million, and China led the way: IEA
▼ + stars: | 2023-04-26 | by ( Anmar Frangoul | ) www.cnbc.com time to read: +1 min

Electric vehicles from Tesla photographed in China. The world's second largest economy is a major player when it comes to the sale of electric vehicles. "Electric car sales — including battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) — exceeded 10 million last year, up 55% relative to 2021," the IEA's report said. In total, it said more than 26 million electric cars were on the world's roads in 2022, which represents a 60% increase relative to 2021. Plug-in hybrid electric vehicles, or PHEVs, have an internal combustion engine as well as a battery-powered electric motor.

☆ BMW promises stable prices, raises margin forecast for 2023
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: +2 min

The transition to battery-electric vehicles (BEVs) was moving faster than planned and it expected to reach its target of over 50% battery-electric vehicle share well ahead of its 2030 target, the company said. It forecast that the speed of growth in BEV sales, which doubled to more than 215,000 in 2022, to slow slightly this year to a high double-digit percentage. But by 2025, one in four new sales should be battery-electric, rising to one in three by 2026, according to Wednesday's forecast - a big leap from the one in 11 ratio seen last year. Almost half of cash flow came from a cash contribution from Chinese joint venture BMW Brilliance Automotive. BMW proposed a dividend to shareholders of 8.50 euros, up from 5.80 a year earlier.

☆ 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.

☆ Chinese EV comptition hots up as BYD offers discounts
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +1 min

[1/2] BYD electric vehicles (EV) are displayed at a car dealership in Shanghai, China, February 3, 2023. The discounts will be for buyers who place orders for the Song Plus and Seal models between March 10 and March 31, the company said on its social media account. In return for an 88 yuan ($12.64) deposit, buyers for a Seal EV can get 8,888 yuan deducted from the price, while for Song Plus models, the discount is 6,888 yuan. It sold 34,621 Song Plus SUVs and 14,372 Seal sedans in the first two months, according to China Passenger Car Association. The car association data showed Tesla (TSLA.O) sold 39,710 Model Ys and 21,056 Model 3s in January and February combined.

☆ Tesla's forecast means boom times ahead for lithium demand. Citi's top stocks to play the trend
▼ + stars: | 2023-03-08 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

We apply ~8x EV/EBITDA multiple to Energy Storage, ~9x to Specialties, and ~10x to Ketjen, all of which are in line with comparable peer valuations." Livent "Our $28 target price is based on a target EV/EBITDA of ~9.5x applied to our FY24 estimate. SQM "Our $92 target price is calculated using [sum of the parts] valuation on 2024E segment EBITDA. SQM's Lithium multiple is at a discount to LTHM as LTHM is a pure-play lithium hydroxide company. ... Our current price target assigns 3/90/7 weightings, respectively, to these three scenarios—yielding a $146 blended stock outcome."

Organizations: ~$

☆ Jeep, Dodge maker Stellantis posts record annual profit, announces $4.47 billion shareholder payout
▼ + stars: | 2023-02-22 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

An engine undergoes assembly at the Stellantis Dundee Engine Complex on August 18, 2022 in Dundee, Michigan. Carmaker Stellantis on Wednesday announced record full-year results, reporting a 26% rise in net profit to 16.8 billion euros ($17.9 billion) and a 41% annual jump in global battery and electric vehicle sales. Stellantis CEO Carlos Tavares said the results also demonstrated the effectiveness of the company's electrification strategy in Europe, with 288,000 battery and electric vehicle (BEV) sales in 2022 and 23 BEVs now on the market. This figure is expected to double to 47 models by the end of 2024, and Stellantis is targeting global BEV sales of 5 million by 2030. "We now have the technology, the products, the raw materials, and the full battery ecosystem to lead that same transformative journey in North America, starting with our first fully electric Ram vehicles from 2023 and Jeep from 2024," Tavares said.

"The amount of energy BEVs need is so enormous that I see a strain on our grid that ultimately it can't fulfill." Daimler Truck will invest up to 15 billion euros ($16 billion) on fuel cells over the next decade, Daum said. Symbio, which supplies fuel cells for Stellantis vans, expects global fuel cell vehicle sales to reach 2 million units annually by 2030 and wants a 10% share. Both General Motors (GM) (GM.N) and Toyota (7203.T) are testing fuel cells for larger vehicles including semi-trucks and trains to build scale and lower costs. While Volkswagen is not currently investing in fuel cells, it has hundreds of patents around the technology.

☆ Electric cars need less service — but they could cost you more
▼ + stars: | 2023-02-14 | by ( Alexa St. John | ) www.businessinsider.com time to read: +4 min

Electric cars require different service and maintenance than gas-powered ones. They also wonder what it means to service and maintain these vehicles — and how much that will cost them. Tesla even advertises its vehicles as "eliminating the need for service." EV tires are different than those for a gas-powered vehicle. What it means for car dealersAs a result of these shifts, dealers are assessing just how much of an impact that potentially less vehicle service will have on their bottom lines.

☆ Gigapresses - the giant die casts reshaping car manufacturing
▼ + stars: | 2023-02-10 | by ( Giulio Piovaccari | ) www.reuters.com time to read: +5 min

GIGAPRESS 9,000Metal and plastic die casting has been largely used in manufacturing, but its application to large aluminium underbodies in carmaking is relatively new. The global aluminium die casting market was worth almost $73 billion last year and is projected to top $126 billion by 2032, according to an AlixPartners analysis based on Apollo Reports data. Ralf Bechmann of manufacturing consultant EFESO said the benefits of die casting would push it "to be applied to an increasing number of new models of BEV vehicles, also by other manufacturers". Yet not all automakers are convinced, and EFESO's Bechmann cautioned that large module die casting required product design to be "super solid". After initially considering die casting for its upcoming Trinity model, Volkswagen (VOWG_p.DE) has backtracked, while BMW (BMWG.DE) has never expressed an interest.

☆ China's EV giant BYD in talks to acquire insurer Yi'an
▼ + stars: | 2023-01-31 | by ( ) www.reuters.com time to read: +2 min

[1/2] The BYD Atto 3 EV car is displayed at the 39 Thailand International Motor Expo, in Bangkok, Thailand, November 30, 2022. REUTERS/Athit Perawongmetha/FilesSHANGHAI, Jan 31 (Reuters) - Chinese electric vehicle (EV) giant BYD said on Tuesday it is working on a potential acquisition of Yi'an P&C Insurance Co, an insurer that was seized by Chinese regulators two years ago as part of a crackdown on financial conglomerates. Chinese business publication Caixin reported earlier this month, citing unnamed sources, that BYD would fully take over the insurer and would use it to start an insurance business targeting electric vehicles. Yi'an P&C Insurance was among nine firms Chinese regulators seized from the Tomorrow Holdings conglomerate in July 2020. China banking and insurance regulator said last year it had agreed to allow Yi'an P&C Insurance to enter bankruptcy and reorganisation procedures.

☆ China's BYD dreams big in auto powerhouse Japan
▼ + stars: | 2023-01-31 | by ( ) www.reuters.com time to read: +2 min

YOKOHAMA, Japan, Jan 31 (Reuters) - China's BYD Co Ltd (002594.SZ) unveiled its first dealership in Japan on Tuesday, taking on one of the biggest challenges in its explosive global rise as it seeks to win over customers deeply loyal to their own auto industry. BYD, an acronym which stands for Build Your Dreams, has ambitious plans to open more than 100 dealerships in Japan by the end of 2025. "If customers trust us and give BYD a try, we'll have a good chance (at succeeding)," BYD Auto Japan Inc President Atsuki Tofukuji told Reuters at a media event to mark the opening of its maiden outlet in Yokohama, Japan's second largest city. About 30 people have contacted the Yokohama dealership to enquire about the new cars, according to Kazuhisa Okamoto, who runs the store. ($1 = 130.39 yen)Reporting by Daniel Leussink; editing by John Geddie and Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

☆ 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.

For the last three years, the 66-year-old has built up the "Toyota Times", hiring Japanese journalists and ramping up coverage of the company to counter what he sees as persistent misinformation and unfair criticism. "What I find unfortunate is that the media often thrives on conflict, setting BEVs against hybrids, for example," Toyoda said on the Toyota Times recently. After almost an hour of scripted presentations and banter, the Toyota Times host turned to questions from reporters. Toyoda has increasingly appeared to eschew traditional media as the company fell out of favour with environmentalists who once lauded its green technology. The Toyota Times also exclusively publishes the closely watched results of the company's spring wage negotiations with its union.

☆ 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."

The future of the Saarlouis site has been unclear since last June when Ford picked a site in Spain to assemble its next-generation electric vehicle (EV) over the German plant, which will stop producing its current model, the Ford Focus, from 2025. Separately, union representatives for Ford's largest German site in Cologne will meet with Ford's management on Saturday to negotiate on planned job cuts across Europe announced by management to workers on Monday. Management figures presented a worst-case scenario to 12,000 workers in a packed assembly hall of up to 2,500 job cuts in product development and a further 700 in administration. The carmaker has committed to an all-electric lineup in Europe by 2030 and its U.S. leadership has repeatedly flagged that EVs require less labour. Reporting by Victoria Waldersee and Christina Amann; Editing by Paul Carrel, Alexander Smith and Andrea RicciOur Standards: The Thomson Reuters Trust Principles.

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