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☆ Tesla's Model Y and Model 3 top-selling vehicles in California in 2022
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +1 min

Feb 8 (Reuters) - Tesla Inc's (TSLA.O) Model Y and Model 3 electric vehicles were the top-sellers in California last year, outselling Toyota Motor Corp's (7203.T) RAV4 and Camry models, according to an industry body report. It is the first time a Tesla model topped the annual sales list in California, a major vehicle market where one in five cars is electric. Austin, Texas-based Tesla sold 87,257 Model Y electric sport utility vehicles and 78,934 Model 3 electric sedans last year, while Toyota sold 59,794 units of its RAV4 SUV and 55,967 of its Camry sedans, the California New Car Dealers Association said in its report. In 2021, the Camry was the top-seller in California, followed by the Model Y, Honda's (7267.T) Civic and RAV4, and the Model 3. Last year, zero-emission vehicles accounted for 19% of all cars sold in California, which brought in 40% of all sales of electric vehicles, including hybrid vehicles, in the United States.

"We're going to see in 2023, there is still going to be volatility around chips," Ford Chief Financial Officer John Lawler said on Thursday. By the end of 2023, almost 18 million vehicles will have been removed from production plans since the chip shortage started, according to Auto Forecast Solutions. Japan's Denso Corp (6902.T), a leading supplier to Toyota Motor Corp (7203.T), on Friday slashed its annual profit forecast and warned the chip shortage could cause auto production cuts. Toyota in November cut its vehicle production projection for the current financial year through March due to the chip shortage. The head of another auto supplier, Aptiv Plc (APTV.N), which makes advanced driver assistance systems, vehicle computers and high-voltage cabling, said the impact of the chip shortage is not evenly felt.

TOKYO, Feb 2 (Reuters) - Japan's state-backed chip venture Rapidus will need about 7 trillion yen ($54 billion) of mostly taxpayer money to begin mass producing advanced logic chips in around 2027, its chairman, Tetsuro Higashi, told Reuters on Thursday. "In the past, the United States hindered Japan's chip industry growth. Japan and the United States worry that friction with China will result in semiconductor shortages that could threaten economic growth. Japan's most advanced semiconductor factory is a 40 nanometre plant owned by Renesas Electronics (6723.T). For them, the decision to invest will be taken when they are able assess our technology and production plans."

☆ 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.

☆ Japan Inc strives to lure skilled workers as inflation, labour crunch bite
▼ + stars: | 2023-01-30 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +7 min

[1/2] A worker assembles an air drill at the factory of manufacturer Katsui Kogyo in Higashiosaka, Japan June 23, 2022. About a quarter of Japanese firms have offered inflation allowances or plan to do so, said corporate credit research firm Teikoku Databank. read moreThe private sector expects the drive to help boost productivity, meshing with Prime Minister Fumio Kishida's "new capitalism" initiative on wealth distribution that put a top priority on wage hikes. "Bonuses or inflation allowances would have only a limited impact on easing the pain of cost-push inflation, as consumers tend to save one-off payouts rather than spend," added Kiuchi, now an executive economist at the Nomura Research Institute. Workers have high expectations from this year's labour talks, which they hope will counter cost-push inflation while tackling the tight labour market to help boost the economy.

☆ Toyota defends title as world's top-selling automaker in 2022
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: +1 min

TOKYO, Jan 30 (Reuters) - Toyota Motor Corp (7203.T) sold 10.5 million vehicles in 2022, it said on Monday, defending its title as the world's top-selling automaker for a third straight year. Global sales for the group, including truck unit Hino Motors (7205.T) and small-car maker Daihatsu, inched down 0.1% as record overseas sales of 8.6 million vehicles helped offset a 9.6% dip in its home market to 1.9 million. While some chip-related supply constraints remained for Toyota as well, the Japanese automaker said strong demand in Asia and an increase in the production capacity and optimisation in Asia and North America helped it boost global production by 5% in 2022. Toyota in November revised its production forecast for the current financial year through the end of March, to 9.2 million vehicles from 9.7 million. Reporting by Satoshi Sugiyama Editing by Chang-Ran KimOur Standards: The Thomson Reuters Trust Principles.

The 66-year-old Toyoda on Thursday announced he would step aside as leader of the company his grandfather founded from April 1 to take the role of chairman. He will hand over to Koji Sato, the 53-year-old head of Toyota's luxury Lexus brand. "It's likely that he'll remain active as chairman for a long time and continue to put his mark on Toyota." "Toyota is a public company that likes to pretend it's a family company," said John Shook, a former Toyota manager who now consults on the lean management techniques pioneered by the automaker. "Choosing someone who is much younger and with Sato's background indicates Akio recognised the time for change had come."

TOKYO, Jan 27 (Reuters) - Toyota Motor Corp (7203.T) chief Akio Toyoda is set to remain a dominant force inside the world's largest automaker for years to come, and will continue to influence the agenda after stepping down in April, experts and people familiar with the firm said. The 66-year-old Toyoda on Thursday announced he would step aside as leader of the company his grandfather founded from April 1 to take the role of chairman. "It's likely that he'll remain active as chairman for a long time and continue to put his mark on Toyota." "Toyota is a public company that likes to pretend it's a family company," said John Shook, a former Toyota manager who now consults on the lean management techniques pioneered by the automaker. "Choosing someone who is much younger and with Sato's background indicates Akio recognised the time for change had come."

☆ Toyota CEO Akio Toyoda to Hand Control to Next Generation
▼ + stars: | 2023-01-26 | by ( River Davis | ) www.wsj.com time to read: 1 min

Toyota Chief Executive Akio Toyoda said it was time to pass the baton to a younger executive. TOKYO— Toyota Motor Corp. Chief Executive Akio Toyoda , who has expressed skepticism about an all-electric vehicle future, said he would hand the keys to a younger executive who he said might have new ideas. Koji Sato , a 53-year-old engineer who will take over as Toyota’s CEO in April, offered few details about his plans for the world’s top-selling auto maker. But his experience leading the introduction of the first fully electric Lexus and working on hydrogen-powered cars puts him in a position to tackle the coming transformation in cars.

☆ Who Is Koji Sato? Behind Next Toyota CEO’s Rapid Rise
▼ + stars: | 2023-01-26 | by ( Megumi Fujikawa | ) www.wsj.com time to read: 1 min

Toyota’s Chief Branding Officer Koji Sato, in a light jacket, will replace Akio Toyoda as the auto maker’s chief executive in April. TOKYO—It wasn’t too long ago that Toyota Motor Corp.’s Koji Sato found himself in the front passenger seat of a Lexus electric vehicle driven by his boss, Akio Toyoda . “What happens if I hit the accelerator?” asked Mr. Toyoda. “Give it a go,” replied Mr. Sato, and the two men laughed and whooped together as the car whizzed around a test track.

☆ Toyota CEO Akio Toyoda to Step Down and Become Chairman
▼ + stars: | 2023-01-26 | by ( Peter Landers | ) www.wsj.com time to read: 1 min

Toyota Chief Executive Akio Toyoda said it was time to pass the baton to a younger executive. TOKYO— Toyota Motor Corp. Chief Executive Akio Toyoda , a scion of the founding family who has led the company since 2009, will step down from his current roles and become chairman in April, Toyota said Thursday. Chief Branding Officer Koji Sato , a 53-year-old executive who has led Toyota’s luxury Lexus division since 2020, will become president and chief executive in April, the company said. Takeshi Uchiyamada , Toyota’s chairman, will step down from that post.

☆ 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.

☆ Akio Toyoda Steps Down as Toyota President to Become Chairman
▼ + stars: | 2023-01-26 | by ( Peter Landers | ) www.wsj.com time to read: 1 min

TOKYO— Toyota Motor Corp. said that Akio Toyoda , a scion of the founding family who has led the company as president since 2009, will step down from his role as president and chief executive and become Toyota’s chairman in April. Toyota said Koji Sato , who is currently chief branding officer, will become president and chief executive officer on April 1.

☆ 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."

Jan 25 (Reuters) - Tesla Inc's (TSLA.O) aggressive price cuts have ignited demand for its electric vehicles, Chief Executive Elon Musk said on Wednesday, playing down concerns that a weak economy would throttle buyers' interest. However, Musk, who has missed his own ambitious sales targets for Tesla in recent years, said 2023 deliveries could hit 2 million vehicles, absent external disruption. He said he expected a "pretty difficult recession this year," but demand for Tesla vehicles "will be good despite probably a contraction in the automotive market as a whole." CYBERTRUCKThe company is relying on older products and Musk said its Cybertruck, its next new electric pickup truck, would not begin volume production until next year. Musk dismissed surveys that suggest his political comments on Twitter are damaging the Tesla brand.

☆ Toyota leader Akio Toyoda to step down as president and chief executive
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +1 min

Companies Toyota Motor Corp 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 its top branding officer, Koji Sato. Sato will become the new CEO while the current chairman, Takeshi Uchiyamada, will drop his chairman title but remain on the board, Toyota said. The issue of who would take over from Toyoda, the 66-year-old grandson of the company's founder, had increasingly been a focus for investors. Here are some reactions to the news:KOJI ENDO, SENIOR ANALYST AT SBI SECURITIE“I myself was surprised. Ten out of 10 analysts had probably been thinking that Toyoda would carry on (as CEO) for a while, so that came as a huge surprise.

☆ 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.

That would mean running Tesla factories leaner with fewer materials in inventory, cutting shipping and logistics costs and negotiating lower prices for components, he said - putting Tesla's suppliers on notice. "My guess is if the recession is a serious one, and I think it probably will be but I hope it isn't, that would lead to meaningful decrease in almost all of our input costs," Musk said. Tesla's third-quarter profit per car sold was more than seven times higher than Toyota Motor Corp (7203.T), for example. The company's average cost per vehicle, including all categories of its spending, was almost $44,000 in the fourth quarter. I think there's just a vast number of people that want to buy a Tesla but can't afford it," Musk said.

Jan 25 (Reuters) - Tesla Inc's (TSLA.O) aggressive price cuts have ignited demand for its electric vehicles, Chief Executive Elon Musk said on Wednesday, playing down concerns that a weak economy would throttle buyers' interest. Deep price cuts this month have positioned Tesla as the initiator of a price war, but its forecast of a 37% rise in car volume for the year, to 1.8 million vehicles, was down from 2022's pace. Musk, who has missed his own ambitious sales targets for Tesla in recent years, said that deliveries in 2023 could hit 2 million vehicles, absent external disruption. The company is relying on older products and Musk said its Cybertruck, its next new electric pickup truck, would not begin volume production until next year. Net profit for the quarter was $3.69 billion, or $1.07 per share, compared with $2.32 billion, or 68 cents per share, a year earlier.

Jan 25 (Reuters) - Tesla Inc's (TSLA.O) aggressive price cuts have created a wave of demand for its electric vehicles, Chief Executive Elon Musk said on Wednesday, addressing concerns that a weak economy would throttle buyers' interest. "These price changes really make a difference for the average consumer," he said, adding that demand was roughly double production in January and that sales in 2023 could hit 2 million vehicles, absent external disruption. Musk dismissed the suggestion that his political commentary on Twitter had become divisive or a problem for Tesla. "Tesla’s plans to rapidly scale up output will only stimulate profit growth if demand is there to meet it. Even a small cooling of demand will have significant implications for the bottom line," said Sophie Lund-Yates, an analyst at Hargreaves Lansdown.

☆ Koji Sato, incoming Toyota CEO, must navigate shift to clean energy
▼ + stars: | 2023-01-26 | by ( Sakura Murakami | ) www.reuters.com time to read: +3 min

Currently the CEO of Toyota's luxury brand Lexus, Sato will succeed Akio Toyoda as the CEO of Toyota on April 1. Under Toyoda, the automaker has followed a go-slow approach to electric vehicles, arguing that the hybrid technology it pioneered with the Prius will remain important along with investments in hydrogen. Sato started his career at Toyota in 1992, before rising through the ranks to become chief engineer of Lexus International in 2016, according to his profile on the Toyota website. That passion was obvious in a brief video clip released in 2021, where Sato sits next to Toyoda as they test-drive a Toyota Lexus. As Toyoda accelerates and whoops excitedly, Sato can be seen with a wide grin and occasionally laughing, unable to contain his delight.

☆ Toyota CEO and President Akio Toyoda to step down
▼ + stars: | 2023-01-26 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +1 min

Toyota Motor Corporation's President and Chief Executive Akio Toyoda will step down from his post on April 1, to be replaced by current Chief Branding Officer Koji Sato, the Japanese automaker said Thursday. Toyoda will become the new chairman of the board, while the current Chairman Takeshi Uchiyamada will continue as a member of the board. Toyoda, 66, is the grandson of the carmaker's founder and has served as chief executive since June 2009. Chairman Uchiyamada has long supported me in all imaginable ways," Toyoda said in a webcast. Tokyo-listed shares of Toyota ended the session 0.63% lower Thursday ahead of the announcement.

☆ For automakers, the EV surge is everything everywhere all at once
▼ + stars: | 2023-01-26 | by ( Joseph White | ) www.reuters.com time to read: +4 min

He must accelerate the Japanese automaker's efforts to develop more competitive electric vehicles. But he will get little breathing room from Tesla or the Chinese EV manufacturers who are using their leads in EV technology and production costs to slash prices. THE SHIFTING GROUNDGlobal automakers are experienced with periods of feast and famine that come on roughly seven-to-ten year cycles. South Korea's Hyundai Motor Co (005380.KS) on Thursday reported better-than-expected results powered in part by strong sales of its new EV lineup. Hyundai forecast its EV sales would grow by 54% this year - a faster growth pace than Tesla has forecast.

☆ Heavy snow causes havoc in Japan as cold snap sweeps through Asia
▼ + stars: | 2023-01-25 | by ( ) www.reuters.com time to read: +3 min

TOKYO, Jan 25 (Reuters) - Heavy snow blanketed wide swathes of Japan on Wednesday, snarling traffic, forcing hundreds of flight cancellations, disrupting train travel and leaving at least one person dead. An unusually cold weather front and extreme low pressure systems set snow falling and strong winds blowing across Japan from Tuesday after causing havoc in other Asia countries earlier this week. Some 3,000 people were stranded at two train stations in the western city of Kyoto after snow and high winds forced service to be suspended on Tuesday. Strong winds connected to the storm may have caused the sinking of a Hong Kong-registered cargo ship between western Japan and South Korea's Jeju island early on Wednesday. Reporting by Kaori Kaneko, Sugiyama Satoshi and Elaine Lies in Tokyo and Hyonhee Shin in Seoul, writing by Elaine Lies and Miyoung Kim Editing by Chang-Ran Kim, Kim Coghill and Christina FincherOur Standards: The Thomson Reuters Trust Principles.

Now, Chief Executive Elon Musk is using that superior profitability as a weapon in the EV price war he started. That emboldened automakers to push EV prices higher. Vietnamese EV startup Vinfast said Thursday it will use price promotions to fight back against Tesla. Chinese EV market leader BYD Co Ltd(002594.SZ) announced price increases effective Jan. 1 after Beijing phased out EV subsidies. However, BYD's gross margins of $5,456 per vehicle give it more headroom in a price war than VW, Toyota or GM.

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