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AdvertisementVolkswagen is committed to China despite a "ruinous" domestic EV price war, its brand chief says. Volkswagen remains firmly committed to China despite a "ruinous" EV price war by domestic rivals that has hit overseas automakers hard, its boss said. VW group sales in China fell by 12% in the first nine months of this year amid the rising popularity of models made by domestic manufacturers. Toyota maintained its top spot in the world for the fourth consecutive year in 2023, selling 11.2 million vehicles globally — about 2 million more than the VW group. "We build cars in China for China; the same is happening in Europe and North America.
Persons: Thomas Schäfer, Schäfer, Axel Springer, Mary Barra, Wang He, Donald Trump's, Trump, Elijah Nouvelage Organizations: Volkswagen, VW, Welt, Business, General, Rival German, BMW, Mercedes, Benz, Audi, Porsche, Labor, Toyota Locations: China, Germany, Europe, Spain, Czech Republic, Portugal, Slovakia, USA, Mexico, Canada, Chattanooga , Tennessee, North America
How the EV era is challenging leading engine maker Honda
  + stars: | 2024-11-22 | by ( Robert Ferris | In | ) www.cnbc.com   time to read: +3 min
Honda is the world's largest engine manufacturer, powering about 27 million cars, motorcycles, generators, yard tools, airplanes, and other items. But it is struggling in some key regions, especially China, and it's challenged by the era of electric vehicles. Honda has been relatively slow to release models, and it has depended heavily on partners to keep up. Honda does have an in-house EV plan and its own platform. It's sinking $65 billion into EVs and software globally, including $11 billion in Canada and $3.5 billion for upgrades to facilities in the United States.
Persons: it's, Karl Brauer, they'd, Jake Fisher, Honda's, Gregory Noble Organizations: Honda, Acura, Ferrari, Lamborghini, Porsche, McLaren, Consumer, U.S, General Motors, Detroit, Toyota, University of Tokyo's Institute of Social Science Locations: U.S, China, Canada, United States
Full coverage car insurance provides liability insurance and coverage for your car (collision and comprehensive). Best Cheap Full Coverage Car Insurance for Discounts: Farmers Auto InsuranceWhile other providers list less than 12 car insurance discounts, Farmers has over 23. Tips for Finding the Cheapest Full Coverage InsuranceFull coverage car insurance is more expensive than the minimum coverage. Cheap Full Coverage Car Insurance Frequently Asked QuestionsWhat does full coverage car insurance consist of? The standard full coverage car insurance consists of liability insurance, collision insurance, and comprehensive insurance.
Persons: we've, Chubb, GEICO, It's, Read, USAA, you'll, JD Power Organizations: Farm Auto Insurance, State, Farm, State Farm, Farmers Auto Insurance, Farmers, Insurance, Owners, Auto, Drivers, Luxury Vehicles, Chubb, People, Poor, GEICO, Customer Service, Erie Auto Insurance, North Central, District of Columbia, Military, Auto Insurance Military, National Guard Reserve, . Insurance, Toyota, JD, Better Business Bureau, Consumer Affairs Locations: Rhode Island and Massachusetts, New York, California, Erie, North, Chevron
AdvertisementThe Mazda CX-50 Hybrid is the latest entrant to the hyper-competitive compact SUV market. With one out of every five cars sold in the US this year being a compact SUV, an automaker's ability to compete in the segment is crucial to its success. Related VideoUnlike most brands, Mazda is taking on the competition with a two-headed monster consisting of its long-serving CX-5 and the recently introduced CX-50. For 2025, the Japanese automaker is adding a weapon to its arsenal with the introduction of the new CX-50 Hybrid. This will finally allow the brand to compete with established hybrid offerings like the Toyota RAV4 Hybrid, Honda CR-V Hybrid, and Hyundai Tucson Hybrid.
Persons: smartly Organizations: Mazda, Toyota, Honda, Hyundai Tucson
CNN —President Joe Biden’s climate law is on the chopping block as Republicans prepare to have full control in Washington. But it’s not just Democrats gearing up to protect the Inflation Reduction Act’s clean energy policies. In other words, if Republicans successfully repeal Biden’s climate and clean energy law, their districts stand to lose the most. Conservative groups and companies who are using the clean energy tax credits are already starting to lobby lawmakers to save them. “To demonstrate that these tax credits are really a net profit for the economy, that really is the name of the game.”
Persons: Joe Biden’s, it’s, Donald Trump, Buddy Carter, Trevor Houser, Trump gunning, ” Houser, Carter, Mike Johnson, Johnson, , , Richard Hudson —, , Adrian Deveny, they’ll, Heather Reams Organizations: CNN, Republican, ” Republican, Republicans, Massachusetts Institute of Technology, Congressional Republicans, Trump, Hyundai EV, Hyundai, North Carolina Rep, Toyota, MIT, Climate Vision, Conservative, Citizens, Responsible Energy Solutions Locations: Washington, Georgia, Carter’s Georgia
Tesla stands to benefit from any removal of consumer tax credits on electric vehicle purchases. AdvertisementElon Musk supports a Trump plan to end tax credits of up to $7,500 for electric vehicle purchases. On Thursday, Reuters reported that Trump plans to end the EV tax credit, with support from Tesla representatives. In October, the Alliance for Automotive Innovation, an industry group representing Ford, GM, Honda, Toyota, and others, urged Congress to keep the tax credits. While Musk supports cutting the EV tax credit, reports of its potential demise appear to have spooked investors.
Persons: Tesla, Elon Musk, EVs, , Elon, Musk, Trump, Kelley, Dan Ives, Joe Biden's, It's, Vaibhav Taneja, Benjamin Zhang Organizations: Service, US, Reuters, Ford, Tesla, Republican, BMW, Honda, Hyundai, Alliance for Automotive Innovation, GM, Toyota, Politico Locations: Detroit, Mexico
At the edge of Serengeti National Park sits TAASA, a luxury safari lodge. The lodge sits near three ecosystems: the Serengeti National Park, the Maasai Mara National Reserve, and the Ngorongoro Conservation Area. A pair of zebras and a lion in the Serengeti National Park in Tanzania. In Serengeti National Park, night game drives aren't permitted. I whispered the words to myself on game drives and woke up to the lyrics in my mind some mornings.
Persons: , Jambo, Habari, Mzuri sana, TAASA's, May Simon, Simon, TAASA, Monica Humphries, Mikindo, Logolie Milya, Sam, Milya Organizations: Service, Toyota, Cruiser, Business, Mara, Reserve, Rovers Locations: TAASA, Tanzania's Lobo, Lodge, Ngorongoro, Tanzania, Ololosokwan
In this article ASMLASML-NLMUINTCSMSD-GB2330-TW Follow your favorite stocks CREATE FREE ACCOUNTJapan is looking to revitalize its semiconductor industry. The Japanese government has unlocked billions of dollars in subsidies for its domestic chip sector. One likely beneficiary of the funding announced Monday will be Japan-based Rapidus, a state-backed chip venture at the heart of the country's chip revitalization efforts. In the 1980s, Japan was the world's dominant chip player and occupied more than half of the global semiconductor market. Through its chip subsidies, which have mostly been geared toward increasing manufacturing capacity, the country should be able to expand into other aspects of the supply and enhance its position, Yang added.
Persons: Shigeru Ishiba, Ishiba, Rapidus, Tetsuro Higashi, Michael Yang, Omdia, Yang, Brady Wang, Wang, Ken Kuo Organizations: MU, Getty, Japan, Toyota Motor, Sony Group, U.S, IBM, Taiwan Semiconductor Manufacturing Co, Samsung, Intel, Micron, CNBC, Counterpoint Research Locations: Japan, Taiwan, South Korea, South, U.S, Netherlands
Analysts said tariffs on cars imported from Mexico would have dire consequences for US automakers. Tesla announced in March 2023 that it was planning to build its seventh gigafactory near the industrial hub of Monterrey, Mexico. Trump vowed to clamp down on automakers building cars in Mexico on the campaign trail, and the prospect of new tariffs could force US automakers such as Tesla to make some hard choices about operational or planned factories in Mexico. Analysts told BI that the tariffs floated by Trump would deter automakers such as Tesla from investing in Mexico. Other automakers have expanded their presence in Mexico, despite the uncertainty of the election and the prospect of tariffs under a second Trump term.
Persons: Donald Trump, Elon Musk, , Tesla, Trump, It's, Donald Trump's, Alex Brandon, Musk, Sam Fiorani, Fiorani, Ford, David Whiston, Scott Olson, BYD, Stephanie Brinley, Alanis King, Brinley, Stellantis Organizations: Service, Mexico —, AP, UBS, Trump, AutoForecast Solutions, General Motors, Ford, Getty, Toyota, Tacoma, Nissan, Volkswagen, BYD, Chrysler, Street Journal, BMW, P Global, Toyota Tacoma, GM Locations: Mexico, Monterrey, Detroit, United States, Cuautitlan, Toluca, San Luis Potosí
Jeff Kowalsky | Bloomberg | Getty ImagesDETROIT — General Motors is proving it's a standout among automakers this year as it continues to consistently outperform Wall Street's earnings expectations and its competitors. For the most part, GM stock has traded in lockstep with Ford due to their histories and the cyclical nature of the automotive industry. Ford stock is off 10% as of Friday's close. Others, including Ferrari , which has been among Wall Street's top auto performers, are also trailing GM. Shares of GM under Barra, who started leading the automaker in January 2014, have been lackluster for investors for most of her tenure.
Persons: Mary Barra, Jeff Kowalsky, John Murphy, Wall, it's, Donald Trump, Elon Musk Organizations: General Motors Co, Bloomberg, Getty, DETROIT —, Detroit, Rivian, BofA Securities, GM, Ford Motor, Chrysler, General, Ford, Ferrari, Tesla, U.S, Trump . General Motors, Hyundai, Toyota, Honda, Volkswagen, Nissan, Barra Locations: Detroit , Michigan, U.S, lockstep
The Toyota Camry is a midsize sedan and the best-selling car in the US for the past 22 years. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementSince its launch in 1983, the Toyota Camry has become the gold standard for dependable, albeit a bit dull, family transportation among American car buyers. It marked the 22nd year the midsize sedan has been the country's best-selling passenger car. This year, Toyota went hybrid-only with the Camry, which features updated styling and tech, too.
Persons: Organizations: Toyota, Service, Toyota Camry, Honda Accord, Hyundai, Kia, Camry
CNN —A plane carrying the Auburn men’s basketball team had to be diverted following an altercation on the flight, according to CNN affiliate WBRC. According to WBRC, the pilot requested an emergency landing in Montgomery, Alabama. Per ESPN, the apparent scuffle was over before it became a serious situation, but the flight personnel decided to divert back to Auburn. Auburn was still expecting to travel to Houston on Friday night, according to ESPN. The Tigers are 1-0 on the season following a blowout win over Vermont earlier this week.
Persons: WBRC, , Organizations: CNN, Auburn men’s, WBRC, Tigers, Houston, Toyota, ” CNN, Auburn, Auburn police, ESPN, The Tigers, Vermont Locations: Texas, Montgomery , Alabama, Auburn, Houston
Nelson Ching | Bloomberg | Getty ImagesIt aims to boost production to as much as 3 million vehicles a year by the end of the decade, two of the people said. The bigger number represents a 63% increase on the record 1.84 million vehicles it produced in China in 2022. Last year it produced 1.75 million vehicles there. In response to questions from Reuters, Toyota said in a statement: "With the intense competition in the Chinese market, we are constantly considering various initiatives". It said it would continue to work on making "ever-better cars" for the Chinese market.
Persons: Nelson Ching Organizations: Toyota, Bloomberg, Getty, Reuters, EV Locations: China, Beijing, Jiangsu
These "Wicked" collaborations cross the spectrum from apparel, accessories, footwear, beauty and costumes all the way to home decor, toys and even one-of-a-kind cars. Universal 's theatrical retelling of the famed Broadway musical is creating buzz ahead of its Nov. 22 release with hundreds of merchandise offerings from dozens of retail partners. "Barbie" painted the town pink in 2023, and now "Wicked" is upping the ante by adding a splash of green. The report, which surveyed 2,000 adults in the U.S., also determined that fandom collaborations and partnered releases are most successful among niche super-fandoms. What could also drive demand is the fact that these merchandise collaborations are limited-time only.
Persons: Barbies, Betty Crocker, it's, Evan Hanson Organizations: Walmart, Mattel, Lexus, Gershwin, Broadway, Retailers, Universal, Hollywood Locations: New York City, U.S
A sign is displayed outside a Toyota Motor Corp. dealership on Jan. 30, 2024 in Tokyo, Japan. Tomohiro Ohsumi | Getty Images News | Getty ImagesDETROIT — Toyota Motor sounded the alarm Friday that California-led electric vehicle mandates that are set to start next year are "impossible" to meet and, if they're not changed, will lead to less customer choice in several states. Battery-electric, fuel cell and, to an extent, plug-in hybrid electric vehicles qualify as zero emission under the regulations. At this point, it looks impossible," Jack Hollis, chief operating officer of Toyota Motor North America, said during a virtual media roundtable Friday. Several automotive insiders previously told CNBC that the EV mandate issue needed to be addressed regardless of who won election this year.
Persons: Tomohiro Ohsumi, they're, ZEV, Battery, Jack Hollis, Power, Hollis Organizations: Toyota Motor Corp, Getty, DETROIT, Toyota, California Air, Toyota Motor North, California Air Resources, D.C, CNBC Locations: Tokyo, Japan, California, Toyota Motor North America, Washington, Colorado, New York, New Mexico, Rhode
Toyota and BMW both reported plunging profits on Wednesday. China's EV giants like BYD are squeezing out foreign automakers and increasingly expanding into the premium market. AdvertisementChina's EV giants are rising, putting foreign automakers under pressure in the world's largest car market. Toyota and BMW reported a drop in quarterly profits on Wednesday, with sales in China slumping for both companies as they face growing competition from local automakers like BYD. In China, meanwhile, Toyota is facing fierce competition from local EV giants like BYD.
Persons: , BYD, Xiaomi Organizations: Toyota, BMW, EV, Service, Sales, Mercedes, Audi Locations: China, Japan
Foreign automaker stocks slide on Trump tariff fears
  + stars: | 2024-11-06 | by ( Michael Wayland | ) www.cnbc.com   time to read: +3 min
Brian Snyder | ReutersDETROIT — Stock prices of foreign automakers, including Chinese and German manufacturers, fell sharply on Wednesday amid concerns the U.S. will hike tariffs on imported vehicles under President-elect Donald Trump. European-traded shares of BMW and Mercedes-Benz were off around 6.5%, while Porsche was down by 4.9% and Volkswagen declined 4.3%. Trump has repeatedly said he will increase tariffs on many products, including new cars and trucks from China, Europe and Mexico, where many automakers, including Europeans, have established manufacturing hubs. U.S.-traded shares of Japanese automakers Toyota Motor and Honda Motor also were down during intraday trading by roughly 1% and 9%, respectively. However, they still heavily rely on imports from other countries, including Mexico, to meet U.S. consumer demand.
Persons: Donald Trump, Sarah Huckabee Sanders, Brian Snyder, Donald Trump ., Li Auto, Nio, Trump, aren't, Shinji Aoyama, Aoyama, Stellantis Organizations: Arkansas, Reuters DETROIT —, BMW, Mercedes, Benz, Porsche, Volkswagen, Japanese, Toyota Motor, Honda, Nissan Motor, General Motors, Ford Motor, Chrysler, Toyota, Hyundai, Kia, Mazda, American Free Trade Locations: Flint , Michigan, U.S, China, Europe, Mexico, United States, Canada
Japanese automaker Toyota Motor on Wednesday reported its first quarterly operating profit drop in about two years, as it strives to navigate the market shift toward electric vehicles. Revenue : 11.44 trillion yen vs. 11.41 trillion yen: 11.44 trillion yen vs. 11.41 trillion yen Operating profit: 1.16 trillion yen vs. 1.24 trillion yenThe world's largest automaker by sales volume saw a 20% year-on-year drop in operating profit during the quarter. Net profit attributable to company more than halved to 573.7 billion yen from 1.28 trillion a year ago. "If electric vehicles simply become the only choice, including for our suppliers, those people's jobs would be lost." The company maintained a full-year operating profit of 4.3 trillion yen.
Persons: Akio Toyoda, Toyoda, Suzuki Organizations: Toyota, Toyota Motor, LSEG ., Reuters, National, Traffic Safety Administration, Japan's Transport, Ministry of Land, Transport, Honda, Yamaha Locations: Tokyo, Japan, Infrastructure, Tourism
Silicon anodes vs. solid-state batteriesAnalysts say silicon anodes theoretically offer 10 times the energy density as graphite, which are commonly used in battery anodes today. Silicon anodes, for example, are known to swell significantly during charging, which reduces the battery's longevity. Especially in the West, advances in the area of silicon anodes [are] seen as strategic opportunity to catch up with China. Nonetheless, analysts remain skeptical about when solid-state batteries will actually make it to market. "However, there are significant technical challenges going to 100% silicon anode such as silicon expansion affecting the longevity of the batteries and currently there are several routes to produce silicon anodes," he added.
Persons: IDTechEx, carmakers, Venkat Srinivasan, Srinivasan, hasn't, Rory McNulty, McNulty, Georgi Georgiev, Georgiev, Taiwan's, Sila Nanotechnologies Organizations: Parc des, Chesnot, Getty, Mercedes, Porsche, GM, Center for Energy Storage Science, government's, government's Argonne National Laboratory, CNBC, EV, Benchmark Mineral Intelligence, Bloomberg, Fastmarkets, Toyota, Nissan, China's SAIC Motor Corp, ProLogium, Paris Locations: Parc, Paris, France, government's Argonne, Chicago, Siheung, South Korea, West, China, U.S
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHere's why used Toyotas and Hondas are so expensiveToyota and Honda have each been called boring brands – sometimes by the people who make them. But a combination of reliability, disciplined production and pricing help them hold their value better than any other brand. The same is true of their luxury divisions Lexus and Acura. CNBC looks at how they got this way and explores what could knock them off the podium.
Organizations: Toyota, Honda, Lexus, Acura, CNBC
Why Toyota and Honda vehicles have such high resale values
  + stars: | 2024-11-04 | by ( Robert Ferris | In | ) www.cnbc.com   time to read: +1 min
Toyota and Honda have at times been called boring: Honda by its own engineers, Toyota more famously by a chairman descended from the company's founder. But while they may not have the luster of, say, European sports cars, these two Japanese brands have enviably high resale values. Toyota has topped Kelley Blue Book's Best Resale Value list eight times since 2014, including the last four consecutive years. Another key for the automakers is that Toyota and Honda listen carefully to customers and try to build only what they think people will buy. "The market tends to have much greater demand than Toyota supplies up front, which keeps resale high, which keeps consumers happy, and the cycle continues on and on," said Tyson Jominy, vice president of data analytics at J.D.
Persons: Tyson Jominy Organizations: Toyota, Honda, Lexus, Acura Locations: .
The major stock benchmarks rallied Friday but were lower last week, with the Nasdaq leading the way lower after reaching new highs. Eight other Club names reported earnings last week, including Eli Lilly and Eaton. Despite indications from Big Tech that Nvidia's AI chips will remain in hot demand, the Club stock fell 4.3% for the week. The S & P 500 , which is less tech-weighted, fell nearly 1.4% for the week, making it back-to-back weekly losses for the broader market index. Earnings After analyzing earnings reports from 14 of our portfolio companies last week, there is only one Club name on the docket this week.
Persons: Eli Lilly, Eaton, Jim Cramer, financials Goldman Sachs, Kamala Harris, Donald Trump, Harris, Trump, That's, Jerome Powell, We're, we'll, Archer, Johnson, Jim Cramer's, Jim, Brendan McDermid Organizations: Nasdaq, Devices, Apple, Microsoft, Big Tech, Club, Nvidia, Dow, Intel, AMD, Dow Jones, Visa, American Express, JPMorgan, Bond, Federal Reserve, Boeing, Treasury, White, DuPont, Election, Protection, Electronics, Industrial, Constellation Energy, Marriott, Century Fox, Wynn Resorts, WYNN, Goodyear Tire, Cirrus, Diamondback Energy, Daniels, Midland, Apollo Global Management, Ferrari, Restaurant Brands, Emerson Electric, Devon Energy, Novo Nordisk, CVS Health, Howmet Aerospace, Teva Pharmaceutical Industries, Cedar Fair Entertainment, Toyota, American Electric Power Company, Johnson Controls, Dine Brands, Holdings, AMC Entertainment, Qualcomm, Coty, COTY, Energy, Barrick, Halliburton, HAL, Hershey, Air Products & Chemicals, Warner Bros ., Arista Networks, Rivian Automotive, Trade, Icahn Enterprises, Sony, SONY, Paramount, Jim Cramer's Charitable, CNBC, New York Stock Exchange Locations: BlackRock, Florida, China, Sluggishness, Cleveland, New York City, U.S
Japanese markets have made steady gains so far this week — and one bottom-up investor sees potential for them to advance even further. "When we look at the valuations of a lot of companies, they look absurdly cheap," he added. Department stores Among the segments Kato is looking at favorably in Japan is department stores. His optimism on department stores is an interesting one, given that many have "not expanded for about 30 years." So overall, department stores look quite interesting," he added.
Persons: Mio Kato, Kato, Shigeru Ishiba's Organizations: LightStream Research, CNBC Pro, Nikkei, Tokyo Stock Exchange, Department, Holdings, U.S, Toyota Motor, Nissan, Honda, Toyota Locations: Japan, Southeast Asia, China, U.S
The Olympus Corp. flag flies outside the company's Ishikawa research development facility in Tokyo, Japan, on Monday, March 14, 2022. Shares of Japanese camera giant Olympus Corp fell on Monday after the company announced the resignation of its chief executive officer over a drug allegation. The stock slid 5.3% on the Tokyo Stock Exchange following news of Stefan Kaufmann's resignation, according to LSEG data. So far this year, Olympus shares have jumped 31.9%, outperforming Japan's benchmark Nikkei 225, which has risen 13.3%. Kaufmann, 56, who had worked at Olympus for two decades, complied with a request to offer his resignation, the company added.
Persons: Stefan Kaufmann's, Olympus, Stefan Kaufmann, Kaufmann, Yasuo Takeuchi, Takeuchi, Michael Woodford Organizations: Olympus Corp, Tokyo Stock Exchange, Olympus, Nikkei, CNBC, Toyota Motor, America Locations: Tokyo, Japan
The CEO of optics giant Olympus has resigned after it was alleged that he had bought illegal drugs. Stefan Kaufmann's departure as CEO pushed the company's shares almost 6% lower Monday. AdvertisementOlympus Corporation's CEO, Stefan Kaufmann, has exited the optics giant following allegations he purchased illegal drugs. It said that based on the results, Kaufmann had likely acted inconsistently with Olympus' global code of conduct, core values, and corporate culture. Business Insider was unable to reach Stefan Kaufmann for comment.
Persons: Stefan Kaufmann's, , Stefan Kaufmann, Kaufmann, Yasuo Takeuchi, Julie Hamp Organizations: Olympus, Service, Tokyo Stock Exchange, Police, Kyodo, Toyota Motor Corporation Locations: Tokyo, Japan
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