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Toyota shares closed up 3.4%, outperforming the 1.2% gain in the Nikkei index (.N225). BOARD INDEPENDENCENew York City Comptroller Brad Lander said in a statement the Toyota board was not adequately independent. The New York comptroller's office oversees a pension system with $243 billion in assets under management. Those funds held 6.7 million shares in Toyota Group companies, including Toyota Boshoku (3116.T) and Toyota Tsusho (8015.T) as of end March. The New York pension system has also urged both Ford (F.N) and General Motors (GM.N) to move rapidly toward electrification and to disclose more about their lobbying on vehicle standards.
Persons: Akio Toyoda, Glass Lewis, Toyoda, CalPERS, Brad Lander, Daniel Leussink, David Dolan, Maki Shiraki, Kevin Krolicki, Jamie Freed, Christopher Cushing, Leslie Adler Organizations: Toyota Motor Corp, California Public Employees, New York, Toyota, Tokyo Stock Exchange, Nikkei, The, Toyota Group, Ford, General Motors, Lexus, Thomson Locations: TOKYO, New York City, York, Tokyo
GM CEO stands by her bet on autonomous vehicles
  + stars: | 2023-06-02 | by ( ) www.reuters.com   time to read: 1 min
Companies General Motors Co FollowDETROIT, June 2 (Reuters) - General Motors Co(GM.N) Chief Executive Mary Barra had a message on Friday for investors and rivals who see no profitable future in autonomous vehicles: You're wrong. Barra told attendees at a Sanford Bernstein conference that she sees a "giant growth opportunity" in GM's Cruise autonomous vehicle unit, and predicted personal self-driving cars would be on the market before the end of the decade. Barra reiterated a forecast that Cruise could generate $50 billion a year in annual revenue by 2030. GM currently is losing money on Cruise at the rate of $2 billion a year. Rivals, including Ford Motor Co and Volkswagen AG, have pulled the plug on autonomous vehicle efforts as losses mounted.
Persons: Mary Barra, Barra, Sanford Bernstein, Joe White Organizations: General Motors, General Motors Co, GM, Cruise, Rivals, Ford Motor Co, Volkswagen AG, Thomson Locations: DETROIT, GM's
One of them, Glass Lewis, recommended shareholders vote against re-electing Toyoda, citing what it said was his responsibility for the lack of a sufficiently independent board. Toyota on Friday did not immediately comment on the votes against the re-election of Toyoda. The New York comptroller's office oversees a pension system with $243 billion in assets under management. BOARD INDEPENDENCENew York City Comptroller Brad Lander said the Toyota board was not adequately independent, in a statement explaining the vote by the funds it oversees. The New York pension system has also urged both Ford (F.N) and General Motors (GM.N) to move rapidly toward electrification and to disclose more about their lobbying on vehicle standards.
Persons: Akio Toyoda, Glass Lewis, Toyoda, CalPERS, Brad Lander, Elon, Daniel Leussink, David Dolan, Maki Shiraki, Kevin Krolicki, Jamie Freed Organizations: Toyota Motor Corp, California Public Employees, New York, Toyota, Tokyo Stock Exchange, The, New, Ford, General Motors, Thomson Locations: TOKYO, New York City, York, New York, Tokyo
One of them, Glass Lewis, recommended shareholders vote against re-electing Toyoda, citing what it said was his responsibility for the lack of a sufficiently independent board. CalPERS, which declined to comment, is the largest U.S. public pension fund with some $450 billion in assets under management. The New York City pension funds held 6.7 million shares in Toyota Group companies, including Toyota Boshoku (3116.T) and Toyota Tsusho (8015.T) as of end March. BOARD INDEPENDENCENew York City Comptroller Brad Lander said the Toyota board was not adequately independent, in a statement explaining the vote by the funds it oversees. The New York pension system has also urged both Ford (F.N) and General Motors (GM.N) to move rapidly toward electrification and to disclose more about their lobbying on vehicle standards.
Persons: Akio Toyoda, Glass Lewis, Toyoda, CalPERS, Brad Lander, Daniel Leussink, David Dolan, Maki Shiraki, Kevin Krolicki, Jamie Freed, Christopher Cushing Organizations: Toyota Motor Corp, California Public Employees, New York, Toyota, Tokyo Stock Exchange, The, New, Toyota Group, Nikkei, Ford, General Motors, Lexus, Thomson Locations: TOKYO, New York City, York, Tokyo
DETROIT, June 2 (Reuters) - General Motors Co (GM.N) Chief Executive Mary Barra had a message on Friday for investors and rivals who see no profitable future in autonomous vehicles: You're wrong. That target assumes deployment of Cruise technology and services outside the United States - Dubai and Japan are among the future markets - as well as expansion into goods delivery and personal autonomous vehicles, Barra said. Rivals, including Ford Motor Co (F.N) and Volkswagen AG (VOWG_p.DE), have pulled the plug on autonomous vehicle efforts as losses mounted. Barra said those states have a more welcoming regulatory environment for self-driving vehicles. GM has petitioned U.S. vehicle safety regulators to deploy up to 2,500 of its Origin vehicles, which have subway-like doors and no steering wheel.
Persons: Mary Barra, Barra, Sanford Bernstein, Cruise, Joe White, Tiwary, David Shepardson, David Holmes Organizations: DETROIT, General Motors Co, Cruise, GM, Rivals, Ford Motor, Volkswagen AG, Traffic Safety Administration, NHTSA, Chevrolet, Cadillac, Tesla Inc, EV, Thomson Locations: GM's, United States, Dubai, Japan, San Francisco, Arizona and Texas, Washington, U.S, China
A spokesperson for defendant Blue Cross Blue Shield Association declined to comment on pending litigation. A representative from Blue Cross Blue Shield of Michigan also declined to comment. The lawsuit seeks to bar Blue Cross Blue Shield's alleged anticompetitive conduct, and it also seeks triple damages and other remedies. Ford's lawsuit said Blue Cross Blue Shield of Michigan is the country's ninth largest insurer based on its 4.5 million enrollees. The case is Ford Motor Co v. Blue Cross Blue Shield of Michigan Mutual Insurance Company and Blue Cross Blue Shield Association, U.S. District Court for the Eastern District of Michigan, No.
Persons: Ford, Travis Mihelick, Mike Scarcella, Leigh Jones Organizations: Ford Motor, Blue, Association, Ford, Shield Association, Circuit, Appeals, Shield, Michigan, Ford Motor Co, of Michigan Mutual Insurance Company, U.S, Eastern, Eastern District of, Thomson Locations: Detroit, Michigan, Alabama, Atlanta, Eastern District, Eastern District of Michigan
Ford recalls 142,000 Lincoln SUVs in US for fire risks
  + stars: | 2023-05-31 | by ( ) www.reuters.com   time to read: 1 min
Companies Ford Motor Co FollowWASHINGTON, May 31 (Reuters) - Ford Motor (F.N) said on Wednesday it is recalling 142,000 Lincoln MKC SUVs in the United States and advising owners to park outdoors and away from structures while it investigates the cause of under hood fires. 2 U.S. automaker said the issue in the 2015-2019 model year vehicles is believed to originate near the 12-volt batteries. Ford is aware of 19 potentially related reports of under hood fires, including seven reports since December, while the vehicle was parked and off. Ford said it is unaware of any physical injuries related to this condition. Reporting by David Shepardson Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.
Persons: Ford, David Shepardson, Chris Reese Organizations: Ford, WASHINGTON, Thomson Locations: United States, U.S
Companies Toyota Motor Corp FollowTOKYO, May 31 (Reuters) - Toyota Motor Corp (7203.T) said on Wednesday that information on customers in some countries in Oceana and Asia, excluding Japan, may have been left publicly accessible from October 2016 to May 2023. Toyota is investigating the issue based on the laws and regulations of each country, a company spokesperson said. Toyota did not say how many customers were affected by the incident, in which countries they are located exactly, and whether customers of its luxury Lexus brand were affected. Only part of customers' information may have been externally accessible, the company said. The company initially uncovered the incident announced this month by chance, during inspections that started on April 7, the spokesperson said.
Persons: Daniel Leussink, Tom Hogue, Jacqueline Wong, Gerry Doyle Organizations: Toyota Motor Corp, Toyota Connected Corp, Toyota, Lexus, Thomson Locations: Oceana, Asia, Japan
"You can see the market for AI servers will rise much faster than expected. The Taiwanese company has a 40% global market share for servers and aims to further increase that, Liu added. In the first quarter, Foxconn's cloud and network products segment, which includes servers, accounted for 22% of revenue, second only to smart consumer electronics - which includes smartphones - at 56%. Foxconn, which assembles around 70% of iPhones, has been diversifying production away from China, whose strict COVID-19 restrictions disrupted its biggest iPhone plant last year. Liu said China, including its massive iPhone plant in China's Zhengzhou, remained very important for Foxconn.
Persons: Liu Young, Liu, Foxconn, Jun Seki, Ben Blanchard, Faith Hung, Christopher Cushing Organizations: Apple Inc, Hai Precision Industry Co, General Motor Co, Nissan, EV, Thomson Locations: TAIPEI, Lordstown , Ohio, EVs, Taiwan, United States, Indonesia, India, China, Beijing, Washington, China's Zhengzhou
They then asked respondents to rank those brands across nine reputation-gauging categories. 1 among all listed companies in the "trust," "culture" and "growth" categories. John Deere rounded out the top three, ranking second among all listed companies in the "products and service" and "culture" categories. Tech giants Amazon and Apple barely missed the cut, respectively ranking eighth and 10th — but both still obtained an "excellent" overall score, the highest tier possible on the report. Apple rose 11 spots, most significantly improving in the "culture" and "trust" categories.
Persons: Joe's, Axios Harris, pollsters, Yvon Chouinard, Richard Galanti, John Deere, Tim Cook, Cook, Kelly Evans Organizations: Costco, Patagonia Costco, Deere, Toyota Motor Corporation Samsung Quality, Patagonia Purpose Trust, Holdfast, Tech, Amazon, Apple, CNBC Locations: U.S, Patagonia
[1/2] The logo of Chinese carmaker Geely Auto is pictured at the second media day for the Shanghai auto show in Shanghai, China April 17, 2019. Thailand's Board of Investment held discussions with five major Chinese EV makers including Geely during a roadshow to China in April, its Secretary-General Narit Therdsteerasukdi said. "All expressed keen interest in Thailand's policy to develop a regional EV production base and an integrated EV supply chain," Narit said, without providing more details of the talks with Geely. BYD and China's Great Wall Motor Co Ltd (601633.SS) are already working on building local EV production in Thailand. China's Great Wall Motor has said it is considering a research and development centre in Thailand that could work on battery-powered pickup trucks.
Persons: Aly Song BANGKOK, Geely, Narit Therdsteerasukdi, JAC Motors, Narit, Aston Martin, China's, Devjyot Ghoshal, Zhang Yan, Jamie Freed Organizations: Shanghai, REUTERS, Reuters, of Investment, BYD Co, Chongqing Changan Automobile Co, Jiangling Motors Corp Ltd, EV, Wall Motor Co, Volvo, Aston, Malaysian carmaker Proton, Toyota Motor Corp, Isuzu Motors, Thomson Locations: Shanghai, China, Thailand, Chongqing, Geely, Swedish, Southeast Asia
ET (1900 GMT), to discuss the debt ceiling bill. "The market is cautiously pricing in that the deal has been done," said Thomas Hayes, chairman at Great Hill Capital LLC. Nvidia Corp (NVDA.O) jumped 4.8% in premarket trading after it said on Monday it was building Israel's most powerful AI supercomputer to meet soaring customer demand for AI applications. Other chipmakers including Advanced Micro Devices Inc (AMD.O), Marvell Technology Inc (MRVL.O) and Intel Corp (INTC.O) added about 3% each. May consumer confidence data is due shortly after markets open, while the Labor Department's closely watched nonfarm payrolls data for May is due on Friday.
U.S. President Joe Biden and Republican House of Representatives Speaker Kevin McCarthy on Sunday signed off on an agreement to temporarily suspend the debt ceiling and cap some federal spending. ET (1900 GMT), to discuss the debt ceiling bill. Reflecting investor optimism, the cost of insuring exposure to a U.S. debt default fell further on Tuesday, while yields on longer-dated U.S. Treasuries fell. Other chipmakers including Advanced Micro Devices Inc (AMD.O), Marvell Technology Inc (MRVL.O) and Intel Corp (INTC.O) added about 3% each. ET, Dow e-minis were up 60 points, or 0.18%, S&P 500 e-minis were up 22.75 points, or 0.54%, and Nasdaq 100 e-minis were up 157.25 points, or 1.1%.
Ford Motor could be in for big gains ahead, according to Jefferies. Analyst Philippe Houchois upgraded the company's shares to buy from hold in a Tuesday note. The firm said Ford's recent investor event raised its confidence that the automaker has a solid plan and management that will help it close a gap with its rivals. "There is something grounded and 'back-to-basics' in Ford's strategy of focusing on its strengths." Houchois thinks the company's road map to improvement across three of its divisions — Ford Blue, Model e and Ford Pro — is helping the company do more with less.
Toyota, Daimler in deal to combine Japan truck operations
  + stars: | 2023-05-30 | by ( ) www.cnbc.com   time to read: +1 min
Daimler Truck Holding and Toyota Motor Corp said on Tuesday they had entered a non-binding agreement to combine the businesses of their truck units in Japan. Under the memorandum of understanding (MOU), the businesses of Daimler-owned Mitsubishi Fuso Truck and Bus Corp and Toyota subsidiary Hino Motors Ltd would be combined under a holding company, they said in a statement. Daimler Truck and Toyota will invest in the company equally and cooperate on the development of hydrogen and other technologies in areas such as connectivity and autonomous driving, the statement said. Last year, a committee tasked with investigating an emissions scandal at Hino, which became a Toyota subsidiary in 2001, found that the truck and bus maker had falsified emissions data going back to 2003. The heads of the four companies will hold a joint news conference in Tokyo at 4:30 p.m. (0730 GMT).
The Hebei-based company is also considering establishing a research and development centre in Thailand that could work on battery powered pickup trucks, Narong Sritalayon, managing director of Great Wall Motor Thailand said in an interview. "I think there is a lot of things we can learn from Thailand's unique market for pickup trucks," Narong said. Great Wall launched its Ora Good Cat compact EV in Thailand in late 2021. Great Wall entered Thailand in 2020 after taking over a former General Motors Co (GM.N) plant that currently makes two of its Haval hybrid vehicles for sale in the country. But the facility could be upgraded for battery cell production with additional investment depending on demand and Thai government support, Great Wall added.
Companies Toyota Motor Corp FollowTOKYO, May 30 (Reuters) - Toyota Motor Corp's (7203.T) global sales rose by nearly 5% in April from a year earlier, boosted by stronger demand for hybrids and gasoline-powered cars in Japan and China. The Japanese automaker also reported better overseas sales of battery electric vehicles (EVs), bringing the total number of battery-powered units it sold in the first four months of the year above last year's level. In China, Toyota saw sales jump 46.3% to 162,554 units in April compared to the same month a year earlier, rebounding from the previous year's pandemic-related hit. In April, the automaker sold 8,584 battery EVs worldwide, including its Lexus brand, accounting for more than 1% of its global sales in a single month for the first time. That brought the total number of battery-powered vehicles it sold in January-April to 26,057 units, higher than the 24,466 battery EVs the company sold in 2022.
TOKYO, May 28 (Reuters) - Proxy adviser Institutional Shareholder Services (ISS) has recommended that shareholders of Toyota Motor Corp (7203.T) vote in favour of a resolution urging the automaker to improve disclosure of its lobbying related to climate change. ISS in a report also said it regarded three of Toyota's four outside board director nominees as not truly independent. Toyota's board said the fluidity of such disclosure made the proposal unsuitable for enshrining in the articles of incorporation. A spokesperson previously said few firms globally have made climate policy engagement-related disclosure to the extent of Toyota. "Toyota does not provide shareholders with enough information to evaluate its lobbying activities," ISS said.
A video shows an octopus appearing to wake up from sleep in distress. The behaviour looked similar to waking up from a nightmare, scientists said. One of the study's co-authors noted that it would be difficult to study an octopus' brain activity and determine whether they actually dream. Robyn Crook, an associate professor of biology at San Francisco State University, told Live Science that the octopus' behavior could have been due to senescence, which is when an octopus' body starts to break down before death. "I don't exclude that senescence could be one of the drivers of this," Ramos told Live Science.
South Korea’s Hyundai Motor Group and LG Energy Solution Ltd on Friday said they will build a $4.3 billion electric vehicle (EV) battery plant in the United States amid a push to take advantage of tax credits. Vehicles from Hyundai Motor Co and sister automaker Kia Corp are currently not eligible. Hyundai Motor Group, the world’s third-largest automaker by vehicle sales, is building EV and battery manufacturing facilities in Bryan County in the state, where its joint factory with LGES will be based. LGES and Hyundai Motor Group, which houses Hyundai Motor, Kia and autoparts maker Hyundai Mobis Co Ltd, will each own 50% of the joint venture. In April, Hyundai Motor finalized a $5 billion EV battery joint venture in the United States with SK On, a battery unit of SK Innovation Co Ltd, boosting electrification efforts in its largest market.
Persons: LGES, , Youngsoo Kwon Organizations: Hyundai Motor Group, LG Energy, EV, Vehicles, Hyundai Motor Co, Kia Corp, Hyundai, Kia, Hyundai Mobis Co, Tesla, General Motors, Hyundai Motor, SK, SK Innovation Co Locations: United States, Georgia, Bryan County, America
SEOUL, May 26 (Reuters) - South Korea's Hyundai Motor Group and LG Energy Solution Ltd (LGES) (373220.KS) on Friday said they will build a $4.3 billion electric vehicle (EV) battery plant in the United States amid a push to take advantage of tax credits. Vehicles from Hyundai Motor Co (005380.KS) and sister automaker Kia Corp (000270.KS) are currently not eligible. [1/2] The logo of Hyundai Motor Company is pictured at the New York International Auto Show, in Manhattan, New York City, U.S., April 13, 2022. LGES and Hyundai Motor Group, which houses Hyundai Motor, Kia and autoparts maker Hyundai Mobis Co Ltd (012330.KS), will each own 50% of the joint venture. In April, Hyundai Motor finalised a $5 billion EV battery joint venture in the United States with SK On, a battery unit of SK Innovation Co Ltd (096770.KS), boosting electrification efforts in its largest market.
[1/2] A Tesla vehicle is charged at a Tesla supercharging station in Kettleman City, California, U.S., January 25, 2023. REUTERS/Mike Blake/File PhotoMay 26 (Reuters) - Ford Motor Co (F.N) shares jumped by more than 7% on Friday after the No. 2 U.S. automaker announced a deal allowing its electric-vehicle owners to access rival Tesla Inc's (TSLA.O) charging stations in North America. Ford shares were up 7.6% at $12.25 in afternoon trade, while Tesla shares rose 7.5% to $197.95. U.S. Transportation Secretary Pete Buttigieg praised the Ford-Tesla deal, but told CNBC that the Biden administration would not dictate an EV charging standard.
COMPASS MINERALS (CMP.N):Ford signed a five-year supply agreement to obtain battery-grade lithium carbonate from Compass' lithium brine development project in Ogden, Utah. Under the agreement, Compass Minerals will deliver up to 40% of its planned, phase-one battery-grade lithium carbonate to Ford once production begins. NEMASKA LITHIUM:Nemaska Lithium, owned by Investissement Québec and Livent (LTHM.N), will supply lithium products, including lithium hydroxide, to Ford over an 11-year period. ENERGYSOURCE MINERALS:EnergySource Minerals will supply lithium hydroxide produced at its Imperial Valley, California site which is expected to be operational in 2025. SOCIEDAD QUIMICA Y MINERA DE CHILE S.A. (SQM):Chile's SQM (SQMA.SN) and Ford have agreed to a long-term lithium supply agreement, the Chilean lithium miner said in a statement Monday.
Ford signs battery material supply deals to charge up EV output
  + stars: | 2023-05-22 | by ( ) www.reuters.com   time to read: +2 min
May 22 (Reuters) - Ford Motor Co (F.N) on Monday unveiled three deals for the supply of lithium products, including lithium hydroxide, as the automaker ramps up electric vehicle (EV) production to 2 million units by the end of 2026. The deals come as North American automakers race to secure supplies of battery materials to boost EV output and catch up with market leader Tesla Inc (TSLA.O) amid surging demand for environment-friendly vehicles. The long-term deal with Canada's Nemaska Lithium is for the supply of up to 13,000 tons of lithium hydroxide every year, while the contract with EnergySource Minerals will help Ford receive lithium hydroxide from the Imperial Valley, California site, expected to be operational in 2025. Ford also disclosed a five-year agreement with Albemarle Corp (ALB.N) to supply more than 100,000 metric tons of battery-grade lithium hydroxide for about 3 million future Ford EV batteries. The lithium hydroxide produced by Nemaska should help qualify Ford vehicles for consumer tax benefits under the U.S. Inflation Reduction Act, the automaker said.
Within the bomb’s hypocenter, only the half-exploded Genbaku Dome – formerly the Hiroshima Prefectural Industrial Promotion Hall – was left standing as the bombing razed Hiroshima city to the ground. A man relaxes alongside the river on a bench overlooking the Genbaku Dome. ET), Hiroshima city lost roughly 40% of its population, which numbered around 300,000 people at the time. Full-scale reconstruction only began in August 1949 after the Hiroshima Peace Memorial City Construction Law was promulgated, allowing the national government to extend special financial support to Hiroshima. “It’s impressive how Japanese people rebuilt the city from scratch again – building a beautiful city full of green spaces.
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