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TOKYO, April 7 (Reuters) - Toyota Motor Corp (7203.T) said on Friday it aims to introduce 10 new battery electric vehicle models by 2026 - a long awaited ramp-up in an area that the Japanese automaker has been slow to embrace. Investors have long argued that Toyota has not been fast enough in developing a battery-powered vehicle line-up, instead favouring hybrids like its pioneering Prius. Toyota has countered that a mix of options - including gasoline-electric hybrids, makes more sense for its global customer base. New chief executive Koji Sato said Toyota would speed up in battery electrics but added that hybrids would remain an important pillar of its business. Toyota is targeting annual production of 1.5 million battery-powered cars by 2026, Chief Technology Officer Hiroki Nakajima told the briefing.

☆ Lawmakers meet with Apple, Disney CEOs as part of talks on competition with China
▼ + stars: | 2023-04-07 | by ( Lauren Feiner | ) www.cnbc.com time to read: +7 min

High-profile tech and media executives shared their experiences of working in and competing with China with lawmakers who visited California this week. Over the three-day trip that kicked off on Wednesday, lawmakers were scheduled to meet with Disney CEO Bob Iger and Apple CEO Tim Cook, as well as high-level executives from Google , Microsoft , Palantir and Scale AI. The trip highlights the key role tech and media industries play in America's increasingly complex relationship with China. In Hollywood, the group of lawmakers from the select committee learned about a range of topics related to competition with China. The group was also slated to meet with venture capitalists on Thursday, including Andreessen Horowitz, Khosla Ventures and SV Angel.

☆ Ford's first quarter sales increase 10.1% on improved F-Series truck production
▼ + stars: | 2023-04-04 | by ( Michael Wayland | ) www.cnbc.com time to read: +3 min

REUTERS/Brendan McDermidDETROIT – Ford Motor on Tuesday reported a roughly 10% increase in its quarterly U.S. sales, led by jumps in its critical F-Series pickups and Bronco SUVs. Sales of Ford's trucks increased by nearly 20%, while car sales were up by 5.1% and SUVs increased by less than 1%. Ford reported sales of 170,377 F-Series pickups, up about 21% compared to a year earlier. Ford's sales increase comes as Wall Street analysts monitor rising vehicle inventories and incentives for the U.S. automotive industry following historically low levels of both during the past three years. Morgan Stanley estimates industry sales last month increased 8.7%, as automakers increase production levels following several years of significant supply chain problems.

☆ 4.screen, a startup that enables retailers to advertise to drivers through in-car displays, just raised $23 million with this 11-slide pitch deck
▼ + stars: | 2023-04-04 | by ( Riddhi Kanetkar | ) www.businessinsider.com time to read: +3 min

4.screen, a startup that enables retailers to advertise through in-car displays, just raised $23 million. A startup that enables retailers to advertise to drivers on the road and in real-time through a vehicle's connected display has raised $23 million in fresh funds. In addition to in-car video ads, the startup also displays search highlights, branded map pins, and in-car offers. The startup uses car sensor data allows the startup to be as specific as possible with its suggestions. "We make sure the right content is shown to the right partner at the right time — you only see a gas station when your fuel is low," cofounder and CEO Fabian Beste told Insider.

☆ Mexico sees growth of up to 3% this year, eyes nearshoring boost
▼ + stars: | 2023-03-31 | by ( Anthony Esposito | ) www.reuters.com time to read: +3 min

Mexico's inflation rate by the end of this year is seen slowing to 5.0%, and then to 4.0% by the end of 2024. Mexico's central bank raised rates 25 basis points to 11.25% Thursday, but hinted the hiking cycle could be nearing its end. Mexico is also primed to benefit from private investment fueled by "nearshoring," the trend of moving production to North America and away from Asia, the ministry said. Nearshoring could add up to 1.2 percentage points to GDP the ministry said, without specifying a time frame. In particular, the ministry anticipated a boost to foreign investment in manufacturing, and said the automotive industry was a "natural candidate" to take advantage of nearshoring.

The EU has progressively tightened limits since "Euro 1" in 1992. The Commission's proposal widens real-driving emissions (RDE) testing and adds continuous testing of emissions via an on-board monitoring system. Euro 7 would take effect in mid-2025 for cars and in mid-2027 for trucks and buses. The European Commission estimates Euro 7 could add up to 150 euros to car prices and 2,600 euros for trucks and buses. A Commission spokesperson declined to comment on executives' statements, but said Euro 7's real-driving emissions tests were important because of "scandals in the past about cheating devices".

☆ Volkswagen's Scout unit wins $1.3 bln in incentives for South Carolina factory
▼ + stars: | 2023-03-20 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

The project could also receive up to $180 million in job development tax credits based on hiring, said South Carolina Commerce Secretary Harry Lightsey. In May, VW said it would reintroduce the Scout off-road brand in the United States, offering new electric pickup and sport-utility vehicles. Scout said it hopes to eventually create 4,000 jobs and produce 200,000 Scout vehicles annually. Volkswagen has moved away from cars in the United States. Monday's event was the latest major auto announcement for South Carolina, home to BMW's (BMWG.DE) U.S. operations and its largest plant by volume.

☆ From Tesla to under-the-radar battery stocks: Wall Street has a playbook for the EV boom
▼ + stars: | 2023-03-20 | by ( Zavier Ong | ) www.cnbc.com time to read: +4 min

The bank's "Battery Electric Vehicles Basket" comprises several stocks across the EV supply chain, including automakers Rivian , Lucid and Li Auto . This may be the opportune moment for Chinese EV brands to knock on the doors of Europe." Among the Chinese EV makers, BYD, Nio and Xpeng are "the ones to watch," according to Bernstein. "We expect Chinese EV players to find better success targeting the compact, mass market EV segment that has so far been under-penetrated in Europe," the bank said. Tesla and under-the-radar plays Tesla is one of Deutsche Bank 's top picks in the EV space.

☆ General Motors' China business is hurting, and it's not just because of Covid
▼ + stars: | 2023-03-17 | by ( Michael Wayland | ) www.cnbc.com time to read: +11 min

He purchased his Nio over models from rival Chinese automakers Xpeng , Li Auto and IM Motors. GM's operations in the country are much larger than those of its crosstown rival Ford Motor, for example. Equity income from GM's Chinese operations and joint ventures has fallen 67% since its peak of more than $2 billion in 2014 and 2015. And the rising quality of domestic-made electric vehicles helped support — and tap — growing nationalistic pride among China's consumers. In February, Ford named Sam Wu, a former Whirlpool executive who joined the automaker in October, as president and chief executive of its China operations, starting March 1.

☆ Scholz to seek reforms to boost EU competitiveness at Brussels summit
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +2 min

BERLIN, March 16 (Reuters) - German Chancellor Olaf Scholz said on Thursday he will seek to boost European competitiveness through reforms at an EU summit in Brussels next week, including making state aid more flexible and completing capital markets and banking unions. In a speech to the German Bundestag, Scholz urged the European Union to pull together to face a raft of challenges, including in response to a massive U.S. subsidy programme for clean technologies known as the Inflation Reduction Act. The EU is unveiling a Critical Raw Materials Act aimed at keeping pace with the United States and China in access to raw materials. Scholz said raw material security will also top the agenda when he visits Japan for talks this week. Turning to the war in Ukraine, Scholz said that EU member states will agree further measures to improve the continued supply of arms and ammunition to Kyiv, without going into specifics.

☆ The tech layoff contagion is hitting automakers — but it's not like what's happening at Google, Meta, and Microsoft
▼ + stars: | 2023-03-15 | by ( Nora Naughton | ) www.businessinsider.com time to read: +4 min

But the downsizing wave hitting the automotive industry isn't quite the same as the one plaguing tech giants like Google, Meta, and Microsoft. Silicon Valley takes a lesson from DetroitLayoffs and buyouts are nothing new to the automotive industry, especially in the last few years. In French's view, the tech industry is taking a page from Detroit's playbook as it trims its ranks this year. He's skeptical of claims that tech companies are already victims of an economic downturn, and instead believes these companies are bracing for the worst before a true "bloodbath." "Tech companies are taking the lead from what automotive companies have done in the past and trying to brace for that downturn before it really hits."

☆ Australia's nuclear submarine plan to cost up to $245 billion by 2055 -defence official
▼ + stars: | 2023-03-13 | by ( Lewis Jackson | ) www.reuters.com time to read: +4 min

CANBERRA, March 14 (Reuters) - Australia's nuclear-powered submarine programme with the United States and Britain will cost up to A$368 billion ($245 billion) over the next three decades, a defence official said on Tuesday, the country's biggest single defence project in history. Albanese said the programme would start with a A$6 billion ($4 billion) investment over the next four years to expand a major submarine base and the country's submarine shipyards, as well as train skilled workers. The total cost of the submarine program is estimated to be A$268 billion to A$368 billion by 2055, or roughly 0.15% of gross domestic product per year, a defence official told Reuters. U.S. nuclear-powered submarines will visit Western Australia more frequently this year, with British submarines making port visits starting in 2026. From 2027 the Perth base, HMAS Stirling, will be host to a rotational presence of British and U.S. nuclear-powered submarines to build Australia's experience.

☆ Startup from ex-Apple team raises $100 million, works with OpenAI
▼ + stars: | 2023-03-08 | by ( Stephen Nellis | ) www.reuters.com time to read: +2 min

March 8 (Reuters) - Humane Inc, a startup founded by former Apple Inc (AAPL.O) employees, said on Wednesday it has raised $100 million and will release its first products this spring. Sam Altman, OpenAI's founder and a previous Humane investor, participated in funding round on Wednesday, the company said. Humane also said that Microsoft Corp (MSFT.O), which has built a massive cloud computing infrastructure specifically for AI, took part in the funding round. Humane said it will partner with Microsoft's cloud to bring Humane's software services platform to market. Reporting by Stephen Nellis in San Francisco Editing by Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.

☆ Schaeffler CEO: We've decided not to neglect opportunities in hybrid vehicles
▼ + stars: | 2023-03-07 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSchaeffler CEO: We've decided not to neglect opportunities in hybrid vehiclesKlaus Rosenfeld, CEO of the German automotive supplier, discusses its earnings and how the firm is approaching the automotive industry's transition to electric vehicles.

☆ Salesforce's Marc Benioff says tech CEOs everywhere might soon unleash their inner Elons
▼ + stars: | 2023-03-05 | by ( Matt Turner | Dave Smith | ) www.businessinsider.com time to read: +4 min

On the agenda today:But first: Insider's Rebecca Knight is a Gen X working mom who tried TikTok's "Bare Minimum Monday" trend. Insider's Rebecca Knight studies TikTok to learn how to do Bare Minimum Monday. Sarah MackenzieWhen I first heard about "Bare Minimum Monday," the latest TikTok trend to emerge in the workplace, I thought it was nonsense, Insider's Rebecca Knight writes. But when my editor suggested I give Bare Minimum Monday a try and then write about it, I leapt at the opportunity. Key takeaways from Goldman's investor day.

☆ Tesla's plan to slash silicon carbide use sends some chipmakers' shares down
▼ + stars: | 2023-03-02 | by ( Lora Kolodny | ) www.cnbc.com time to read: +4 min

Shares in some chipmakers dipped on Thursday after electric vehicle maker Tesla said it plans to greatly reduce the use of silicon carbide transistors in its next-generation vehicle powertrains. Campbell revealed that, "In our next powertrain, the silicon carbide transistors that I mentioned, that are key component[s] but expensive, we figured out a way to use 75% less without compromising the performance or the efficiency of the car." Chips made with silicon carbide transistors are widely used in electric vehicles. They added the possibility that "cheaper [silicon carbide chips] could drive up EV adoption globally so what vendors lose on content could be partially offset by greater EV volumes." New Street does not expect a lower-priced, next generation Tesla vehicle to "ramp in volumes before 2025 or 2026."

☆ Aston Martin shares surge 14% on profitability forecast for 2023
▼ + stars: | 2023-03-01 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +2 min

LONDON — British luxury carmaker Aston Martin Lagonda forecasts better profitability this year, after widening its 2022 pretax losses on the back of a weakening U.K. currency. Revenues rose by 26% on the year to £1.38 billion, with gross profit up by 31% year-on-year to £450.7 million. The figure included more than 3,200 of vehicles from the Aston Martin DBX range, of which more than half were driven by the launch of the DX707 SUV model unveiled in February last year. Aston Martin Lagona shares soared, up 14% at 10 a.m. London time, after Aston Martin Lagonda issued more optimistic guidance for this year. "Our order book's never been stronger," Aston Martin Lagonda Executive Chairman Lawrence Stroll told CNBC last month.

☆ Op-ed: Offshoring crypto hurts the financial system and America’s geopolitical standing, says Coinbase CEO Brian Armstrong
▼ + stars: | 2023-03-01 | by ( Brian Armstrong | Coinbase Ceo | ) www.cnbc.com time to read: +5 min

The traditional financial system has served us well for centuries, but it's beginning to show its age. While you might be able to bank online, the way in which the traditional financial system operates behind the scenes has largely gone unchanged for at least 40 years. Nearly seven in 10 Americans believe that the financial system needs major changes or a complete overhaul, according to the most recent research from Morning Consult. It's not a replacement of the traditional financial system, it's an update. While the consumer benefits that crypto could bring to the financial system are myriad, it's also important to recognize the geopolitical benefits.

☆ Millennials are building up a mountain of debt in pursuit of the middle-class American dream — and they're starting to miss credit card payments at an alarming rate
▼ + stars: | 2023-02-28 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +7 min

This debt load is beginning to takes it toll — the NY Fed's report found that millennials are missing credit card and auto loan payments at rising rates. Millennials are starting to miss credit card paymentsAfter falling over the last few years as borrowers paid down their balances, US credit card debt rose $61 billion in the fourth quarter, the largest increase in the history of the NY Fed's data, which dates back to 1999. This increase brought total credit card balances to $986 billion, surpassing the pre-pandemic high of $927 billion. Inflation has caused many millennial consumers to spend more, save less, and ultimately turn to credit card debt as pandemic-era savings have run out. While there are surely several factors fueling credit card debt among millennials, the high cost of childcare and related expenses surely aren't helping.

☆ General Motors cuts 500 salaried employees
▼ + stars: | 2023-02-28 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

DETROIT – General Motors is cutting hundreds of salaried positions as it follows other major companies, including competitors, in downsizing headcounts to preserve cash and boost profits. The cuts affect about 500 positions, according to a person familiar with the plans, which were announced internally Tuesday. The letter characterized the cuts, which follow performance evaluations, would impact a "small number of global executives and classified employees following our most recent performance calibration." The 500 job cuts make up less than 1% of GM's salaried workforce. Others such as Rivian Automotive also made salaried cuts, while Stellantis said it would idle a plant in Illinois.

☆ Elon Musk suggests Warren Buffett should buy Tesla stock - and reveals Charlie Munger could have invested in 2008 at a tiny fraction of its valuation today
▼ + stars: | 2023-02-27 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Warren Buffett's Berkshire Hathaway should invest some of its excess cash in Tesla, Elon Musk said. Charlie Munger had the chance to buy into Tesla at a $200 million valuation in 2008, Musk said. Munger could have made 3,000 to 6,000 times his money, as Tesla is worth over $600 billion today. Musk's tweet suggests that Munger — Buffett's 99-year-old business partner and Berkshire's vice-chairman — could have bought, say, 5% of Tesla for a measly $10 million in 2008. Munger and Buffett have never publicly invested in Tesla, but both men have weighed in on Musk and his car company.

☆ How Elon Musk Ruined Tesla, Let Other Car Companies Catch up on EVs
▼ + stars: | 2023-02-26 | by ( Nora Naughton | ) www.businessinsider.com time to read: +12 min

"I feel stupid driving around with my brand-new Tesla Model Y," Mark told me. Tesla spent the past two decades defying expectations and disrupting the automotive industry, but in 2023 the once revolutionary car company did the seemingly unthinkable: It turned fanboys against it. But after years of rocketing ahead of legacy car companies' tech, the futuristic guts of Tesla's vehicles have started to go stale. Companies like Ford and Audi are changing their sales strategies to model Tesla's innovative direct-sales style. These companies have something Musk doesn't: nationwide networks of brick-and-mortar locations where customers can have their vehicles serviced and repaired.

☆ Pirelli sees scope for higher 2023 revenues after strong results
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +1 min

Feb 22 (Reuters) - Italian tyremaker Pirelli (PIRC.MI) said on Wednesday it expects revenues this year of some 6.6-6.8 billion euros, at least in line with the better-than-expected figure for 2022. Revenues at the group totalled 6.62 billion euros ($7.03 billion) in 2022, beating a target of about 6.5 billion euros which was set only in November as an upgrade on an earlier estimate. The supplier of luxury car brands like Ferrari and Porsche said its adjusted earnings before interest and taxes (EBIT) stood at 977.8 million euros in 2022, up from 815.8 million euros a year before. The result was driven by higher pricing and as measures put in place to weather rising costs offset the hit from raw material costs and other inflation. China's Sinochem Holdings Corp, the biggest investor in Pirelli, last week denied a report that it planned to sell its 37% stake in the company.

TOKYO, Feb 22 (Reuters) - Toyota Motor Corp (7203.T), the world's biggest automaker, said on Wednesday it would accept a union demand for the biggest base salary increase in 20 years and a rise in bonus payments, as Japan steps up calls for businesses to hike pay. As one of Japan's biggest employers, Toyota has long served as a bellwether of the spring labour talks, which are in full swing at major companies. The All Toyota Workers' Union is set to hold a media briefing later on Wednesday. "We will boost consumption and expand domestic demand by promoting efforts toward structural wage increases," Kishida said at a lower house budget committee session on Wednesday. Video game maker Nintendo Co Ltd (7974.T) said earlier this month that it planned to lift workers' base pay by 10%, despite trimming its full-year profit forecast.

☆ Ousted Tesla cofounder Martin Eberhard sounds off on Elon Musk, how the company has changed, and the EV wars
▼ + stars: | 2023-02-18 | by ( Grace Kay | ) www.businessinsider.com time to read: +17 min

But Eberhard and Musk butted heads, and Musk ousted Eberhard from his CEO role in 2007. Musk said that Eberhard was holding up production of Tesla's first car, the Roadster, and that Eberhard was responsible for other operational issues. And the proof is for the first time ever in decades we built a car company successfully. "His behavior changed dramatically as soon as we started having press about Tesla," Eberhard said. Musk has said the company "is as much a software company as it is a hardware company."

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