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☆ Hertz makes 'agile' decision to shift strategy and sell EVs, Teslas
▼ + stars: | 2024-01-14 | by ( Ian Thomas | ) www.cnbc.com time to read: +4 min

A Hertz Tesla electric vehicle is displayed during the Hertz Corporation IPO at the Nasdaq Market site in Times Square in New York City, U.S., November 9, 2021. "The reality of EVs and Tesla's being the best-selling car will, at some point, render them the best rental car," Scherr said. Hertz said it would be selling about 20,000 electric vehicles. Tesla's recent decision to lower the price of its vehicles also weighed into Hertz's decision given the impact on deprecation, Scherr added. Hertz had previously set a goal to have a quarter of its fleet be EVs by the end of 2024.

Persons: Hertz, Tesla, Stephen Scherr, CNBC's Jim Cramer, GM EVs, Tesla's, Scherr, Tom Brady, Dan Ives Organizations: Hertz, Hertz Corporation, Nasdaq, General Motors, Honda Motor, EV, GM Locations: New York City, U.S, EVs

☆ Honda teases new EVs with futuristic 'Space-Hub' and 'Saloon' concept cars
▼ + stars: | 2024-01-09 | by ( Michael Wayland | ) www.cnbc.com time to read: +3 min

The concept models are called the "Space-Hub" and "Saloon," which the first production "Honda 0 Series" EV will be based on, according to the Japanese automaker. Honda plans to introduce the first model of the Honda 0 Series based on the Saloon concept in North America, followed by model introductions in Japan, Asia, Europe, Africa and the Middle East, and South America. Honda Space-Hub concept electric vehicle Courtesy HondaThe Saloon is a sleek, futuristic-looking vehicle that seems fit for "Tron" movies, with a large open-mouthed front-end light in neon lighting with a redesigned Honda "H" in the center. Inside, the Saloon features a minimalistic digital cockpit with a yoke steering wheel, which is similar to concept cars from other companies that have debuted at CES. Honda Saloon concept electric vehicle Courtesy HondaBoth concepts appear to be designed to feature autonomous driving capabilities: the steering yoke is able to retract into the dashboard of each.

Persons: Toshihiro Mibe, Honda Organizations: Honda, CES Locations: North America, Japan, Asia, Europe, Africa, South America

☆ Why automakers are turning to hybrids in the middle of the industry's EV transition
▼ + stars: | 2023-12-08 | by ( Michael Wayland | ) www.cnbc.com time to read: +9 min

Sales of traditional hybrid electric vehicles, or HEVs, such as the Toyota Prius, are outpacing those of all-electric vehicles in 2023, according to Edmunds. Sales of plug-in hybrid electric vehicles, or PHEVs, accounted for only 1% of U.S. sales through November. In comparison, Ford's EV sales are up 16.2% to roughly 62,500 units, accounting for 3.5% of its total sales. Battery breakdown Both hybrids and plug-in hybrids have a traditional engine combined with EV technologies. The world's largest automaker is considered the pioneer of traditional hybrids, with the Prius.

Persons: Scott Mlyn, Biden, HEVs, EVs, There's, Jessica Caldwell, Edmunds, Morgan Stanley, Eric Watson, Jim Farley's, Jeep Wrangler, Motors, Mary Barra, It's, Mark Reuss, Stephanie Brinley, Akio Toyoda Organizations: CNBC DETROIT —, EV, Toyota Prius, Toyota, Honda Motor, Hyundai, Kia, U.S, Representatives, Kia America, CNBC, Detroit automakers, Detroit, Ford Motor, Ford, Chrysler, Jeep, Cherokee, GM, Chevrolet, Automotive Press Association, National, Traffic Safety Administration, American Automotive Policy Council, Reuters, NHTSA, P Global Mobility . Industry, EVs, Wall Street Locations: Edmunds, U.S, That's, Kia America's, China, Detroit, EVs

☆ Volkswagen becomes the latest automaker to hike wages for U.S. factory workers
▼ + stars: | 2023-11-22 | by ( ) www.reuters.com time to read: +1 min

A Volkswagen logo is seen during the New York International Auto Show, in Manhattan, New York City, U.S., April 5, 2023. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsNov 22 (Reuters) - Volkswagen (VOWG.DE) said on Wednesday that it would hike salaries for production workers at its Tennessee-based Chattanooga assembly plant by 11%, weeks after the United Auto Workers union won significant pay and benefit hikes from the Detroit Three automakers. Japanese automakers Honda Motor (7267.T) and Toyota (7203.T) have raised wages for non-union U.S. factory workers in recent weeks amid signs that the union is turning its attention to organizing the workforce at foreign-owned and Tesla auto plants. Hyundai Motor (005380.KS) has also announced a 25% increase over the next four years for non-union production workers in Alabama and Georgia. UAW President Shawn Fain told Reuters last week that the union was getting expressions of interest in organizing from many Tesla (TSLA.O) workers.

Persons: Andrew Kelly, Shawn Fain, Elon, Mehr Bedi, Tasim Zahid Organizations: New York, REUTERS, United Auto Workers, Detroit Three automakers, UAW, Honda, Toyota, U.S, Hyundai, Reuters, Thomson Locations: Manhattan , New York City, U.S, Tennessee, Chattanooga, Alabama, Georgia, Bengaluru

☆ GM’s driverless ride heads into a ditch
▼ + stars: | 2023-11-21 | by ( Jonathan Guilford | ) www.reuters.com time to read: +3 min

A self-driving GM Bolt EV is seen during a media event where Cruise, GM's autonomous car unit, showed off its self-driving cars in San Francisco, California, U.S. November 28, 2017. Automotive giant GM acquired Cruise in 2016, subsequently bringing on investors including SoftBank’s (9984.T) Vision Fund, Honda Motor (7267.T) and Microsoft (MSFT.O). The question is whether GM’s autonomous division has enough momentum to recover from that loss. CONTEXT NEWSDaniel Kan, co-founder and chief product officer of General Motors’ autonomous taxi business Cruise, resigned from the company on Nov. 20, Reuters reported. California’s Department of Motor Vehicles suspended Cruise’s autonomous license in the state on Oct. 24, saying that the company had “misrepresented” the safety of its technology.

Persons: Elijah Nouvelage, Tesla, that’s, Cruise’s, Cruise, Kyle Vogt, Daniel Kan –, Sam Altman, Elon Musk, Mary Barra hasn’t, SoftBank, Daniel Kan, John Foley, Sharon Lam Organizations: GM Bolt, REUTERS, Reuters, General Motors, Automotive, GM, Cruise, Vision Fund, Honda, Microsoft, Uber Technologies, Ford, U.S . National, Traffic, Administration, California’s Department of Motor Vehicles, Thomson Locations: San Francisco , California, U.S, San Francisco, California

Nov 20 (Reuters) - The United Auto Workers (UAW) said Monday that 64% of workers at the Detroit Three automakers voted to ratify new record contracts after a six-week targeted strike, as the union turns its attention to organizing foreign-owned and Tesla auto plants. The UAW for decades has unsuccessfully sought to organize auto factories operated by foreign automakers. In recent weeks, Hyundai Motor (005380.KS), Toyota Motor (7203.T) and Honda Motor (7267.T) have all announced they would hike U.S. factory wages after the UAW contract. Fain told Reuters last week that the UAW was getting expressions of interest in organizing from many Tesla (TSLA.O) workers. Automakers, looking to trim costs as they make the shift to electric vehicles, face higher hourly labor costs.

Persons: Shawn Fain, Fain, Joe Biden, Biden, ”, Jim Farley, Farley, Mary Barra, Gerald Johnson, Mark Stewart, David Shepardson, Chizu Nomiyama, Sriraj Kalluvila, Jonathan Oatis, Aurora Ellis Organizations: United Auto Workers, UAW, Detroit Three, Hyundai Motor, Toyota, Honda, Reuters, “, Tesla, Ford, General Motors, Thomson Locations: U.S, Washington

☆ Nissan Motor hiking wages at US auto plants after UAW deal
▼ + stars: | 2023-11-20 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

Nov 20 (Reuters) - Nissan Motor (7201.T) will hike top wages for workers at U.S. manufacturing plants by 10% in January after the United Auto Workers union reached new contracts with the Detroit Three automakers, a company spokesperson said on Monday. The Japanese automaker said the wage hike takes effect Jan. 8 for production technicians, maintenance, and tool & die technicians. Nissan said it is also eliminating wage tiers for U.S. production workers. Nissan said the pay hikes reflect its commitment to its employees in the United States "and enhancing our competitiveness." The UAW for decades has unsuccessfully sought to organize auto factories operated by foreign automakers.

Persons: Shawn Fain, Joe Biden, David Shepardson, Franklin Paul, Grant McCool Organizations: Nissan, United Auto Workers, Detroit Three, Workers, Hyundai Motor, Toyota, Honda, UAW, Tesla, General Motors, Ford Motor, Thomson Locations: U.S, United States, Washington

☆ UAW president to vow aggressive auto plant organizing in Senate testimony
▼ + stars: | 2023-11-13 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

UAW President Shawn Fain takes the stage with Dawn Simms, UAW Local 126 Member, during a United Auto Workers (UAW) union members in Belvidere, Illinois, U.S., November 9, 2023. REUTERS/Leah Millis Acquire Licensing RightsWASHINGTON, Nov 13 (Reuters) - United Auto Workers President Shawn Fain will tell a Senate Committee on Tuesday the union plans to aggressively organize non-union U.S. auto plants after winning new contracts with the Detroit Three automakers. "For decades, non-union auto companies have used fear, uncertainty, and division to break union drives in our industry," Fain will tell the Senate Health, Education, Labor and Pensions Committee, according to written testimony seen by Reuters. The UAW for decades has unsuccessfully sought to organize auto factories operated by foreign automakers. The hearing will also include testimony from Teamsters President Sean O'Brien and Association of Flight Attendants President Sara Nelson.

Persons: Shawn Fain, Dawn Simms, Leah Millis, Fain, Sean O'Brien, Sara Nelson, Nelson's, Joe Biden, unionize Tesla, David Shepardson, Deepa Babington Organizations: UAW, United Auto Workers, REUTERS, Rights, U.S, Detroit Three, Health, Education, Labor, Pensions, Reuters, Hyundai, nonunion, General Motors, Ford Motor, Chrysler, Toyota, Honda, Association of Flight, Illinois, Detroit, Thomson Locations: Belvidere , Illinois, U.S, KS, Korean

☆ Hyundai to hike US hourly wages 25% by 2028 after UAW deal
▼ + stars: | 2023-11-13 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

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. Hyundai Motor Group also plans higher wages at its electric-vehicle factory in the U.S. state of Georgia that will open in 2025. Hyundai said that wages are being raised so that the company can "remain competitive and ... recruit and retain top talent." Honda's pay hike was announced after Toyota said it was raising the wages of its nonunion U.S. factory workers. UAW workers are now in the process of voting on whether to ratify those contracts.

Persons: Andrew Kelly, Santa Cruz, Honda, Joe Biden, unionize Tesla, David Shepardson, Matthew Lewis Organizations: Hyundai Motor, New York, REUTERS, Hyundai, United Auto Workers, Detroit Three automakers, Toyota, Honda, U.S, UAW, General Motors, Ford Motor, Chrysler, Detroit, Hyundai Motor Group, Illinois, Thomson Locations: Manhattan , New York City, U.S, KS, Alabama, Korean, U.S ., Georgia, Santa Fe , Tucson, Santa, Montgomery , Alabama, Washington, Bengaluru

☆ Honda hikes production workers' pay 11% after UAW deals with Detroit Three
▼ + stars: | 2023-11-10 | by ( ) www.reuters.com time to read: +2 min

REUTERS/David 'Dee' Delgado Acquire Licensing RightsNov 10 (Reuters) - Honda Motor (7267.T) said on Friday it was implementing an 11% pay hike for production workers at its U.S. facilities from January, days after the United Auto Workers (UAW) union and the Detroit Three automakers agreed to new contracts. Non-unionized automakers such as Honda have come under pressure to improve pay and benefits following record contracts the UAW won at the Detroit Three automakers. "Union auto workers own this victory," Biden said in a Friday post on X. Honda's pay hike comes after Toyota (7203.T) said last week it was raising the wages of its non-union U.S. factory workers. Honda had told Reuters it was evaluating the recent UAW deals with the Detroit Three automakers and would remain competitive.

Persons: David, Dee, Delgado, Joe Biden, Biden, carmakers Tesla, Priyamvada C, Nathan Gomes, David Shepardson, Anil D'Silva, Krishna Chandra Eluri, Aurora Ellis Organizations: New York, REUTERS, Honda, United Auto Workers, UAW, Detroit Three, U.S, Toyota, autoworkers, General Motors, Ford Motor, Chrysler, UAW . Union, Detroit, Tesla, Reuters, Thomson Locations: Manhattan , New York City, U.S, Illinois, America, United States

☆ UAW workers at GM's Flint plant narrowly vote against new labor deal
▼ + stars: | 2023-11-10 | by ( Shivansh Tiwary | ) www.reuters.com time to read: +2 min

The GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. REUTERS/Rebecca Cook Acquire Licensing RightsNov 10 (Reuters) - United Auto Workers (UAW) union members at General Motors' (GM.N) Flint assembly plant in Michigan have narrowly voted against a proposed contract with the U.S. automaker, the local chapter said. In a Facebook post on Thursday, the UAW Local 598 said 51.8% of votes cast were against the proposed deal. The vote signals that approval of the deal, which is set to raise costs significantly for GM, is not guaranteed. Union workers are voting on contracts from each of Chrysler-owner Stellantis (STLAM.MI), General Motors and Ford Motor (F.N), after the first coordinated strike against Detroit's Big Three automakers.

Persons: Rebecca Cook, Stellantis, Erik Gordon, Mack Trucks, Nathan Gomes, Shivansh, Sriraj Organizations: General Motors, REUTERS, United Auto Workers, UAW, U.S ., GM, Workers, Chrysler, Ford, Detroit's Big, Silverado, Detroit Three, University of Michigan, Detroit, Honda, Volvo Group, Thomson Locations: Detroit , Michigan, U.S, Flint, Michigan, Bengaluru

☆ Honda gives US production workers 11% pay hike
▼ + stars: | 2023-11-10 | by ( ) www.reuters.com time to read: 1 min

A Honda logo is seen during the New York International Auto Show, in Manhattan, New York City, U.S., April 5, 2023. REUTERS/David 'Dee' Delgado Acquire Licensing RightsNov 10 (Reuters) - Honda Motor (7267.T) said on Friday it was implementing an 11% pay increase for production workers at its U.S. facilities from January. The company also said it would cut the time it takes for a worker to get to the top wage tier to three years from six, confirming an earlier Wall Street Journal report. The move comes as non-unionized automakers such as Honda come under pressure to improve pay and benefits following record contracts that the United Auto Workers (UAW) union won at the Detroit Three automakers. Reporting by Priyamvada C and David Shepardson; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: David, Dee, Delgado, Priyamvada C, David Shepardson, Anil D'Silva Organizations: New York, REUTERS, Honda, United Auto Workers, UAW, Detroit Three, Thomson Locations: Manhattan , New York City, U.S

☆ UAW Urges Honda, Subaru Workers To Join Union
▼ + stars: | 2023-11-10 | by ( Nora Eckert | ) www.wsj.com time to read: 1 min

President Biden celebrated the new labor contracts between the United Auto Workers union and the three major car companies while visiting an auto plant in Belvidere, Ill. Photo: Olivier Douliery/AFP/Getty ImagesThe United Auto Workers is mounting union-organization drives at Honda Motor and Subaru by asking workers to sign authorization cards indicating that they would like to join the union. The union on Friday posted links to social-media site X that included online forms workers at Honda and Subaru in the U.S. can fill out to express their support for UAW representation.

Persons: Biden, Olivier Douliery Organizations: United Auto Workers, Getty, Honda Motor, Subaru, Honda, UAW Locations: Belvidere , Ill, AFP, U.S

☆ Honda Boosts U.S. Factory Workers’ Pay by 11% After UAW Wins in Detroit
▼ + stars: | 2023-11-10 | by ( Nora Eckert | ) www.wsj.com time to read: 1 min

Honda is cutting the time it takes to reach the top wage, a change that is similar to one won by the UAW in its negotiations with GM, Ford and Stellantis. Photo: Eugene Hoshiko/Associated PressHonda Motor is giving many U.S. factory workers a 11% pay bump and making other improvements for these employees, a move that follows major gains secured by the United Auto Workers union in Detroit last month. The base wage increase is effective in January, according to a memo viewed by The Wall Street Journal. The Japanese automaker is also cutting the time it takes to reach the top wage in half to three from six years, a change that is similar to one won by the UAW in its negotiations with General Motors , Ford Motor and Chrysler-parent Stellantis .

Persons: Eugene Hoshiko Organizations: Honda, UAW, GM, Ford, Associated Press Honda, U.S, United Auto Workers, Wall Street, General Motors, Ford Motor, Chrysler Locations: Detroit

☆ Honda Gives U.S. Factory Workers 11% Pay Bump Following UAW Wins in Detroit
▼ + stars: | 2023-11-10 | by ( Nora Eckert | ) www.wsj.com time to read: 1 min

Honda is cutting the time it takes to reach the top wage, a change that is similar to one won by the UAW in its negotiations with GM, Ford and Stellantis. Photo: Eugene Hoshiko/Associated PressHonda Motor is giving many U.S. factory workers a 11% pay bump and making other improvements for these employees, a move that follows major gains secured by the United Auto Workers union in Detroit last month. The base wage increase is effective in January, according to a memo viewed by The Wall Street Journal. The Japanese automaker is also cutting the time it takes to reach the top wage in half from six to three years, a change that is similar to one won by the UAW in its negotiations with General Motors , Ford Motor and Chrysler-parent Stellantis .

Persons: Eugene Hoshiko Organizations: Honda, UAW, GM, Ford, Associated Press Honda, U.S, United Auto Workers, Wall Street, General Motors, Ford Motor, Chrysler Locations: Detroit

☆ 2024 Honda Motocompacto: The Petite Charm of a Micro-Scooter
▼ + stars: | 2023-11-10 | by ( Dan Neil | ) www.wsj.com time to read: 1 min

JANE, STOP THIS CRAZY THING The Honda Motocompacto is a lightweight, foldable electric scooter designed as a first/last-mile solution for commuters and students. The name recalls an earlier micro-scooter called the Motocompo, sold only in Japan. Photo: HondaFOUNDED IN 1959, American Honda Motor Company moved into its current headquarters in Torrance, Calif., in 1990. But it took until last month for them to fix up the lobby. The atrium-style space now displays some of Honda’s historical collection: game-changing cars, such as the Accord and Civic; life-changing motorcycles (CB 750, Gold Wing); outboard motors, lawn mowers and the tiniest, most adorable gas-powered generators evah, designed to run itty-bitty ’60s-era TVs.

Persons: JANE Organizations: Honda, Honda Motor Company, Accord Locations: Japan, Torrance , Calif

☆ Biden hails 11% pay raise for Honda's U.S. workers
▼ + stars: | 2023-11-10 | by ( ) www.reuters.com time to read: 1 min

U.S. President Joe Biden gestures as he delivers remarks to United Auto Workers (UAW) union members in Belvidere, Illinois, U.S., November 9, 2023. REUTERS/Leah Millis Acquire Licensing RightsWASHINGTON, Nov 10 (Reuters) - President Joe Biden welcomed Honda Motor (7267.T) 11% pay hike for its U.S. facility workers on Friday, a day after celebrating the United Auto Workers' agreements with the Detroit Big Three automakers and backing efforts to organize Tesla and Toyota. "Union auto workers own this victory," Biden said in a post on X. Reporting by Jasper Ward; writing by Paul Grant; editing by Susan HeaveyOur Standards: The Thomson Reuters Trust Principles.

Persons: Joe Biden, Leah Millis, Biden, Jasper Ward, Paul Grant, Susan Heavey Organizations: United Auto Workers, UAW, REUTERS, Rights, Honda, Detroit Big, Tesla, Toyota, Thomson Locations: Belvidere , Illinois, U.S

But right now, the unit's operations are shut down as regulators investigate the safety of Cruise's self-driving vehicles. Cruise had $1.7 billion in cash as of Sept. 30, enough to last nine months at the current cash burn rate. As Cruise's troubles intensified, investors on Thursday sent GM shares down more than 3% to $26.65, its lowest closing price since August 2020. In addition to the problems at Cruise, GM last month agreed to a costly new contract with the United Auto Workers, and scaled back plans to expand electric-vehicle production. California regulators suspended Cruise's license to operate, and have accused Cruise officials of misrepresenting information about the incident.

Persons: Heather Somerville, Mary Barra, Cruise, Cruise's, Lawrence Paustian, Barra, Quinn Emanuel, Shinji Aoyama, It's, Kyle Martin, Martin, Jason Petitte, Paul Jacobson, Biden, Ben Klayman, Joseph White, David Shepardson, Matthew Lewis Organizations: General Motors Corp, REUTERS, Rights DETROIT, General Motors, GM, Honda, Cruise, United Auto Workers, Pzena Investment Management, Reuters, Westwood Group, California Department of Motor Vehicles, U.S . National, Traffic, Administration, Thomson Locations: San Francisco , California, U.S, Cruise, Japan, Chicago, Waymo, San Francisco, California, Detroit, Washington

☆ Thailand, Toyota to jointly develop domestic EV industry
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +1 min

A Toyota Logo is seen at a Toyota dealership in Zaventem, Belgium, November 25, 2022. REUTERS/Johanna Geron/File Photo Acquire Licensing RightsBANGKOK, Nov 9 (Reuters) - Thailand will work with Toyota Motor Corp (7203.T) in developing the country's electric vehicle (EV) industry, Prime Minister Srettha Thavisin said after a meeting with the automakers' executives. "Toyota said it sees the potential of Thailand's auto manufacturing industry especially in pick-up trucks and eco-cars," the government said in a statement on Thursday. The announcement comes as Toyota plans to trial its first EV pick-up truck in Thailand in a fresh attempt to boost EV sales in the country where it faces rising competition from Chinese rivals. For decades, the world's 10th largest auto hub has been dominated by Japanese firms like Toyota Motor and Honda Motor Co (7267.T), which use Thailand as a major export base.

Persons: Johanna Geron, Srettha Thavisin, Panarat Thepgumpanat, Kanupriya Kapoor Organizations: Toyota, REUTERS, Rights, Toyota Motor Corp, Honda Motor, EV, Thomson Locations: Zaventem, Belgium, Rights BANGKOK, Thailand, Southeast Asia

☆ Honda posts 31% Q2 operating profit jump, raises full-year forecast
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +1 min

People are reflected on a Honda Motor car outside the company's headquarters in Tokyo, Japan February 2, 2017. REUTERS/Toru Hanai/File Photo Acquire Licensing RightsCompanies Honda Motor Co Ltd FollowTOKYO, Nov 9 (Reuters) - Japan's Honda Motor (7267.T) posted a 31% increase in operating profit for the September quarter on Thursday, lifted by stronger sales in the United States and a weaker yen, and raised its full-year forecast by 20%. Japan's second-biggest automaker by sales said operating profit totalled 302.1 billion yen ($2.0 billion) in the three months to Sept. 30, compared with an average 345.3 billion yen estimate in a poll of 10 analysts by LSEG. Honda raised its full-year operating profit forecast to 1.2 trillion yen from the 1 trillion yen it had expected, largely in line with the 1.237 trillion yen average forecast from 21 analysts. ($1 = 151.0600 yen)Reporting by Daniel Leussink; Editing by David Dolan and Gerry DoyleOur Standards: The Thomson Reuters Trust Principles.

Persons: Toru Hanai, Daniel Leussink, David Dolan, Gerry Doyle Organizations: Honda Motor, REUTERS, Honda, LSEG, Thomson Locations: Tokyo, Japan, United States, China

☆ NTT says to test driverless vehicle tech with Toyota, invest in US startup
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +2 min

A Toyota logo is seen during the New York International Auto Show, in Manhattan, New York City, U.S., April 5, 2023. REUTERS/David 'Dee' Delgado/File Photo Acquire Licensing RightsTOKYO, Nov 6 (Reuters) - Japan's Nippon Telegraph and Telephone (NTT) (9432.T) plans to test driverless vehicle technology with Toyota Motor (7203.T) and invest in a U.S. startup developing self-driving systems, a spokesperson for the telecommunications firm said on Monday. The Nikkei newspaper first reported on Monday that NTT will invest in May Mobility, adding that both NTT and Toyota would jointly develop vehicles. Both the NTT spokesperson and a Toyota spokesperson said they had no plans for joint development. Cruise late that month suspended all driverless vehicle operations in the United States following an accident that led California regulators to order the company to remove its driverless cars from state roads.

Persons: David, Dee, Delgado, Cruise, Daniel Leussink, Maki Shiraki, Satoshi Sugiyama, Louise Heavens, Christina Fincher Organizations: New York, REUTERS, Rights, Japan's Nippon, Telephone, NTT, Toyota Motor, Nikkei, Toyota, Mobility, Tokio, Honda, General Motors, Cruise, Thomson Locations: Manhattan , New York City, U.S, Japan, Michigan, United States, California

☆ See Inside Honda's New HondaJet Echelon Private Jet That Can Fly Transcon
▼ + stars: | 2023-11-03 | by ( Taylor Rains | ) www.businessinsider.com time to read: +1 min

Honda runs a private jet division that builds a fleet of multi-million dollar business planes. Honda Aircraft Company recently unveiled the name of its latest plane, the HondaJet Echelon. Honda Motors established a wholly-owned subsidiary, Honda Aircraft Company, in August 2006 to produce light twin-engine private jets. Since the first delivery of its original HondaJet in December 2015, the planemaker has also produced the HondaJet Elite, the HondaJet Elite S, and the HondaJet Elite II. AdvertisementAdvertisementNow, the company's latest business jet concept is expected to set industry records as the only light jet capable of transcontinental travel.

Persons: —, Tom Cruise Organizations: Honda, Honda Aircraft Company, Service, Honda Motors

☆ Toyota raises annual profit forecast by 50% because of weak currency
▼ + stars: | 2023-11-01 | by ( ) edition.cnn.com time to read: +2 min

Tokyo — Toyota Motor reported a more than doubling of second-quarter profit on Wednesday, helped by a weak yen and strong sales, and raised its full-year forecast by 50%. Toyota lifted its full-year profit forecast to 4.5 trillion yen from 3 trillion yen, largely due to favorable effects from foreign exchange rates. It expects the weaker yen to account for 1.18 trillion yen of the revision to the full-year profit. The new projection compared to analysts’ average forecast of 4.0 trillion yen. The quarterly results compared to an average 1.08 trillion yen profit estimate in a poll of 10 analysts by LSEG and a profit of 562.8 billion yen in the same period last year.

Organizations: Toyota, LSEG, Lexus, Nissan Motor, Honda Locations: Tokyo, United States, Asia, Japan, North Carolina, China, Southeast, Thailand

The world's top-selling automaker reported a record operating profit of 1.44 trillion yen ($9.5 billion) in the three months to end-September, a 155.6% increase from a year earlier. It lifted its full-year profit forecast to 4.5 trillion yen from 3 trillion yen, largely due to favourable effects from foreign exchange rates. Toyota expects the weaker yen to account for 1.18 trillion yen of the revision to the full-year profit. The new projection compared to analysts' average forecast of 4.0 trillion yen. Toyota assumed an average rate of 141 yen per dollar in its calculations for the 2023/24 financial year compared to 125 yen previously.

Persons: Issei Kato, Yoichi Miyazaki, Daniel Leussink, David Dolan, Muralikumar Organizations: Toyota, Japan, REUTERS, Nissan, Honda, EVs, Nikkei, Thomson Locations: Tokyo, Japan, TOKYO, United States, Asia, China, Southeast, Thailand, North Carolina

Oct 30 (Reuters) - 3D metal-printing startup Seurat Technologies on Monday hinted at potentially going public in the medium-term and said it had raised $99 million in a funding round co-led by chip designer Nvidia's (NVDA.O) venture capital arm. With the latest series C funding round, the company's valuation will approach $350 million, said a source who asked not to be named. The fundraise, co-led by Nvidia's NVentures and Capricorn's Technology Impact Fund, brought in new investors Honda Motor (7267.T) and Cubit Capital. Existing backers including Porsche and venture capital units of Xerox Holdings (XRX.O) and General Motors Co (GM.N) also participated. "Seurat's local factory deployment model provides the industry with a solution to near-shore manufacturing and to increase the resiliency of supply chains," said existing investor Porsche Automobil Holding's (PSHG_p.DE) board member Lutz Meschke.

Persons: Seurat, James DeMuth, Nvidia's NVentures, Porsche Automobil, Lutz Meschke, Akash Sriram, Devika Organizations: Technologies, Reuters, Technology, Honda Motor, Cubit, Porsche, Xerox Holdings, General Motors Co, Siemens Energy's, Thomson Locations: China, Massachusetts, Bengaluru

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