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☆ Toyota’s Land Cruiser to Return to U.S.
▼ + stars: | 2023-08-01 | by ( River Davis | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones

☆ Toyota unveils the retro-styled return of the Land Cruiser
▼ + stars: | 2023-08-01 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +5 min

New York CNN —Just three years after being discontinued in North America, the Toyota Land Cruiser is coming back — with an all-new, retro-styled design. The Toyota Land Cruiser has its own similarly passionate fan base. ToyotaFor those who really want to tap into Land Cruiser history, customers in the United States will be offered the Land Cruiser 1958 Edition, commemorating the year the model was first offered in the United States. The Toyota Land Cruiser 1958 edition has round headlights. In many parts of the world, especially in places where roads are poor and service centers scarce, Toyota Land Cruisers have become ubiquitous.

Persons: New York CNN —, Ford, It’s, Kurt Williams, Williams, ‘, ’ ”, “, ’, Brian Rabold Organizations: New, New York CNN, Toyota, Cruiser, Lexus, . Engineers, Land Cruiser Heritage Museum, Toyota Land Cruisers, Cruisers Locations: New York, North America, United States, Salt Lake City, America, Australia

☆ Stocks making the biggest moves midday: Coinbase, SoFi, DoorDash and more
▼ + stars: | 2023-08-01 | by ( Hakyung Kim | ) www.cnbc.com time to read: +5 min

DoorDash — Shares tumbled about 4% ahead of the company's quarterly earnings announcement Wednesday after the bell. Despite reporting better-than-expected earnings and revenue in the second quarter, its third-quarter revenue guidance was lower than analysts were expecting. Leidos Holdings — The defense solutions company's shares rallied 6.7% after its second-quarter results topped analyst estimates. Eaton Corporation — The power management company's shares increased 5.6% after beating analyst expectations on both earnings and revenue in the second quarter. Meanwhile, analysts had estimated $2.59 earnings per share on $2.19 billion in revenue, according to FactSet.

Persons: Refinitiv, ResMed, Adrienne Yih, Leidos, FactSet, — CNBC's Alexander Harring, Yun Li, Pia Singh, Tanaya Macheel, Michelle Fox, Sarah Min Organizations: Toyota, Securities, SEC, RBC, Barclays, JetBlue Airways –, American Airlines, Technologies, Cruise Line Holdings, Norwegian Cruise Line, Rockwell Automation, Systems, Molson Coors Beverage —, StreetAccount, Leidos Holdings, Eaton Corporation, Global Payments Locations: San Diego , U.S, Manhattan, Monday's, FactSet

☆ Stocks making the biggest moves premarket: Uber, Gap, Caterpillar & more
▼ + stars: | 2023-08-01 | by ( Pia Singh | ) www.cnbc.com time to read: +4 min

Gap — The retail stock climbed nearly 4% after Barclays upgraded Gap to overweight from equal weight. Incyte — Shares rose 2% after Incyte beat analysts' expectations in its latest results. The pharmaceutical company reported second-quarter revenue of $954.6 million, exceeding the FactSet consensus estimate of $909.7 million. ZoomInfo Technologies — Shares sank by nearly 20% in premarket trading after the data company reported a weak outlook for third-quarter revenue. Arista Networks — Shares advanced 13.6% in premarket trading after the company reported after the bell Monday that its quarterly earnings topped analysts' expectations.

Persons: Michael Perito, Perito, Estee Lauder, Adrienne Yih, Incyte, Herve Hoppenot, Dara Khosrowshahi, Merck, Monday's, Macheel, Alex Harring, Yun Li, Sarah Min, Michelle Fox Theobald Organizations: SoFi Technologies, Barclays, Body, Caterpillar —, Caterpillar, Merck —, Pfizer, Toyota, Refinitiv, Arista Networks —, Arista, Revenue Locations: China, Monday's, Jakafi, Refinitiv

☆ Toyota nearly doubles Q1 profit, China remains challenging
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +3 min

The world's top-selling automaker said operating profit for the three months through June totalled 1.12 trillion yen ($7.85 billion), an increase of 94% from a year earlier, beating the average 945.22 billion yen profit estimate in a poll of 10 analysts by Refinitiv. Last year's operating profit was 578.66 billion yen in the first quarter. Toyota maintained its forecast for a 3.0 trillion yen profit for the current year, as the conditions it faced had not changed greatly from three months earlier. That forecast compared to a 3.6 trillion yen average forecast from 23 analysts. In North America, another key market, Toyota said it had benefited from pent-up demand among consumers as the impact of a post-pandemic chip shortage wanes.

Persons: Daniel Leussink, David Dolan, Miral Organizations: Toyota, Refinitiv, Lexus, Thomson Locations: TOKYO, China, North America, Japan

☆ Tesla faces new NHTSA probe over loss of steering control in Model 3 and Y vehicles
▼ + stars: | 2023-08-01 | by ( Lora Kolodny | ) www.cnbc.com time to read: +1 min

The National Highway Traffic Safety Administration has opened a new investigation into Tesla over steering control problems and loss of power steering in 2023 Model 3 sedan and Model Y crossover utility vehicles. The probe, which the NHTSA called a "preliminary evaluation," could affect up to an estimated 280,000 vehicles in the U.S. The Model Y became the world's best-selling car in the first quarter of 2023, surpassing the Toyota Corolla and others. Tesla's Model 3 is the company's entry-level vehicle and the most affordable electric car it offers. About a year later, Tesla voluntarily recalled some of its Model S and Model X vehicles over power steering problems caused by a flawed software update, eventually fixing the issue with another software update.

Persons: Elon Musk, Tesla Organizations: Traffic, Administration, NHTSA, U.S, Toyota Corolla, Tesla

☆ Toyota to boost EV development and technology in China
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +1 min

TOKYO, July 31 (Reuters) - Toyota (7203.T) will strengthen its development of electric vehicle technology in China, the automaker said on Monday, as it looks to catch up with increasingly tough domestic competition in the world's largest auto market. The move is the latest from the world's top selling carmaker that shows a sharper pivot to electric vehicles. It recently detailed an ambitious new EV strategy that includes an overhaul of its supply chain and the development of long-range batteries. Toyota said on Monday it would accelerate powertrain development with suppliers Denso (6902.T) and Aisin (7259.T) as well as local design and development of "smart cockpits" that meet the needs of the Chinese market. It will strengthen development of battery-powered vehicles, plug-in hybrids, hybrids and fuel cell cars in China in order to achieve carbon neutrality through a "multi-pathway"-based approach, it said.

Persons: Daniel Leussink, David Dolan Organizations: Toyota, Thomson Locations: TOKYO, China

☆ Japan factory output rises 2% in June as demand buoys manufacturers
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +2 min

TOKYO, July 31 (Reuters) - Japanese factory output improved in June for the first time in two months, government data showed on Monday, highlighting growing confidence among manufacturers buoyed by strong demand. Output rose 2.0% in June from a month prior on a seasonally adjusted basis, missing the 2.4% median market forecast. Electronic components and devices output rose 6.8% as shipments of capacitors used in smartphones increased, the METI official said. Manufacturers surveyed by METI expected output to fall 0.2% in July and increase 1.1% in August, the data also showed. Separate data showed retail sales rose 5.9% in June from a year earlier, in line with economist forecasts.

Persons: Taro Saito, METI, We'll, Satoshi Sugiyama, Kim Coghill, Christopher Cushing Organizations: NLI Research, Bank of, Reuters, Ministry, Economy, Trade, Industry, Toyota, Honda, Nissan, Manufacturers, Thomson Locations: TOKYO, Japan

☆ On tap this week: Jobs report plus 10 key earnings. Here's what we want to see
▼ + stars: | 2023-07-29 | by ( Zev Fima | ) www.cnbc.com time to read: +18 min

All three major averages advanced for the week, powered by strong mega-cap earnings and favorable inflation data. Looking to next week, earnings season enters its second half with the last of our mega-caps — Apple (AAPL) and Amazon (AMZN) — set to report on Thursday. We'll get a better read on the employment picture on Wednesday with the ADP report and then, more importantly, on Friday's nonfarm payrolls report for July. Thursday after the close brings us to the main events of the week: Earnings from Apple and Amazon. For those looking to review first quarter performance ahead of these releases, be sure to keep our first-quarter earnings report card handy.

Persons: We'll, that's, Stanley Black, Decker, Emerson, Bausch, Leggett, Platt, SIRI, Ares, COLM, PERI, Kraft Heinz, Phillips, Ferrari N.V, Johnson, Robinson, COOK, BUD, Kellogg, Papa, Pitney Bowes, Parker, Trimble, Ziff Davis, Nonfarm, Jim Cramer's, Jim Cramer, Jim, Apple Tim Cook, Kevin Dietsch Organizations: Nasdaq, Dow, Federal Reserve, Federal, ISM Manufacturing, Services PMI, Investors, Caterpillar, Devices, Starbucks, Natural Resources, AMD, Management, Emerson Electric and, Humana, Bausch Health, Apple, Microsoft, Resource Partners, AerCap Holdings, CNA Financial Corp, CNA, Apellis Pharmaceuticals, Bank, SJW, Hutchison China MediTech, Camtek Ltd, Silvercrest Asset Management, Loews Corp, Oxford Lane Capital Corp, Banco Santander, Silicom Ltd, SuperCom Ltd, Arista Networks, Avis Budget Group, Diamondback Energy, Lattice Semiconductor Corp, Republic Services, Yum China Holdings, Western Digital Corp, Power Systems, Tenet Healthcare Corp, Vornado Realty, BioMarin Pharmaceutical, PetMed, SBA Communications Corporation, Brixmor, Snack Foods Corp, Cushman & Wakefield, Sanmina Corporation, TFI, PMI, Cruise Line Holdings Ltd, Uber Technologies, Pfizer, Enterprise Products Partners, Merck, JetBlue Airways Corporation, Allegro MicroSystems, Altria, SunPower Corp, SiriusXM Holdings, Molson Coors Beverage, Marriott International, Toyota Motor Corp, BP, SYSCO Corp, Marathon Petroleum Corp, Ares Management, Equitrans Midstream Corporation, Game Technology, Illinois Tool, IDEXX Laboratories, Rockwell Automation, Packaging International Corp, Gartner, Zebra Technologies Corp, IQVIA Holdings, Oshkosh Corporation, Leidos Holdings, Eaton Corp, yte Corp, Lear Corp, Starbucks Corp, Devon Energy Corp, SolarEdge Technologies, Lumen Technologies, Virgin Galactic Holdings, Caesars Entertainment, VF Corp, Sciences Corp, Paycom, Vertex Pharmaceuticals, Suncor Energy, Holdings, Chesapeake Energy Corp, Boston Properties, American International Group, AIG, Allstate Corp, Aspen Technology, Electronic Arts, EA, Flowserve Corporation, Denny's, Corp, Prudential Financial, Store, Ternium S.A, Vimeo, Emerson, Lomb, CVS Health, Generac Holdings, Cameco Corp, Perion Network Ltd, Builders, Carlyle Group, Scorpio, Teva Pharmaceutical Industries, Ltd, Rithm Capital Corp, AeroSystems Holdings, Vertiv Holdings Co, Johnson Controls, CDW Corp, DuPont, Brands Holdings, Scotts Miracle, Gro, SMG, Brands, Allegheny Technologies, AmerisourceBergen Corporation, ABC, Real Estate Corporation, Adient plc, Editas, Garmin Ltd, WWE, Bunge Ltd, Criteo S.A, PayPal, QUALCOMM, Occidental Petroleum Corp, Apache Corp, Albemarle Corp, MGM Resorts International, MGM, Marathon Oil Corp, Joby Aviation, Industrial, CF Industries Holdings, Goodyear Tire &, Realty ome Corp, Metlife, Pacific Biosciences of, Rush Street Interactive, Zillow, JFrog Ltd, Herbalife Nutrition Ltd, Simon Property Group, McKesson Corp, Storage, Cerus Corporation, GXO Logistics, MAX Holdings, Health, Anheuser, Busch InBev, Warner Bros ., Cheniere Energy, ConocoPhillips, Hasbro, CIGNA Corp, Lantheus Holdings, Regeneron Pharmaceuticals, Fiverr International, Air Products & Chemicals, TopBuild Corp, EPAM Systems, Lightspeed Commerce, Aurinia Pharmaceuticals, Cummins, CMI, Slair Corporation, Starwood Property Trust, Vulcan, Alnylam Pharmaceuticals, New Energy Corp, Cedar Fair Entertainment, Intellia Therapeutics, Lending, Privia Health, Dickinson, Chimera Investment, CIM, Hyatt Hotels Corp, Lion Electric, LEV, Deluxe Corp, Murphy Oil Corp, PBF Energy, Papa John's, Targa Resources Corp, Wix.com Ltd, Apollo Global Management, LLC, Butterfly, Sempra Energy, Aptiv PLC, Brookfield Infrastructure Partners, Canada Goose Holdings, Hannifin Corporation, WESCO International, WCC, Arrow Electronics, Constellation Energy Group, Midstream Partners, Coinbase, Petroleo Brasileiro SA Petrobras, Gilead Sciences, Opendoor Technologies, Booking Holdings, Atlassian Corporation, International, Redfin Corporation, Motorola Solutions, Monster Beverage Corporation, Consolidated Edison, Rocket Companies, Apple Hospitality, Cirrus, Resources, Universal Display Corporation, Chesapeake Utilities Corp, Social, Defense, Security Solutions, Post Holdings, Tandem Diabetes Care, Nikola Corporation, Magna International, Dominion Energy, ACM Research, Frontier Communications, Brookfield Renewable Partners, inTEST Corporation, American Pipeline, TELUS International, XPO Logistics, Fluor Corp, Gray Television, Cboe, LyondellBasell Industries, Twist Bioscience, Global, Jim Cramer's Charitable, CNBC, Allen & Company Sun Valley, Getty Locations: U.S, China, India, Oxford, Chile, Illinois, Columbia, Pacific, Pacific Biosciences of California, Southern, PBI, Gilead, Sun Valley , Idaho

☆ US proposes raising vehicle fuel economy standards to 58 miles per gallon by 2032
▼ + stars: | 2023-07-28 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

WASHINGTON, July 28 (Reuters) - The Biden administration on Friday proposed to hike fuel economy standards by 2032 to a fleet-wide average of 58 miles per gallon as it seeks to cut greenhouse gas emissions and reduce fuel use. The agency is also proposing new fuel efficiency standards for heavy-duty pickup trucks and vans for 2030-2035 rising 10% per year. The agency's new proposal would save 2032 vehicle owners about $1,043 per vehicle in lifetime fuel costs, while increasing average vehicle costs by $932. CAFE requirements are not as stringent as an Environmental Protection Agency proposal in April to cut vehicle tailpipe emissions. NHTSA is barred by law from considering electric vehicles fuel economy in setting standards.

Persons: Biden, David Shepardson, Diane Craft Organizations: Traffic Safety Administration, NHTSA, Environmental Protection Agency, EPA, Alliance, Automotive Innovation, General Motors, Toyota, Volkswagen, Thomson

☆ US proposes to hike vehicle fuel economy standards to 58 mpg by 2032
▼ + stars: | 2023-07-28 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

☆ Toyota's global sales rise 5.1% to 4.9 mln in first half of 2023
▼ + stars: | 2023-07-28 | by ( ) www.reuters.com time to read: +1 min

The company sold some 4.9 million vehicles globally in the six months through June, including of its luxury Lexus brand, compared with about 4.7 million vehicles during the same period in 2022. Toyota's sales in Japan jumped 33.2% to 878,215 units in the period versus a year earlier, while U.S. sales slipped 0.7% to just over 1 million vehicles and those in Asia declined half a percent to about 1.5 million units. Global sales of hybrid electric vehicles grew 37.6% year-on-year to 292,131 units, accounting for just under a third of the total number of vehicles sold worldwide last month. In June, Toyota sold 10,191 battery electric vehicles worldwide, including its Lexus brand, with about 5,000 of those sold in China. That brought the total number of battery-powered vehicles sold in the first half of 2023 to 46,171 units.

Persons: Daniel Leussink, Jacqueline Wong, Christopher Cushing Organizations: Toyota Motor Corp, Toyota Motor, Lexus, Global, Toyota, Thomson Locations: Japan, Asia, United States, Europe, China

☆ Facebook cofounder slams Elon Musk, calling Tesla and SpaceX 'scams he got away with'
▼ + stars: | 2023-07-28 | by ( Grace Kay | ) www.businessinsider.com time to read: +6 min

Dustin Moskovitz said Elon Musk's successful companies could be seen as "scams he got away with." The Facebook cofounder said Musk sucked up resources from others by overpromising with Tesla. Moskovitz pointed to Musk's promises on autonomous cars, and a report that he exaggerated Tesla ranges. Apparently Mark Zuckerberg isn't the only Facebook founder that's wary of Elon Musk. Spokespeople for Tesla, SpaceX, and Musk also did not respond to a request for comment ahead of publication.

Persons: Dustin Moskovitz, Elon Musk's, Musk, Mark Zuckerberg, that's, Elon Musk, Moskovitz, he's, overpromising, Tesla, Bruce Bennett, —, Elon, BYD, Nikola wasn't, Rivian wasn't, he'll Organizations: Facebook, SpaceX, EV, Reuters, Ford, General Motors, Toyota, Nikola, Elon, Tesla

☆ As Ford loses billions on EVs, the company embraces hybrids
▼ + stars: | 2023-07-28 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +2 min

Ford Motor Co. displays a new 2021 Ford F-150 pickup truck at the Rouge Complex in Dearborn, Michigan, Sept. 17, 2020. Heads up, hybrid fans: Ford Motor is working on a whole bunch of new hybrid models. "We have been surprised, frankly, at the popularity of hybrid systems for F-150," Farley said during Ford's second-quarter earnings call. More than 10% of F-150 pickup customers are opting for the hybrid model, Farley said, and that percentage has been increasing. But why double down on hybrids just as the industry is making a big push toward pure EVs?

Persons: Jim Farley, Ford isn't, Farley, Ford's Organizations: Ford Motor Co, Ford, Detroit automakers, EV, Toyota Locations: Dearborn , Michigan

☆ U.S. proposes 18% fuel economy increase for new vehicles by 2032
▼ + stars: | 2023-07-28 | by ( ) www.cnbc.com time to read: +3 min

The U.S. government wants to raise the fuel economy of new vehicles 18% by the 2032 model year so the fleet would average about 43.5 miles per gallon in real world driving. The highway safety agency says it will try to line up its regulations so they match the Environmental Protection Agency's reductions in greenhouse gas emissions. In the byzantine world of government regulation, both agencies essentially are responsible for setting fuel economy requirements since the fastest way to reduce greenhouse emissions is to burn less gasoline. The EPA says the industry can reach the greenhouse gas emissions goals if 67% of new vehicles sold in 2032 are electric. Automakers can meet the requirements with a mix of electric vehicles, gas-electric hybrids and efficiency improvements in gas and diesel vehicles.

Persons: Joe Biden, Donald Trump, Ann Carlson, Stellantis, John Bozzella, EVs, NHTSA's Organizations: National, Traffic Safety Administration, NHTSA, General Motors, Toyota, Ford, Alliance for Automotive Innovation, EPA Locations: mufflerof, Orlando , Florida, The U.S

☆ Global automakers scramble to reset China strategies as sales slow
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +6 min

Global automakers, who for years have dominated the market along with their Chinese state-run partners, have been slow to pivot to the fast-growing market for EVs with competitive offerings. "This major collaboration between Volkswagen and Xpeng is a milestone for our electrification strategy 'in China for China'," said Ralf Brandstatter, a VW board member on his social media account. Their deeper pockets give established foreign automakers who are determined to fight for share in China, the ability to play a long game. Kia (000270.KS) is to enter China's EV market with its first EV, the EV6 crossover, via imports in August. "The German brands benefit from significant global scale," said He Lei, CEO of Chinese EV trading platform xChuxing.

Persons: Aly, Yale Zhang, Ralf Brandstatter, We've, Mary Barra, Tu Le, Yang Honghai, Kia, Mercedes Benz, Volkswagen's Audi, Lei, It's, Bill Russo, Automobility, Zhang Yan, Brenda Goh, Kevin Krolicki Organizations: Audi, Volkswagen, Auto, REUTERS, General Motors, Toyota, China Association of Automobile Manufacturers, Global, BMW, Mitsubishi, Automotive Foresight, GM, Reuters Graphics Volkswagen, BYD, China's Xpeng, HK, SAIC, VW, Buick, Chevrolet, Cadillac, CHINA EV INC, Tesla, China EV Inc, Volkswagen's, EV, Mitsubishi Motors, Nissan, Ford, Renault, Thomson Locations: Auto Shanghai, Shanghai, China, SHANGHAI, CHINA, Kia China, KS

☆ Opinion | Susan Faludi Thinks ‘Barbie’ Is a Delight. She Also Thinks It’s About Abortion.
▼ + stars: | 2023-07-25 | by ( Jessica Bennett | ) www.nytimes.com time to read: +2 min

Susan Faludi suggested we show up to the “Barbie” movie in a pink Corvette, but unfortunately, the only car available was a pickup truck. Even her origin story: She was based on a sex doll for men, but somehow marketed to mothers for their daughters. Barbie has been a protest slogan (“I am not your Barbie”), a bimbo (remember “Math class is tough” Barbie? But it also had a director — Greta Gerwig — with indie street cred, and early reviews focused on the film’s subversiveness. Ms. Gerwig, it seemed, had managed to make Barbie satisfyingly self-aware, likable and mockable; she called out the hypocrisy of the manufacturer — Mattel — while getting its blessing on the project.

Persons: Susan Faludi, Barbie, “ Barbie, ” I’d, Faludi, —, ”, — Greta Gerwig, Mattel Organizations: Toyota Tacoma, Pulitzer

☆ Teenage son of LeBron James in stable condition after cardiac arrest
▼ + stars: | 2023-07-25 | by ( Brendan O'Brien | ) www.reuters.com time to read: +2 min

[1/4] Mar 28, 2023; Houston, TX, USA; West guard Bronny James (6) with father LeBron James following the McDonald's All American Boy's high school basketball game at Toyota Center. Mandatory Credit: Mark J. Rebilas-USA TODAY Sports/File PhotoJuly 25 (Reuters) - The 18-year-old son of NBA legend LeBron James suffered a cardiac arrest while practicing with the University of Southern California (USC) basketball team and was in stable condition, ESPN reported on Tuesday, citing a James family statement. The family spokesperson could not be immediately reached for comment, nor could LeBron James' agent. "We ask for respect and privacy for the James family and we will update media when there is more information," the statement said, according to ESPN. The incident comes a year after USC center Vince Iwuchukwu collapsed during practice after suffering heart failure.

Persons: Bronny James, LeBron James, Mark J, James, Vince Iwuchukwu, Iwuchukwu, Damar Hamlin, Hamlin, Brendan O'Brien, Bill Berkrot Organizations: Toyota Center, NBA, University of Southern, USC, ESPN, Los Angeles Fire Department, Galen Center, Los Angeles Lakers, Buffalo Bills, Thomson Locations: Houston , TX, USA, University of Southern California, Cincinnati, Chicago

☆ LVMH strikes Paris Olympic Games sponsorship deal
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +2 min

PARIS, July 24 (Reuters) - Luxury giant LVMH (LVMH.PA) unveiled on Monday a deal to sponsor next year's Olympic Games in Paris with top fashion brands Louis Vuitton and Dior, Moet Hennessy champagne and spirits labels and jeweller Chaumet, which will design medals for the event. The group will also sponsor athletes, including French swimmer Leon Marchand, and its beauty retailer Sephora will sponsor the Olympic torch relay, LVMH said. Terms of the deal, which was negotiated by Antoine Arnault, one of the five children and heirs of LVMH Chairman and CEO Bernard Arnault, were not revealed. "The Games are an opportunity to make France shine," Antoine Arnault said as he made the official announcement. The run-up to an Olympic Games can become mired in global geo-politics and controversies over domestic matters can attract scrutiny, such as China's rights record ahead of the Beijing Games.

Persons: Louis Vuitton, Dior, Moet Hennessy, Chaumet, Leon Marchand, LVMH, Antoine Arnault, Bernard Arnault, Mimosa Spencer, Silvia Aloisi, Tomasz Janowski, Richard Lough Organizations: Louis, Olympic, Beijing Games, HK, Toyota, Thomson Locations: Paris, France, Belarus

☆ Toyota's China venture dismisses some factory workers as sales fall - workers
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +1 min

The joint venture between Toyota and China's state-owned Guangzhou Automobile Group (GAC) (601238.SS) laid off the workers over the weekend and offered them compensation, said the workers, who declined to be named for privacy. The workers affected were hired by labor service companies and dispatched to work at the factory of GAC Toyota in the southern city of Guangzhou. The GAC Toyota factory has an annual output capacity of 1 million vehicles and employs around 19,000 people, according to its website. Toyota has been counting on its electric vehicle (EV) models to revive sales in China, which fell 9% in the first six months. The company joined a price war started by Tesla in January and slashed the starting price for its bZ4X EV by 15% in February.

Persons: Levin, bZ4X, Toyota's, Tesla, Zhang Yan, Brenda Goh, Mark Potter Organizations: Toyota Motor Corp, Reuters, Toyota, Guangzhou Automobile Group, GAC Toyota, GAC, Mitsubishi, China Association of Automobile Association, Thomson Locations: SHANGHAI, China, Guangzhou

☆ Toyota's China joint venture dismisses about 1000 workers
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI/TOKYO, July 24 (Reuters) - Toyota Motor's (7203.T) joint venture (JV) in China said on Monday that it has terminated early the contracts of about 1,000 dispatch workers, in a sign of pressure on automakers from a price war in the world's largest auto market. Toyota's JV in China, Guangzhou Toyota Motor Co, said in a statement to Reuters that it had prematurely terminated contracts for about 1,000 workers with labour services companies in light of recent production levels. The GAC Toyota factory has an annual output capacity of 1 million vehicles and employs around 19,000 people, according to its website. The production of Mitsubishi's new Outlander model remained suspended, Kato added, describing the conditions faced by the company in China as "severe". The company joined a price war started by Tesla in January and slashed the starting price for its bZ4X EV by 15% in February.

Persons: Levin, bZ4X, Toyota's, Takao Kato, Kato, Tesla, Zhang Yan, Brenda Goh, Daniel Leussink, Mark Potter, Sharon Singleton Organizations: Toyota, JV, Guangzhou Automobile Group, Reuters, Toyota's JV, Guangzhou Toyota Motor, GAC Toyota, Mitsubishi Motors, GAC, China Association of Automobile Association, Thomson Locations: SHANGHAI, TOKYO, China, Guangzhou, Shanghai, Tokyo

☆ Electric helicopters could replace rideshares. How to invest in this 'evolutionary' technology
▼ + stars: | 2023-07-23 | by ( Alex Harring | ) www.cnbc.com time to read: +7 min

"It's more of an evolutionary technology than a revolutionary technology." But Cowen managing director Cai von Rumohr said investors should be prepared for timelines to be pushed back, as this is still considered "early-stage tech." "Given the push for climate and to basically reduce carbon emissions, I think, at some point, there's going to be a market," von Rumohr said. The outlook is still clouded by many variables, von Rumohr said. "It's definitely an important investment opportunity for investors," Moeller said.

Persons: Harry Potter, Austin Moeller, Moeller, Archer, Joby, Cowen, Cai von Rumohr, von Rumohr, Lilium, Von Rumohr, Marco Iachini, Vanda Research's, Bill Peterson, It's Organizations: Archer, Federal Aviation Administration, FAA, Toyota, Stellantis, Air Force, Aerospace, JPMorgan

☆ Car companies think fake vroom vroom sounds will make you want an electric car
▼ + stars: | 2023-07-21 | by ( Tim Levin | ) www.businessinsider.com time to read: +4 min

Some car companies think that fake engine noises will get drivers to consider going electric. Hyundai and Dodge have both unveiled EVs that blast fake exhaust noises outside the car. Electric cars are inherently quiet. Last year, the brand showed off an electric concept car with a multi-speed transmission and a phony exhaust sound that mimics a supercharged V8 engine. "Automakers are responding to some enthusiasts' worries that electric cars have no soul," Ed Kim, president and chief analyst at AutoPacific, an automotive research and consulting firm, told Insider.

Persons: Bill Pugliano, Stringer, Dodge, EVs, Ed Kim Organizations: Hyundai, Dodge, Toyota, Wall Street, EV

TOKYO, July 21 (Reuters) - Toyota Motor (7203.T) plans to use regenerative fuel cell technology to power a manned lunar rover, executives said on Friday, raising the prospect of eventually using the moon's water ice as an energy source in the future. It is participating in NASA's Artemis programme and plans to have an astronaut at a lunar space station called Gateway as part of that in the latter half of the 2020's. Toyota has teamed up with Japan's space agency since 2019 to develop the manned lunar rover - which it dubbed the Lunar Cruiser - that they hope can be put on the moon in 2029. NASA expects Japan to provide a lunar rover with a 2029 target launch date as a contribution to the Artemis programme, the Japan Aerospace Exploration Agency said in presentation materials on Friday. A fuel cell vehicle uses an electric motor like an electric vehicle but draws power from a fuel stack where hydrogen is separated by a catalyst to produce electricity.

Persons: Fumio, Ken Yamashita, Artemis, there's, Yamashita, Daniel Leussink, Angus MacSwan Organizations: Toyota, Cruiser, NASA, Japan Aerospace Exploration Agency, Thomson Locations: TOKYO, Japan

☆ BOJ launches forum with 60 firms on digital yen pilot programme
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +1 min

TOKYO, July 20 (Reuters) - The Bank of Japan on Thursday kicked off a series of discussions with 60 companies on a pilot programme for developing a digital yen, joining peers around the globe ramping up efforts towards issuing digital versions of their currencies for retail use. The discussions will touch on various themes including the business and technological features of retail settlements using a central bank digital currency (CBDC), the central bank said in a statement. The BOJ has said no decision has been made yet on whether Japan will actually issue a digital yen, which must be made by the government and parliament. But many big Japanese companies were included in the list of 60 firms selected to join the discussions, a sign Japan is moving steadily toward such a launch. Central banks around the globe have been studying and working on digital versions of their currencies for retail use to avoid leaving digital payments to the private sector amid an accelerating decline in the use of cash.

Persons: Lawson, Leika, Kim Coghill Organizations: Bank of Japan, Sony, Toyota, East Japan Railway, Bank for International Settlements, Thomson Locations: TOKYO, Japan, Central

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