DIRS.INFO The most relevant business & tech news

☆ US new vehicle sales rise on strong demand, better supply
▼ + stars: | 2023-07-05 | by ( Pratyush Thakur | ) www.reuters.com time to read: +2 min

Vehicle production took a hit after the pandemic disrupted supply of semiconductor chips and other raw materials, hurting automakers' ability to meet the upsurge in demand for cars, trucks and SUVs. Toyota Motor's (7203.T) North America unit reported a 7.13% rise in U.S. sales to 568,962 units for the quarter ended June. Auto giant General Motors (GM.N), however, surpassed Toyota in the quarter, with a near 19% rise to 691,978 units in the United States. Earlier in the week, FCA US, a unit of Stellantis (STLAM.MI), reported a 6% increase in total U.S. sales. Power and GlobalData estimate total U.S. auto sales to reach 4,116,600 units in the quarter ended June, up 18.2% from a year earlier.

Persons: Cox, Jonathan Smoke, Toyota Motor's, J.D, Pratyush Thakur, Shivansh, Pooja Desai, Shilpi Majumdar Organizations: Toyota, Auto, General Motors, FCA, Tesla Inc, Thomson Locations: United States, America, Bengaluru

☆ Chinese automakers to take majority of home market for first time - forecast
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +3 min

It would represent the first time Chinese automakers have controlled a majority share of China's car market - the world's largest. For the past four decades, China's auto market has been dominated by established global brands such as VW and Toyota operating in joint ventures with Chinese partners. AlixPartners forecast China's overall auto sales would grow 3% this year to 24.9 million vehicles, recovering to the level of sales before COVID-19. Dyer forecast annual sales of Chinese-branded cars in overseas markets would grow to 9 million vehicles by 2030. China's market also faces massive overcapacity, and Dyer forecast a wave of consolidation.

Persons: Jason Lee, AlixPartners, Tesla, Stephen Dyer, Dyer, haven't, Zhang Yan, Kevin Krolicki, Devika Organizations: REUTERS, VW, Toyota, HK, Xpeng Motors, Thomson Locations: Beijing, China, Japan, U.S, Asia, Europe, South America, South East Asia, South Asia, Shanghai, Singapore

☆ GM second-quarter sales increase 18.8% as supply chain stabilizes
▼ + stars: | 2023-07-05 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

DETROIT – General Motors' U.S. vehicle sales increased by 18.8% in the second quarter compared to subdued results a year ago when the automaker was battling supply chain issues. Auto industry forecasters project industry sales to have increased 16% to 18% during the second quarter compared to a year earlier. GM said retail sales increased 15% through the first half of the year, while its fleet business jumped 30%. GM's EV sales topped 36,300 during the first half of this year, including 15,652 in the second quarter. The company previously said it planned to produce 50,000 EVs during the first half of the year, followed by 100,000 during the second half of the year.

Persons: GM's Organizations: DETROIT, Motors, U.S, Detroit, Honda Motor, Nissan Motor, Auto, Cox Automotive, GM, Detroit carmaker, Toyota Motor, Toyota Locations: U.S

☆ New Car Sales Jumped in the Second Quarter
▼ + stars: | 2023-07-05 | by ( Neal E. Boudette | More About Neal E. Boudette | ) www.nytimes.com time to read: +1 min

At the end of June, dealers had about 1.8 million vehicles in stock, nearly 800,000 more than at the same point in 2022, according to Cox data. At the same time, however, higher interest rates and higher car prices have put new-car purchases out of reach of many consumers. Cox estimated that total sales of new cars and trucks rose 11.6 percent in the first half of the year, to 7.65 million. The firm now expects full-year sales to top 15 million, which would be a rise of 8 percent. Toyota said its U.S. sales rose 7 percent, to 568,962 cars and light trucks.

Persons: Smoke, Cox Organizations: Cox, Toyota, Chrysler

☆ Maruti Suzuki goes upmarket in India with new seven seater
▼ + stars: | 2023-07-05 | by ( Aditi Shah | ) www.reuters.com time to read: +3 min

[1/3] Hisashi Takeuchi, MD & CEO of Maruti Suzuki India Ltd. and Shashank Srivastava, Senior Executive Officer, Marketing and Sales of Maruti Suzuki India Ltd., pose after the launch of multi-purpose vehicle Invicto in Gurugram, India, July 5, 2023. REUTERS/Sunil KatariaNEW DELHI, July 5 (Reuters) - Maruti Suzuki, India's biggest automaker, is looking to break into the premium car segment with its new seven seater, as a growing number of buyers opt for bigger, feature-packed cars. Maruti, known for small and compact cars that are mostly priced below 1 million rupees ($12,000), on Wednesday launched the Invicto seven seater with a hybrid powertrain starting from around 2.5 million rupees ($30,000). Maruti, majority owned by Japan's Suzuki Motor (7269.T), made its name as a mass market car brand offering affordable prices and low maintenance costs. When it comes to premium cars, or those typically priced above 2 million rupees, buyers tend to turn to the likes of Toyota Motor (7203.T) or Volkswagen (VOWG_p.DE), say analysts.

Persons: Hisashi Takeuchi, Shashank Srivastava, Sunil Kataria, Maruti Suzuki, Takeuchi, Japan's Suzuki, Srivastava, Aditi Shah, Mark Potter Organizations: Maruti Suzuki India Ltd, REUTERS, Maruti, India's, Wednesday, Japan's, Toyota Motor, Volkswagen, Thomson Locations: Gurugram, India, DELHI

[1/3] Stock brokers monitor new on television screen at a booth, during a trading session at the Pakistan Stock Exchange, in Karachi, Pakistan July 3, 2023. REUTERS/Akhtar SoomroKARACHI, July 3 (Reuters) - Pakistan's benchmark share index scored its biggest single-day jump in 15 years on Monday, gaining 5.9% on the first trading session after the country secured a last-gasp funding deal from the International Monetary Fund (IMF). The KSE 100 index (.KSE) closed up 2,442.06 points at 43,894.7, marking its biggest percentage gain since June 24, 2008, when it rose 8.6%, as per Refinitiv data. "Today's gain in the benchmark KSE 100 Index will likely to be highest in the history of Pakistan Stock exchange," it said. Several automakers including Pakistan Suzuki Motor Co (PKSU.PSX) had announced prolonged plant closures in 2023, citing import restrictions.

Persons: Akhtar Soomro, Shehbaz Sharif, Muhammad Iqbal Jawaid, Arif Habib, HCAR, Asif Shahzad, Swati Bhat, Lincoln, David Holmes Organizations: Pakistan Stock Exchange, REUTERS, International Monetary Fund, IMF, Topline Securities, Pakistan Stock, Pakistan, U.S ., Pakistan Suzuki Motor, Honda, Pakistan Suzuki, Indus, Toyota, Auto, Arif, Arif Habib Ltd, Thomson Locations: Karachi, Pakistan, Akhtar Soomro KARACHI

☆ Japan launches Prime 150 stocks benchmark to help investors identify value
▼ + stars: | 2023-07-03 | by ( Clement Tan | ) www.cnbc.com time to read: +1 min

Japan launched a new stock index on Monday, making it easier for investors to identify corporate value in the equity markets, in a move to strengthen corporate governance reforms in the world's third-largest economy. The new JPX Prime 150 Index is a curated list of the 150 constituent listings on the Tokyo Exchange, which includes the likes of tech giants like Sony Group , Hitachi , Nintendo and Warren Buffet-backed trading houses Marubeni , Itochu and Mitsui & Co . The index excludes automakers such as Toyota Motor and Nissan Motor . "Increasing the value of listed companies is essential for the expansion and revitalization of the market," Takahiro Miura, Japan Exchange Group's market innovation and research director of index business, told CNBC Monday. The Prime 150 index constitutes about half of the Japan stock market and are of similar quality to the S&P 500, Miura said.

Persons: Warren Buffet, Takahiro Miura, Miura Organizations: Tokyo, Sony Group, Hitachi, Nintendo, Mitsui & Co, Toyota Motor, Nissan, Japan Exchange, CNBC Locations: Japan, Itochu

☆ Meet a millennial who makes up to 6 figures doing blue collar work after ditching law school during the Great Recession: 'We've always had that middle-class-life dream'
▼ + stars: | 2023-07-02 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +6 min

During the Great Recession, Doug saw a similar situation and decided to forgo law school. For Doug, blue-collar work has meant consistently high pay and the ability to buy a house. "I was trying to save up money to go to law school," he said. You're going to college, and then you're going to get a job and an office somewhere doing the thing. Have you made the shift to blue-collar work, or are you thinking about it?

Persons: Doug, —, Doug —, he'd, Z, we've, We've, it's, you'll, I'm Organizations: Service, Toyota, Marine, Coast Guard Locations: Deloitte's

☆ You may never need to plug in your electric car again. Here's how.
▼ + stars: | 2023-07-01 | by ( Tim Levin | ) www.businessinsider.com time to read: +7 min

Some startups are convinced that EV charging needs a fundamental overhaul. Battery swapping and wireless EV charging could someday make owning an EV way more convenient. Quick, convenient, and cheap battery swapping will be key for getting everyone else on board, John de Souza, Ample's cofounder and president, told Insider. He added that even at highway speeds, Electreon's roads can keep a vehicle's battery topped up indefinitely. "We need all the solutions together in order to accelerate the adoption of electric vehicles," he said.

Persons: Long, John de Souza, Ample's, de Souza, Electreon, Oren Ezer, Ezer Organizations: Toyota Locations: Francisco, California, Europe

[1/2] Manufacturing equipment is seen during a tour of Foxconn's electric vehicle production facility in Lordstown, Ohio, U.S. November 30, 2022. The Domestic Manufacturing Conversion Grants for EVs program will provide cost-shared grants for making efficient hybrid, plug-in electric hybrid, fully electric, and fuel cell vehicles. The Department of Energy's Vehicle Technologies Office said the program will prioritize projects that refurbish or retool manufacturing plants that have recently stopped operations or were expected to close soon. The Biden administration, as part of its goal of decarbonizing the economy by 2050, is pushing the U.S. auto industry to accelerate a transition to EVs. The Alliance for Automotive Innovation, which represents General Motors (GM.N), Stellantis NV (STLAM.MI), Toyota Motor (7203.T) and others, on Wednesday called the EPA proposal a "de facto battery electric vehicle mandate" that was "neither reasonable nor achievable."

Persons: Quinn Glabicki, Joe Biden's, Biden, Shawn Fain, Stellantis, Timothy Gardner, Joe White, David Shepardson, David Gregorio, Grant McCool Organizations: REUTERS, WASHINGTON, United Auto Workers, UAW, Energy's Vehicle Technologies, Lordstown, Environmental Protection Agency, Alliance, Automotive Innovation, General Motors, Stellantis, Toyota, Energy Department, Thomson Locations: Lordstown , Ohio, U.S, DETROIT, Ohio, Michigan , Ohio , Illinois, Indiana, Belvidere , Illinois, Washington, Detroit

☆ Auto industry seeks to soften Biden vehicle emissions proposal
▼ + stars: | 2023-06-28 | by ( David Shepardson | ) www.reuters.com time to read: +1 min

June 28 (Reuters) - The trade group representing nearly all major automakers wants the U.S. Environmental Protection Agency to soften its proposal to sharply cut vehicle emissions through 2032 saying it is "neither reasonable nor achievable." The EPA, which declined to comment immediately, said the proposed 2027-2032 standards would cut emissions by 56% compared to the existing 2026 requirements. The group called the proposal a "de facto battery electric vehicle mandate." The group said the EPA proposal "substantially underestimates the cost of batteries while overestimating the availability of consumer and manufacturing tax credits." Environmentalists are pressing the Biden administration not to soften the proposal.

Persons: Joe Biden's, Biden, David Shepardson, Howard Goller Organizations: . Environmental Protection Agency, Alliance, Automotive Innovation, General Motors, Volkswagen, Toyota, EPA, Thomson

☆ Joby receives FAA nod to begin flight testing of its first built aircraft
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +1 min

June 28 (Reuters) - Joby Aviation (JOBY.N) said on Wednesday the U.S. aviation regulator has given the nod for flight testing of its air taxi, as it edges towards securing approval to begin commercial operations. The California-based company also said Toyota North America's CEO, Tetsuo Ogawa, will join its board on Saturday. Joby said the Federal Aviation Administration (FAA) had granted a Special Airworthiness Certificate which allows flight testing of its first production prototype without passengers. The aircraft will be delivered to Edwards Air Force Base after completing initial testing, the company said. The delivery is made under Joby's $131 million contract with the U.S. Air Force.

Persons: Tetsuo Ogawa, Joby, Aishwarya Nair, Krishna CHandra Organizations: Joby Aviation, U.S, Toyota North, Toyota, Archer Aviation, Vertical Aerospace, Federal Aviation Administration, FAA, Edwards Air Force Base, U.S . Air Force, Thomson Locations: California, Bengaluru

☆ Joby receives FAA nod to begin flight testing of electric air taxi
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +2 min

[1/2] Joby Aviation founder JoeBen Bevirt poses next to a Joby Aviation Air Taxi ahead of their listing at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., August 11, 2021. REUTERS/Andrew Kelly/File PhotoJune 28 (Reuters) - Joby Aviation (JOBY.N) said on Wednesday the U.S. aviation regulator has given the nod for flight testing of its electric air taxi, taking it a step closer to securing approvals for commercial operations. Joby said the Federal Aviation Administration (FAA) had granted a Special Airworthiness Certificate, which allows flight testing of its first production prototype without passengers. Rival Archer received the green signal for flight testing in 2021. Joby's aircraft will be delivered to Edwards Air Force Base after completing initial testing, the company said.

Persons: JoeBen Bevirt, Andrew Kelly, Tetsuo Ogawa, Joby, Archer, Germany's, Aishwarya Nair, Krishna Chandra Eluri Organizations: Joby Aviation, Joby Aviation Air Taxi, New York Stock Exchange, REUTERS, U.S, Toyota North, Toyota, Archer Aviation, Vertical Aerospace, Federal Aviation Administration, FAA, Aerospace, Edwards Air Force Base, U.S . Air Force, Thomson Locations: Manhattan , New York City, U.S, California, Joby's, Bengaluru

☆ A Reuters journalist explores his ancestors’ ties to slavery
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +38 min

It took me a few minutes of research to figure out why I was losing track of the descendants of the people George Julian enslaved. If the racial cleansing of Forsyth County was mentioned, I didn’t notice. Still hopeful that I might be able to somehow identify and locate living descendants of the people my family enslaved, I flew to Georgia last November. Her father was also a butler for a wealthy white family, her mother a cook. In 1860, Osby’s ancestors were enslaved and working the fields of Forsyth County.

Persons: Julian, Abijah’s, George Julian, George, ”, Adaline, –, Abijah, Dick, Lott, Aggy, Henry, Lewis, Ellick, Jim, Josiah, Reuben, Woodrow Wilson, Rob Edwards, Black, Oprah Winfrey, Forsyth, “, Cumming, who’d, Abijah Julian, ” Gov, Joseph Mackey Brown, ‘ Dick, I’d, Grandma Horseyfeather, Brice gesturing, ” I’d, Grandma Horseyfeather’s, – I’ve, “ Lott, Abijah Julian’s, Richard Julian, Charlotte Julian, Richard, Charlotte, George Julian’s, She’d, “ I’m, That’s, Martin Luther King, wasn’t, Sophia Dodd, Dodd, Elon Osby, – Dodd, Osby, Bailey, George H, Julian ” –, – “, ” Osby, ” Dodd, Ida Julian ., Ida Julian’s, Ida ., Ida hadn’t, Ida Julian, Bagley, Willie M, Willie Mae Bagley, Willie Mae Butts, Elon Butts Osby, Osby’s, ’, Elon Osby’s, Ida Bagley, William Bagley, Adaline Julian, Richard Julian –, Abijah Julian –, she’d, we’ve, you’ve, ELON, crunched underfoot, could’ve, Abijah John Julian ”, Webster, I’ve, weren’t, “ We’re, – we’re, …, Horseyfeather, gesturing, “ You’re, Tom Lasseter, Corinne Perkins, Wong, Jeremy Schultz, Catherine Tai Design, John Emerson, Blake Morrison Organizations: ., Reuters, ”, Black, Charlotte, Toyota, Atlanta History, Elon, Lockheed, Tiffany, Atlanta Housing Authority, Task Force, Mazda, American Legion, United, Confederacy Locations: Forsyth, Negros, negros, Virginia, . Civil, Georgia, Cumming, U.S, Forsyth ., Dawson, Atlanta, Tulsa , Oklahoma, Jefferson County , Georgia, Forsyth County, Charlotte, Thai, Macedonia, Buckhead, Bagley, America, Fulton County, Fulton, Bagley Park, Iraq, Afghanistan, Osby, England, Juneteenth, Brooks County

☆ Joby stock soars 44% after the flying-taxi company receives permit to begin flight test
▼ + stars: | 2023-06-28 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

Joby Aviation stock soared as much as 44% on Wednesday after the company received a permit to begin flight testing. The company launched its production line and expects to deliver the first ever eVTOL aircraft. Joby has received investments from Toyota and Delta Air Lines, among others. Joby received a Special Airworthiness Certificate for the first aircraft it built at its production line in Marina, California, according to a Wednesday press release from the company. Toyota president and CEO of Toyota Motor North America Tetsuo Ogawa will join Joby's board of directors, according to Joby.

Persons: Joby, —, Tetsuo Ogawa Organizations: Joby Aviation, Toyota, Delta Air Lines, Service, Toyota Motors, Toyota Motor, Edwards Air Force Base, US Air Force Locations: Marina , California, Manhattan, JFK

Goldman Sachs on Monday cut Tesla to "hold" equivalent rating, joining Morgan Stanley and Barclays, which downgraded the stock last week. The brokerages, however, raised their price targets to reflect the momentum in Tesla shares, which have soared 71% since late April and more than doubled this year. The EV maker's shares were last down 1.2% in morning trading on Monday. Tesla's market capitalization of $813.29 billion far outstrips that of Japan's Toyota (7203.T), which is the next biggest global car company by market value. However, the brokerages reiterated that they saw strong growth ahead with Tesla remaining a global EV leader.

Persons: Goldman Sachs, Tesla, Morgan, Japan's, Goldman, Mark Delaney, Morgan Stanley, Jefferies, Aniruddha Ghosh, Susan Mathew, Anil D'Silva Organizations: Tesla Inc, EV, Morgan Stanley, Barclays, EV maker's, Japan's Toyota, Intelligence, Ford, General Motors, Truist Securities, Tesla, Thomson Locations: China, Bengaluru

☆ The Tearful Executive Who Tapped the Brakes on Electric Cars at Toyota
▼ + stars: | 2023-06-24 | by ( River Davis | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/toyota-president-akio-toyoda-electric-vehicles-evs-8dcf7dae

Persons: Dow Jones, akio, toyoda Organizations: toyota

☆ Saudi Arabia Wants Tourists. It Didn’t Expect Christians.
▼ + stars: | 2023-06-24 | by ( Vivian Nereim | Iman Al-Dabbagh | ) www.nytimes.com time to read: 1 min

The caravan of five Toyota Land Cruisers raced across Saudi Arabia’s rocky desert, weaving onto a highway so new it was not on the map. At the cleft of sea that splits the kingdom from Egypt, they stopped on a barren beach. Fifteen tourists spilled out and gathered around Joel Richardson, a Kansas preacher. He opened a Bible, donned his glasses and began to recite. “Who is like you, majestic in holiness, awesome in glory, working wonders?”

Persons: Joel Richardson, Mr, Richardson, Moses, “, ” Organizations: Toyota Land Cruisers Locations: Saudi, Egypt, Kansas

☆ RPT ANALYSIS For EV batteries, lithium iron phosphate narrows the gap with nickel, cobalt
▼ + stars: | 2023-06-23 | by ( Paul Lienert | ) www.reuters.com time to read: +5 min

[1/2] Tesla Model 3 vehicles are seen for sale at a Tesla facility in Fremont, California, U.S., May 23, 2023. REUTERS/Carlos Barria/File PhotoDETROIT, June 23 (Reuters) - As the auto industry scrambles to produce more affordable electric vehicles, whose most expensive components are the batteries, lithium iron phosphate is gaining traction as the EV battery material of choice. But technological advances have also reduced the performance gap with more widely used materials such as nickel and cobalt. Ford Motor (F.N) aims to open a $3.5 billion LFP cell manufacturing plant in western Michigan, leveraging technology licensed from China’s CATL (300750.SZ), the world’s largest EV battery maker. The rapidly increasing adoption of LFP by EV manufacturers including Tesla and Hyundai suggests those companies “are not ready to decouple from China," Meng said.

Persons: Carlos Barria, Tesla, ”, Stanley Whittingham, Mujeeb Ijaz, “ We’ve, China’s, Jim Farley, Shirley Meng, Meng, Lukasz Bednarski, Bednarski, LFP, Whittingham, “, Paul Lienert, Matthew Lewis Organizations: Tesla, REUTERS, DETROIT, EV, Toyota, Hyundai, U.S, Binghamton University, Ford, University of Chicago, Argonne, Laboratory’s, Center for Energy Storage Science, New Energy, Thomson Locations: Fremont , California, U.S, North America, New York, Michigan, Van Buren, China, United States, Norway, Israel, South Korea, EVs, Detroit

☆ Technology is giving cars more nagging problems than ever
▼ + stars: | 2023-06-23 | by ( Alexa St. John | Tim Levin | ) www.businessinsider.com time to read: +4 min

Auto research firm JD Power assessed dozens of vehicle brands for its latest quality study. The overall quality of new vehicles is deteriorating and nagging problems are on the rise, according to a new study from JD Power. "The basic touch point of door handles is now a percolating problem area as manufacturers attempt to redesign them," JD Power said. JD Power assigned a score to each auto brand based on problems per 100 vehicles, and calculated an industry average of 192 problems per 100 vehicles (PP100), up from 180 in 2022. In terms of vehicles themselves, the Nissan Maxima had the highest initial quality overall, with 106 problems per 100 vehicles, according to teh survey.

Persons: Tesla, Dodge, Frank Hanley, Power, JD Power, Ram, Alfa Romeo, Polestar Organizations: Auto, JD Power, Fiat Chrysler, French PSA Group, Buick, Chevrolet, Volvo, Chrysler, Volkswagen, Nissan, JD, Dodge, Romeo, GMC, Porsche, Kia, Lexus, Maserati, Hyundai, Honda, BMW, Mitsubishi, Toyota, Ford, Benz, Rover, Mazda, Acura, Lincoln

☆ Toyota Motor Chairman Akio Toyoda Isn’t Afraid to Show Emotion
▼ + stars: | 2023-06-23 | by ( ) www.wsj.com time to read: 1 min

AI Apps to Try for Work and LeisureThere are so many new AI-powered programs out there. Deciding which ones to try can be overwhelming. But worry not! WSJ personal-tech reporting assistant Cordilia James put together a list to get you started. She joins host Julie Chang for a quick rundown of the best AI apps.

Persons: Cordilia James, Julie Chang

☆ A 20-year fund manager shares 8 mega-trend stocks he's betting will take market share — and the 5 he's shorting
▼ + stars: | 2023-06-23 | by ( Laila Maidan | ) www.businessinsider.com time to read: +8 min

Gary Black says the stock market will continue to trend higher with volatility this year. What the remainder of 2023 has in store for the stock market is anyone's guess at this point. But Gary Black, a 20-year fund manager, and the portfolio manager and managing partner at The Future Fund, has a more positive outlook. The next mega trend is big data and cyber security. mega trend losersOn the side of stocks being shorted, these are the companies that Black expects will lose market share due to these mega trends.

Persons: Gary Black, Phillip Wool, it's, Black, He's, cybertruck, Tesla, Elon Musk, Eli Lilly, Lilly, LULU, Armour Organizations: Federal, Federal Reserve, EV, Tesla, Company, Palo Alto Networks, Nvidia, Toyota, CNBC, Bloomberg, UA, MAX Holdings Locations: China's, overproducing

☆ Ogier leads Kenya's Safari Rally as Neuville retires
▼ + stars: | 2023-06-23 | by ( ) www.reuters.com time to read: +2 min

[1/4] Rallying - World Rally Championship - Safari Rally Kenya, Nairobi, Kenya - June 23, 2022 - A helicopter follows French Toyota driver Sebastien Ogier and co-driver Benjamin Veillas in action during side-by-side super special racing stage at Kasarani. REUTERS/Monicah MwangiJune 23 (Reuters) - Toyota's Sebastien Ogier led after the first leg of Kenya's Safari Rally on Friday while Hyundai's title contender Thierry Neuville smashed his car's suspension and retired from the day's action. Eight times world champion Ogier, who is competing part-time this season, was 22.8 seconds clear of team mate and 2022 winner Kalle Rovanpera after the day's six stages over rutted, rocky and sandy tracks. Except for the hybrid issue this morning we had a perfect day, so we can be happy," said the Frenchman, who had been only 2.5 seconds clear of Rovanpera at midday service in Naivasha. The rally, celebrating its 70th anniversary, started with a stage in Nairobi on Thursday.

Persons: Sebastien Ogier, Benjamin Veillas, Monicah, Toyota's Sebastien Ogier, Thierry Neuville, Ogier, Kalle Rovanpera, It's, Frenchman, Elfyn Evans, Neuville, Hyundai's Dani Sordo, Alan Baldwin, Toby Davis Organizations: Safari, Toyota, REUTERS, Belgian, Rovanpera, Thomson Locations: Kenya, Nairobi, Kasarani, Naivasha, Belgian Neuville, Sardinia, Neuville, Lake Naivasha, London

☆ US lawmakers urge FTC to finalize new consumer protections for car buyers
▼ + stars: | 2023-06-22 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

WASHINGTON, June 21 (Reuters) - A group of 17 Democratic U.S. lawmakers on Wednesday urged the Federal Trade Commission to finalize new consumer protections for car buyers despite objections from auto dealers who argue the rules would actually raise the cost of buying a car. They argued that "unfair and deceptive practices involving motor vehicle dealers have widespread consequences." The lawmakers said the FTC should require dealers to provide a legally enforceable "Offering Price" "that includes all pre-installed and mandatory add-on products" and finalize regulations prohibiting specific misrepresentations, among other reforms. The FTC wants to ban fees for add-on products and services that provide no consumer benefits like "nitrogen-filled" tires that contain no more nitrogen than normal air. "Dealers also pack vehicle sales with mandatory and price-inflated add-ons, increasing the cost and creating further confusion and uncertainty about a vehicle’s ultimate price," the lawmakers wrote.

Persons: Ed Markey, Ron Wyden, Cory Booker, Brian Schatz, Elizabeth Warren, Richard Blumenthal, Pramila Jayapal, David Shepardson, Chris Reese, David Gregorio, Leslie Adler Organizations: Democratic U.S, Wednesday, Federal Trade Commission, FTC, Reuters, National Automobile Dealers Association, Center for Automotive Research, Alliance, Automotive Innovation, General Motors, Toyota, Volkswagen, Thomson

☆ Analysis: For EV batteries, lithium iron phosphate narrows the gap with nickel, cobalt
▼ + stars: | 2023-06-22 | by ( Paul Lienert | ) www.reuters.com time to read: +5 min

[1/2] Tesla Model 3 vehicles are seen for sale at a Tesla facility in Fremont, California, U.S., May 23, 2023. REUTERS/Carlos Barria/File PhotoDETROIT, June 22 (Reuters) - As the auto industry scrambles to produce more affordable electric vehicles, whose most expensive components are the batteries, lithium iron phosphate is gaining traction as the EV battery material of choice. But technological advances have also reduced the performance gap with more widely used materials such as nickel and cobalt. Ford Motor (F.N) aims to open a $3.5 billion LFP cell manufacturing plant in western Michigan, leveraging technology licensed from China’s CATL (300750.SZ), the world’s largest EV battery maker. The rapidly increasing adoption of LFP by EV manufacturers including Tesla and Hyundai suggests those companies “are not ready to decouple from China," Meng said.

Persons: Carlos Barria, Tesla, ”, Stanley Whittingham, Mujeeb Ijaz, “ We’ve, China’s, Jim Farley, Shirley Meng, Meng, Lukasz Bednarski, Bednarski, LFP, Whittingham, “, Paul Lienert, Matthew Lewis Organizations: Tesla, REUTERS, DETROIT, EV, Toyota, Hyundai, U.S, Binghamton University, Ford, University of Chicago, Argonne, Laboratory’s, Center for Energy Storage Science, New Energy, General Motors, Battery, Thomson Locations: Fremont , California, U.S, North America, New York, Michigan, Van Buren, China, United States, Norway, Israel, South Korea, EVs, Detroit

Search resuls for: "Toyota"

25 mentions found