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TOKYO, June 13 (Reuters) - Toyota (7203.T) faces an unprecedented challenge at its annual shareholder meeting on Wednesday, with some pension funds voting against Chairman Akio Toyoda on governance issues, while seeking more disclosures on the Japanese automaker's climate lobbying. Two prominent U.S. proxy advisers have flagged concern about Toyota's board independence. The step comes as companies across Japan face more pressure from investors, especially on environmental, social and governance (ESG) issues. The strong financial performance has meant concerns about board independence have largely been shrugged off, said Kazunori Suzuki of Waseda Business School. He enjoys strong support from individual investors and the many suppliers and Toyota group companies among its shareholders.

Persons: Akio Toyoda, Toyoda, Kentaro Shibata, Kazunori Suzuki, Anders Schelde, Denmark's, AkademikerPension, AkademikerPension's Schelde, Nicholas Benes, Benes, that's, Makiko Yamazaki, Maki Shiraki, Daniel Leussink, David Dolan, William Mallard, Clarence Fernandez Organizations: Toyota, Nikkei, Waseda Business School, Tokyo, Exchange, Services, International Paralympic Committee, Sumitomo Mitsui Financial Group, Training, of Japan, Nissan, Honda, Reuters, Thomson Locations: TOKYO, New York, Japan, Toyota

The plan comes a day before an annual shareholders meeting where governance and strategy - including a slow pivot to battery EVs under former CEO Akio Toyoda - will be scrutinised. Toyota said it aims to launch next-generation lithium-ion batteries from 2026 offering longer ranges and quicker charging. At the high end of the market, Toyota said it would produce an EV with a more efficient lithium-ion battery offering a range of 1,000 km (621 miles). An EV powered by a solid-state battery would have a range of 1,200 km and charging time of just 10 minutes, Toyota said. "What we want to achieve is to change the future with BEVs," Takero Kato, president of new Toyota EV unit BEV Factory, said in a video posted on the automaker's YouTube channel on Tuesday.

Persons: Akio Toyoda, Koji Sato, Takero Kato, BEV Factory, Henry Ford, Koji Endo, Toyota's, I'm, it's, Toyota's BEV Factory, Kato, Tesla, Daniel Leussink, Christopher Cushing, Kevin Krolicki Organizations: Toyota, EVs, Tesla, Engineers, Toyota EV, YouTube, NEW ASSEMBLY, SBI Securities, Lexus, Thomson Locations: TOKYO, China

☆ Toyota shares surge 5% after announcing plans for next-gen battery EVs
▼ + stars: | 2023-06-13 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +2 min

In this article 7203.T-JP Follow your favorite stocks CREATE FREE ACCOUNTA display of Toyota electrified vehicles at the 2022 New York Auto Show, April 13, 2022. Toyota has a goal of achieving sales of 1.5 million all-electric vehicles per year by 2026, and selling 3.5 million all-electric vehicles annually by 2030. Separately, the company is also developing a method for mass producing all-solid-state batteries for battery electric vehicles, and aims to commercialize this in 2027 to 2028. Toyota said it will be looking at a 20% improvement in cruising range for its all-solid-state batteries, compared to the current batteries. HEVs refer to hybrid electric vehicles, which are vehicles that are powered by a conventional internal combustion engine in combination with one or more electric motors.

Persons: Scott Mlyn, Koji Sato, Sato, Akio Toyoda Organizations: Toyota, York Auto Show, CNBC, Tesla, Nikkei

☆ Auto execs still aren't convinced about electric cars
▼ + stars: | 2023-06-13 | by ( Alexa St. John | ) www.businessinsider.com time to read: +3 min

Auto execs are nervous about transitioning to EVs, consulting firm KPMG found in a new survey. Auto executive confidence in high EV sales in the US by 2030 dropped from last year. In a survey of more than 900 auto industry execs published in December, KPMG found that respondents think only 37% of new vehicle sales in the US will be electric by 2030. The survey results come two days after Toyota's CEO came under fire for comments that indicate he's not all that sold on EVs just yet. The KPMG survey also reported that 76% of respondents said inflation and high-interest rates will impact their business in 2023.

Persons: That's, Biden, EVs, Kelley, Akia Toyoda, — that's Organizations: KPMG, Auto, Toyota's, Wall Street Locations: China

☆ Targeting Toyota for Its Electric-Vehicle Heresy
▼ + stars: | 2023-06-05 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones, akio Organizations: toyota

☆ Toyota gets activism, without the activists
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +2 min

SINGAPORE, June 5 (Reuters Breakingviews) - It’s one thing to be targeted by pushy activists looking for a quick return. It’s perhaps more embarrassing to receive the wholesale disapproval of American pension funds who are long-term stewards of capital. That’s the position the board of $200 billion carmaker Toyota (7203.T) finds itself in. The pair also favoured a resolution brought by Danish and Dutch pension funds urging Toyota to improve disclosure of its lobbying on climate change. Toyota insists its board adheres to the Tokyo Stock Exchange’s independence standards.

Persons: Akio Toyoda, Katrina Hamlin, Pete Sweeney, Pranav Kiran Organizations: Reuters, Toyota, New York, California Public Employees, Danish, Tokyo Stock, Twitter, Thomson Locations: SINGAPORE, New York City, Una, Saudi, East

Toyota shares closed up 3.4%, outperforming the 1.2% gain in the Nikkei index (.N225). BOARD INDEPENDENCENew York City Comptroller Brad Lander said in a statement the Toyota board was not adequately independent. The New York comptroller's office oversees a pension system with $243 billion in assets under management. Those funds held 6.7 million shares in Toyota Group companies, including Toyota Boshoku (3116.T) and Toyota Tsusho (8015.T) as of end March. The New York pension system has also urged both Ford (F.N) and General Motors (GM.N) to move rapidly toward electrification and to disclose more about their lobbying on vehicle standards.

Persons: Akio Toyoda, Glass Lewis, Toyoda, CalPERS, Brad Lander, Daniel Leussink, David Dolan, Maki Shiraki, Kevin Krolicki, Jamie Freed, Christopher Cushing, Leslie Adler Organizations: Toyota Motor Corp, California Public Employees, New York, Toyota, Tokyo Stock Exchange, Nikkei, The, Toyota Group, Ford, General Motors, Lexus, Thomson Locations: TOKYO, New York City, York, Tokyo

One of them, Glass Lewis, recommended shareholders vote against re-electing Toyoda, citing what it said was his responsibility for the lack of a sufficiently independent board. Toyota on Friday did not immediately comment on the votes against the re-election of Toyoda. The New York comptroller's office oversees a pension system with $243 billion in assets under management. BOARD INDEPENDENCENew York City Comptroller Brad Lander said the Toyota board was not adequately independent, in a statement explaining the vote by the funds it oversees. The New York pension system has also urged both Ford (F.N) and General Motors (GM.N) to move rapidly toward electrification and to disclose more about their lobbying on vehicle standards.

Persons: Akio Toyoda, Glass Lewis, Toyoda, CalPERS, Brad Lander, Elon, Daniel Leussink, David Dolan, Maki Shiraki, Kevin Krolicki, Jamie Freed Organizations: Toyota Motor Corp, California Public Employees, New York, Toyota, Tokyo Stock Exchange, The, New, Ford, General Motors, Thomson Locations: TOKYO, New York City, York, New York, Tokyo

One of them, Glass Lewis, recommended shareholders vote against re-electing Toyoda, citing what it said was his responsibility for the lack of a sufficiently independent board. CalPERS, which declined to comment, is the largest U.S. public pension fund with some $450 billion in assets under management. The New York City pension funds held 6.7 million shares in Toyota Group companies, including Toyota Boshoku (3116.T) and Toyota Tsusho (8015.T) as of end March. BOARD INDEPENDENCENew York City Comptroller Brad Lander said the Toyota board was not adequately independent, in a statement explaining the vote by the funds it oversees. The New York pension system has also urged both Ford (F.N) and General Motors (GM.N) to move rapidly toward electrification and to disclose more about their lobbying on vehicle standards.

Persons: Akio Toyoda, Glass Lewis, Toyoda, CalPERS, Brad Lander, Daniel Leussink, David Dolan, Maki Shiraki, Kevin Krolicki, Jamie Freed, Christopher Cushing Organizations: Toyota Motor Corp, California Public Employees, New York, Toyota, Tokyo Stock Exchange, The, New, Toyota Group, Nikkei, Ford, General Motors, Lexus, Thomson Locations: TOKYO, New York City, York, Tokyo

[1/2] Ukrainian artillery fires towards the frontline during heavy fighting amid Russia's attack on Ukraine, near Bakhmut, Ukraine, April 13, 2023. Following Ukraine President Volodymyr Zelenskiy's visit to Japan during the Hiroshima G7 leaders summit last month, Kishida agreed to donate jeeps and trucks. Japan is one of dozens of friends and allies that Washington is asking to help arm Ukraine as it wrestles with stretched military supply chains. Reuters contacted 22 explosives makers listed on the Japan Explosives Industry Association's website. The only one that said it made industrial TNT was Chugoku Kayaku, an Hiroshima-based firm that supplies Japan's military.

Persons: Kai Pfaffenbach, Lloyd Austin, Washington, Fumio Kishida, Volodymyr Zelenskiy's, Kishida, Tsuneo Watanabe, Austin, Akihisa Nagashima, Tim Kelly, Nobuhiro Kubo, Yukiko Toyoda, Kaori Kaneko, Idrees Ali, David Crawshaw Organizations: REUTERS, TNT, Russian, Reuters, Panasonic, Defense, U.S, Japan's Ministry of Trade, Industry, Technology, Logistics Agency, U.S . State Department, Ukraine, TNT Washington, Japan Explosives Industry, Liberal Democratic Party, Thomson Locations: Ukraine, Bakhmut, TOKYO, United States, Japan, Washington, U.S, Tokyo, China, Taiwan, East Asia, Kyiv, Hiroshima, Sasakawa, South Korea, Chugoku, Japan's, Russia, Seoul

☆ Toyota governance fight gets stuck in traffic
▼ + stars: | 2023-05-30 | by ( ) www.reuters.com time to read: +2 min

MELBOURNE, May 30 (Reuters Breakingviews) - Governance campaigns against Japanese companies have a hard enough time gaining traction as it is. ValueAct Capital’s two-year campaign against Seven & i (3382.T) culminated last week with at best just a third of shareholders backing its four board candidates. Glass Lewis asserts just three of Toyota’s 10 board candidates are unaffiliated, fewer than the one-third the advisory sets as a floor. Toyota insists its board meets the Tokyo Stock Exchange’s independence standards. He should go in any event: having the former CEO of 14 years lead the board is bad governance.

☆ Not enough resources for EVs to be only cleaner car option, Toyota says
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +2 min

Some investors and environmental groups have long criticised Toyota (7203.T) for being slow to embrace BEVs, saying it has lagged Tesla Inc (TSLA.O) and others amid growing global demand. Gill Pratt, chief executive of the Toyota Research Institute, told reporters that BEVs could make a positive difference in reducing climate change in countries such as Norway, which has a lot of renewable infrastructure. But in other parts of the world, where coal is still used to produce power, hybrids were better for CO2 emissions, he added. "But it's going to take decades for battery material mines, renewable power generation, transmission lines and seasonal energy-storage facilities to scale up." BEVs are "one very important option" for achieving carbon neutrality and hydrogen is as well, Toyoda, who currently is chairman of Toyota, told reporters earlier on Thursday.

[1/2] 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' DelgadoTOKYO, May 12 (Reuters) - Toyota Motor Corp (7203.T) said on Friday the vehicle data of 2.15 million users in Japan, or almost the entire customer base who signed up for its main cloud service platforms since 2012, had been publicly available for a decade due to human error. The issue, which began in November 2013 and lasted until mid-April, stemmed from human error, leading to a cloud system being set to public instead of private, a Toyota spokesperson said. It could encompass details such as vehicle locations and identification numbers of vehicle devices, but there were no reports of malicious use, the company said. Toyota said it would introduce a system to audit cloud settings, establish a system to continuously monitor settings, and thoroughly educate employees on data handling rules.

Toyota's board on Wednesday recommended that shareholders vote against the resolution, to be put to the company's annual general meeting in June. On Wednesday Toyota said it expects a five-fold jump in pure electric vehicle (EV) sales this business year. "We need concrete policy changes and a better annual review drawing on independent data to calm international investors." LONG ENGAGEMENTIt will be the first time that Toyota faces such a climate-related resolution at its annual general meeting, the funds said. It first planned to submit a shareholder proposal in 2021, but withdrew that after it received assurances that Toyota would review its climate lobbying.

BANGKOK, May 8 (Reuters) - Japanese carmaker Toyota Motor Corp (7203.T) has stopped sales and deliveries of its Yaris Ativ in Thailand, senior officials said on Monday, after its affiliate Daihatsu rigged part of the door in side-collision safety tests. Toyota was working with the Thai government to resume sales of the model, which has been produced in Toyota's Gateway plant in Chachoengsao province, and further investigation was underway. "If development had been carried out under appropriate conditions, this kind of problem would of course not have happened," Maeda said. Daihatsu has said that some 76,000 of those vehicles were Yaris Ativs mainly bound for Thailand, Mexico and the Gulf Cooperation Council. Toyota President Koji Sato, who took over the top job from Toyoda on April 1, was not at the press conference.

☆ Toyota-affiliate Daihatsu rigged safety test for 88,000 cars
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: +2 min

Toyota said it had not received any report of an accident or injury related to the rigged side-crash test. Daihatsu said it had discovered the rigged safety test after a whistleblower report. It said it had reported the issue to safety regulatory agencies and stopped shipment of affected models. The affected models include Toyota Yaris Ativs made in Thailand from last August, and Perodua Axias manufactured in Malaysia starting from February. Daihatsu said it would run new safety tests in the presence of regulators and confirm the safety of the models before resuming shipments.

TOKYO, April 27 (Reuters) - Japan's Denso Corp (6902.T), a leading supplier to Toyota Motor Corp (7203.T), reported an 86.3% rise in fourth quarter operating profit on Thursday, benefitting from stronger sales and weaker lockdown-induced headwinds. The company, a major manufacturer of automotive parts and chips, posted operating profit of 158.1 billion yen ($1.18 billion) for the three months to end-March, versus an average 161.51 billion yen profit estimated by 10 analysts. A year earlier, the company earned 84.9 billion yen in profit. Denso gets about half of its revenue from the Toyota group, which also includes Toyota truck unit Hino Motors (7205.T) and small-car maker Daihatsu, and counts Toyota Chairman Akio Toyoda as a board member. The company, which makes systems for running gasoline engines and driving hybrid and battery-powered vehicles, projected operating profit of 510 billion yen for the current business year that started April 1.

☆ Japanese fete LGBTQ progress, demand marriage rights as G7 summit looms
▼ + stars: | 2023-04-23 | by ( Elaine Lies | ) www.reuters.com time to read: +4 min

Masako Mori, a special advisor to Kishida on LGBTQ affairs, attended, but did not mention same-sex marriage in brief remarks before the parade began, instead urging "greater understanding of LGBTQ." Crowds lined the sidewalks, waving rainbow flags and shouting "Happy Pride" at marchers, who included a group from Taiwan - the only Asian nation with same-sex marriage. Kishida in February sacked an aide who sparked outrage by saying people would flee Japan if same-sex marriage was allowed, but the premier remains noncommittal about same-sex marriage, even as polls show some 70% of the public in favour. Allowing same-sex marriage would require amending the civil code. The situation has long limited the talent pool for global firms, but even traditional Japanese companies now find their international competitiveness endangered without diversity, including LGBTQ rights.

☆ Japan will keep calling for China to act responsibly, Kishida says
▼ + stars: | 2023-04-20 | by ( Yukiko Toyoda | ) www.reuters.com time to read: +3 min

TOKYO, April 20 (Reuters) - Japan will keep calling for China to act responsibly on the world stage, Prime Minister Fumio Kishida said on Thursday, a sign of Tokyo's deepening concern about stability in the Taiwan Strait following Beijing's recent military drills. The comments from Kishida, after China conducted drills in the waters off Taiwan earlier this month, highlight Tokyo's growing alarm about the possibility of an attack on nearby Taiwan. Japan would "continue to call on China to take the responsibility it should be taking as a major country on the world stage," Kishida said during a roundtable interview with members of the foreign media. Japan has joined the United States in putting export restrictions on chip-making tools but in doing so avoided mentioning China so as not to antagonise its neighbour. Kishida also said Japan was calling on China to allow for the return of a Japanese executive detained there.

In Japan, DeSantis is expected to meet with Prime Minister Fumio Kishida in Tokyo, said two other people, who requested anonymity to discuss private matters. Back home in Florida, there are signs he is beginning to build out a foreign policy apparatus. His political operation is in the process of bringing on Dustin Carmack, a cybersecurity and intelligence expert with significant foreign policy experience, said one of the people. DeSantis traveled to Washington earlier this week to meet with Republicans in the U.S. House of Representatives. DeSantis is set to address an event hosted by the Heritage Foundation, a major think tank, on Friday.

A new EV platform, if implemented, would be the result of a far-reaching review of Toyota's electric-car strategy undertaken last year. Its current production architecture, the e-TNGA system, was launched in 2019 and produces electric vehicles on the same assembly line as gasoline cars and hybrids. The briefing was given by the former chief competitive officer tasked with the EV strategy review, Shigeki Terashi, according to the person. So far it has fallen short - its initial battery EV, the bZ4X, suffered an early recall and has had only limited sales. GM sold more than 20,000 electric vehicles during the first quarter while Toyota and its luxury brand Lexus sold about 1,880 battery electrics.

☆ Japan changes aid rules; to fund defence projects of friendly nations
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +2 min

TOKYO, April 5 (Reuters) - Japan on Wednesday said it plans to offer friendly nations financial assistance to help them bolster their defences, marking Tokyo's first unambiguous departure from rules that forbid using international aid for military purposes. Japan's Overseas Security Assistance (OSA) will be operated separately from the Overseas Development Assistance (ODA) programme that for decades has funded roads, dams and other civilian infrastructure projects, Chief Cabinet Secretary Hirokazu Matsuno said at a regular news conference. The Philippines and Bangladesh are likely to be included as the first recipients of the aid, a government source involved in talks said to Reuters. In principle, only developing countries will be eligible to receive the aid given it will be provided as grants, according to the foreign ministry. Reporting by Tim Kelly, Yukiko Toyoda, Sakura Murakami, and Chang-Ran Kim; Editing by Tom Hogue, Christian Schmollinger and Raju GopalakrishnanOur Standards: The Thomson Reuters Trust Principles.

"Until now, the ministry has taken the defence companies for granted," said Masahisa Sato, an influential ruling party lawmaker and former deputy defence minister. Three of them, Mitsubishi Heavy, Mitsubishi Electric and IHI Corp (7013.T), which makes jet engines, bridges and heavy machinery, confirmed they had also taken part in other lower-level discussions. Reuters asked 10 of Japan's military suppliers, including Toshiba, Mitsubishi Electric, Daikin and Subaru, for interviews with their defence unit managers. Despite diplomatic tensions, China is Japan's top trade partner and a major manufacturing base for many Japanese companies. Even so, Japanese companies often refer to their military products as "special equipment," the government official said.

The summit is the same week as major South Korea-U.S. military drills that routinely anger Pyongyang, and North Korea has already staged multiple missile launches - a backdrop for the message that Japan, South Korea and the United States need to close ranks. In November South Korea and Japan agreed to exchange real-time intelligence on North Korea's missile launches, which experts say will help both countries better track potential threats. "South Korea is already taking a side and entering the Cold War," said Kim Joon-hyung, a former chancellor of the Korean National Diplomatic Academy. Yoon said high-tech cooperation on supply chains between Japan and South Korea would contribute significantly to economic security. 'SHARED INTERESTS'Washington had pressed for reconciliation, but a State Department spokesperson said the recent arrangements were the result of bilateral discussions between Japan and South Korea.

☆ Factbox: What's on the table for the Kishida-Yoon summit?
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: +3 min

[1/2] South Korean President Yoon Suk-yeol speaks at an interview with Reuters in Seoul, South Korea, November 28, 2022. Kishida is considering visiting South Korea as early as this summer, Kyodo has reported. G7 INVITATIONKishida may extend an invitation to Yoon to attend the G7 summit set to take place in Hiroshima in May, several media reported. EXPORT CURBSThe two leaders could confirm their countries' intention to resolve Japan's high-tech material export curbs against South Korea. Japan tightened restrictions on the export of high-tech semiconductor materials to South Korea in 2019 as a row over how to compensate wartime labourers flared.

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