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☆ 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

☆ Japan’s economic scars might blind it to inflation
▼ + stars: | 2023-06-13 | by ( Pete Sweeney | Thomson Reuters | Asia Economics Editor Pete Sweeney Joined Reuters Breakingviews In Hong Kong In September Previously He Served As Reuters' Chief Correspondent For China Economy | ) www.reuters.com time to read: +8 min

Investors worry about market ructions if Ueda hikes rates now but there is another risk: that he waits too long. Reuters GraphicsUeda’s inaction – and the domestic markets’ positive response – have bought him time to focus on evaluating macroeconomic fundamentals, particularly inflation. The country only emerged from a decades-long deflationary rut relatively recently, so local economists, executives and consumers are unused to worrying about consumer prices rising too fast. The government’s latest draft of its long-term economic plan, seen by Reuters on June 2, remains focused on eradicating Japan's “long-held deflationary mindset”. "We expect inflation to quite clearly slow below 2%" toward the middle of the current fiscal year, Ueda told parliament.

Persons: Kazuo Ueda, Haruhiko Kuroda, Ueda, ’, –, Richard Koo, Shinzo Abe, Francesco Guerrera, Katrina Hamlin Organizations: Reuters, Bank of Japan, Nikkei, Nasdaq, Bank for International, Toyota, Toshiba, Black Monday, Japan Inc, International Monetary Fund, of, Thomson Locations: TOKYO, Japan, United States, U.S, Great, China, Europe, Germany, Italy, of Japan’s

☆ 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

☆ Explainer: How could solid-state batteries improve next-gen EVs?
▼ + stars: | 2023-06-13 | by ( ) www.reuters.com time to read: +4 min

Solid-state batteries have been used in small electronic devices such as pacemakers and smart watches. Solid-state batteries can hold more energy than liquid lithium-ion batteries, a gain that would potentially speed the transition to EVs by addressing a consumer concern: range. That has made solid-state batteries far more expensive than liquid lithium-ion batteries. Honda is developing solid-state batteries but has not detailed a timeline for bringing them to market. Hyundai Motor (005380.KS), another Solid Power investor, has said it plans to mass produce solid-state batteries by 2030.

Persons: Tesla, Bill Gates, Tim Kelly, Sayantani Ghosh, Kevin Krolicki, Christopher Cushing Organizations: Toyota, Reuters, Tesla, Panasonic, Nissan, Honda, Volkswagen, Automotive Cells Co, Mercedes, Benz, ProLogium Technology, Ford, BMW, Hyundai, Solid Power, EV, Thomson Locations: TOKYO, SINGAPORE, U.S, Taiwan

☆ Toyota Boss Faces Pushback Over EV Strategy in Shareholder Vote
▼ + stars: | 2023-06-12 | by ( River Davis | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones Organizations: toyota

☆ Le Mans 24 Hours: Ferrari wins prestigious endurance race after 50-year absence
▼ + stars: | 2023-06-12 | by ( Matias Grez | ) edition.cnn.com time to read: +3 min

Victory was Ferrari’s 10th top level win at Le Mans and its first since 1965. Michael Fassbender pictured during the Test Day of the 24 Hours of Le Mans on June 4, 2023. Frédéric Le Floc'h/DPPI/ShutterstockFassbender made his Le Mans debut last year, crashing out twice during the race but eventually finishing a very respectable 51st out of 62 with Proton. “Car #911 is no longer running the Le Mans 24 race. “Le Mans was no[t] kind to us this year!”

Persons: CNN — Ferrari, Ferrari, Ferrari’s Antonio Fuocco, Antonio Giovinazzi, Alessandro Pier Guidi, James Calado, Alessandro it’s, ” Giovinazzi, ”, James Moy, Charles Leclerc, it’s, I’m, Michael Fassbender, Frédéric Le, Shutterstock Fassbender, Le, “ Le Organizations: CNN, Formula One, Le, Triple Crown, Monaco, Prix, Indianapolis, Toyota, Le Mans, AF Corse Ferrari 499P, James Moy Photography, Eurosport, “, Porsche, Germany’s Proton, Proton Locations: Formula, Italian, Le Mans

☆ A Rivian customer waited 3 years for his dream car. It died within days.
▼ + stars: | 2023-06-12 | by ( Nora Naughton | ) www.businessinsider.com time to read: +7 min

When Chase Merrill took his first ride in his new Rivian R1S, it was his favorite car that he had ever driven. "I hit about 2 ½-feet of snow and it just stopped right there," Merrill told Insider. Rivian risks alienating early adoptersChase Merrill's Rivian R1S the day it was delivered. For a young company like Rivian, these early fans can make or break its reputation, shareholders, analysts, and Rivian investors have told Insider. Merrill's Rivian returns with an error messageChase Merrill's Rivian R1S was loaded onto a flatbed tow truck.

Persons: I'm, Chase Merrill, Merrill, Rivian's, Bensaid, Chase Merrill's Rivian, Chase Merrill Merrill isn't, Rivian, —, Tony Caravano, Caravano, Merrill's Rivian, Chase, Rivian R1S, it's Organizations: Morning, Merrill, Toyota, EV Locations: , New York, snowbanks, Chelsea , Massachusetts, Toyota Tacoma

A man on Dave Ramsey's show seven years ago said half his income was going towards his car loan. He is now debt free after following Ramsey's advice, and helps others with their own finances. A man who appeared on Dave Ramsey's show seven years ago said the harsh advice he got helped turn his finances around — and that he's now debt free. Ramsey is an American radio host and evangelical Christian who is known for his financial advice. But Amirfarzaneh, who does not have any part in the lawsuit, said he appreciated Ramsey's advice because it was simple.

Persons: Dave Ramsey's, Faraz Amirfarzaneh, Ramsey, Amirfarzaneh, It's, he's, he'd Organizations: BMW, Toyota Avalon, Avalon, Toyota Locations: —, Los Angeles, American, Texas

☆ What EV owners need to know about Tesla's charging partnership with Ford and GM
▼ + stars: | 2023-06-10 | by ( Associated Press | ) www.businessinsider.com time to read: +5 min

Tesla's Supercharger Network will open up to Ford and GM EV owners in 2024. As part of their move, both Detroit-area automakers have decided to adopt Tesla's EV charging connector, the plug that links an electric vehicle to a charging station. With GM and Ford joining Tesla's charging system, the rest of the auto industry may be forced to follow suit. At present, two main types of EV charging plugs exist: Tesla's North American Charging Standard and CCS, used by nearly all other automakers. GM and Ford EV owners also win because they will gain access to double the number of chargers that they had before.

Persons: Tesla, Here's, Gary Silberg, you'd, Sam Abuelsamid, Ford, Abuelsamid, Silberg, Stellantis, it's Organizations: Ford, GM EV, General Motors, GM, CCS, EV, KPMG, Associated, Energy Department, Tesla, North America, Guidehouse Insights, Ford EV, Kia, Nissan, Toyota, Hyundai, VW Locations: DETROIT, Detroit, United States, U.S, North America, North, America

☆ A Chinese startup says its electric-car battery can charge in 6 minutes — even in extreme cold
▼ + stars: | 2023-06-09 | by ( Graham Rapier | ) www.businessinsider.com time to read: +2 min

Cold weather is an enemy to electric cars, and one company says it has found a fix. That's a massive potential breakthrough, given the wear-and-tear temperature differences can have on batteries and their charging times. Cold weather can slow charging and drain battery range — meaning drivers have to charge up more often, and it takes longer to get to a full charge. The practice could help solve battery degradation by moving slow charging outside of the vehicle and letting a driver replace it with a fresh battery within minutes. "The Phoenix battery not only addresses the long charging time for EVs, but other pain points.

Persons: that's, Huang Xiangdong Organizations: Technology, Bloomberg, EV, Phoenix Locations: . Greater Bay, China

☆ UBS’s state aid is a disaster insurance policy
▼ + stars: | 2023-06-09 | by ( ) www.reuters.com time to read: +2 min

LONDON, June 9 (Reuters Breakingviews) - Sergio Ermotti has a taxpayer safety net, but it only kicks in if things get really bad. The state will eat 9 billion Swiss francs ($10 billion) of losses on certain assets once UBS has swallowed an initial 5 billion Swiss francs. The actual contract, despite being 94 pages long, is missing the most important number: how many assets are covered by the agreement. UBS in mid-May said it would write down the value of Credit Suisse’s assets by $10 billion. To breach its initial loss threshold, the assets would have to fall 11% below their already discounted value.

Persons: Sergio Ermotti, Liam Proud, Xavier Niel, George Hay, Oliver Taslic Organizations: Reuters, UBS, Credit Suisse, Finance, Suisse’s, Twitter, Toyota, Thomson

☆ Xavier Niel offers risky alternative for sick GAM
▼ + stars: | 2023-06-08 | by ( ) www.reuters.com time to read: +2 min

LONDON, June 8 (Reuters Breakingviews) - French billionaire Xavier Niel is asking investors to have one last flutter on GAM (GAMH.S). GAM investors will receive shares in Liontrust worth around 0.5% of the target company’s assets under management back in May, and even less now. If all goes well, GAM’s current investors could still keep a much larger share of the upside than they would with the Liontrust deal. The risk, however, is that GAM’s turnaround proves hard, cost cuts are more expensive and damaging, and the group keeps losing assets or staff. Moreover, it’s plausible that Niel wins enough backing to block the deal, but not enough to replace the board, leaving GAM in limbo.

Persons: Xavier Niel, Niel, Bruellan, manager’s, Neil Unmack, Liam Proud, Streisand Neto Organizations: Reuters, Liontrust Asset Management, Twitter, Toyota, Thomson Locations: Liontrust

☆ Carmaker Toyota to invest $328 mln in Mexico hybrid pickup plant
▼ + stars: | 2023-06-08 | by ( ) www.reuters.com time to read: +1 min

MEXICO CITY, June 8 (Reuters) - Japanese carmaker Toyota (7203.T) will invest a further $328 million in a plant in the central Mexican state of Guanajuato, it said on Thursday, as it looks to adapt its production processes for a new hybrid model of its Tacoma pickup truck. "The new version of the 'Mexican pickup' will be hybrid electric, which means Guanajuato will now form part of the company's electrification production strategy," Toyota said in a statement. The funds are set to help adapt manufacturing for the new Tacoma model for a North American market, it added. Toyota has invested close to $1.2 billion in Guanajuato since it announced the plant, it added, saying the factory currently provides more than 2,500 jobs. Reporting by Sarah Morland and Kylie Madry; Editing by Brendan O'BoyleOur Standards: The Thomson Reuters Trust Principles.

Persons: Diego Sinhue, Tesla, Sarah Morland, Kylie Madry, Brendan O'Boyle Organizations: MEXICO CITY, Toyota, Tacoma, Thomson Locations: MEXICO, Mexican, Guanajuato, American, Japan, Mexico, United States, Nuevo Leon

REUTERS/Kim Hong-JiNEW YORK, June 6 (Reuters) - New York City on Tuesday sued Hyundai Motor Co (005380.KS) and Kia Corp (000270.KS), accusing the South Korean automakers of negligence and creating a public nuisance by selling vehicles that are too easy to steal. The most populous U.S. city joined several other major cities that have sued Hyundai and Kia over the thefts, including Baltimore, Cleveland, Milwaukee, San Diego and Seattle. In contrast, the city said thefts of BMW, Ford, Honda, Mercedes, Nissan and Toyota vehicles have fallen this year. Last month, Hyundai and Kia reached a $200 million settlement of a consumer class action over the thefts. The case is City of New York v Hyundai Motor America et al, U.S. District Court, Southern District of New York, No.

Persons: Kim Hong, Hyundais, Kias, Kia, Jonathan Stempel, Chris Reese, Jamie Freed Organizations: Hyundai Motors, REUTERS, Tuesday, Hyundai Motor, Kia Corp, South Korean, Hyundai, Kia, BMW, Ford, Honda, Nissan, Toyota, Court, Southern District of, Thomson Locations: Seoul, South Korea, New York City, U.S, Baltimore, Cleveland, Milwaukee, San Diego, Seattle, Manhattan, New York, of New York, Southern District, Southern District of New York

The Bank of Japan is the only major central bank that now has negative rates following aggressive tightening globally to combat inflation. It has hinted that it will alter yield curve control -- where it guides short-term rates at -0.1% and 10-year Japan government bond yield around zero -- at some point. Japanese investors hold around $1.84 trillion in foreign assets, according to Deutsche Bank. "Recent inflows into Japanese markets are mainly driven by the foreign investors," Murao said. "We do not really have a global champion such as Google, Amazon, or Meta in the Japanese markets," Murao added.

Persons: Florence Lo, Yuichi Murao, Murao, I've, Amanda Cooper, Dhara, Christina Fincher Organizations: REUTERS, Nomura Asset Management, Reuters, The Bank of Japan, Nomura, Management, Equity, Treasury, Nikkei, Deutsche Bank, Apple, Visa, Toyota, Sony, PlayStation, Thomson Locations: Japan, Tokyo

A Model 3 starts at $40,240 and the price may fall to $25,240 when the $7,500 federal tax credit and another $7,500 from the California tax rebate kick in, depending on income and other requirements. SUPPLY CHAIN TWEAKSAnalysts said Tesla may have tweaked its battery supply chain to meet both battery mineral and battery component requirements for federal subsidy. Tesla used CATL's LFP battery cells for its Model 3 Rear Wheel Drive and nickel-based cells from an unidentified supplier for its Model 3 Long Range, analysts said. CATL and other suppliers like LG Energy Solution (373220.KS) do not have factories to make Tesla cells in the United States. Tesla has also started delivering China-made Model 3s and Model Ys to Canada, freeing up some capacity for U.S.-made models.

Persons: Tesla, Biden, Caspar Rawles, CATL, Morgan Stanley, Adam Jonas, Hyunjoo Jin, David Shepardson, Zoey Zhang, Mark Porter Organizations: FRANCISCO, Toyota, Panasonic, U.S, Mineral Intelligence, BMI, LG Energy, Panasonic Holdings, Tesla, Thomson Locations: WASHINGTON, California, Nevada, KS, United States, North America, U.S, China, Canada, Shanghai

☆ Targeting Toyota for Its Electric-Vehicle Heresy
▼ + stars: | 2023-06-05 | by ( The Editorial Board | ) 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/targeting-toyota-for-its-electric-vehicle-heresy-akio-toyoda-hybrids-ev-climate-change-b5f67d6c

Persons: Dow Jones, akio Organizations: toyota

☆ Turkey’s new economic broom has too much to tidy
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +2 min

That’s unlikely to be enough to counter President Tayyip Erdogan’s long-held penchant for economic mismanagement. Simsek, who was finance minister and deputy prime minister between 2009 and 2018, would have a nearly impossible task even in normal conditions. He has to tame inflation that is running at 39.6%, bolster a currency hovering near a record low against the U.S. dollar, and restore Turkey’s credibility with international investors. But that would further weaken the lira and do little to tame inflation. Simsek needs more than investors’ respect to right Turkey’s listing ship.

Persons: Mehmet Simsek, ’, Tayyip Erdogan’s, Simsek, Erdogan, Francesco Guerrera, George Hay, Streisand Neto Organizations: Reuters, U.S ., Twitter, Toyota, Thomson

☆ Indivior opioid settlement makes purer M&A case
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +2 min

LONDON, June 5 (Reuters Breakingviews) - Indivior (INDV.L) is one step closer to becoming a takeover target. Litigation risks have weighed down Indivior in the years following the company’s spinoff from Reckitt Benckiser (RKT.L) in 2014. The group still has lawsuits to settle over the same charges with insurers and patients. With its litigation risks easing, Indivior could soon lure larger cash rich pharmaceutical companies keen to access a market that is sadly showing no signs of decline. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Reckitt, Roche, Indivior, Aimee Donnellan, Neil Unmack, Streisand Neto Organizations: Reuters, Suboxone, AstraZeneca, U.S . Centers for Disease Control, Twitter, Toyota, Thomson Locations: U.S

☆ In Richard Ford’s New Novel, One More Trip for Old Times’ Sake
▼ + stars: | 2023-06-05 | by ( Dwight Garner | ) www.nytimes.com time to read: +2 min

In “The Sportswriter,” the first novel in this series, Frank started out as a sensitive young literary man who had published a book of stories. Though the Bascombe novels are set mostly in New Jersey’s wealthier suburbs, they are, oddly, road novels. Springsteen went from “Darkness on the Edge of Town” to “Letter to You.” Holy moly. Ford went from “Independence Day” and “The Lay of the Land” to “Let Me Be Frank With You” and “Be Mine.” Good Lord. The Bascombe novels are road novels, as well, because they are set during holidays, when families are in flux.

Persons: ”, Frank, Ford, yank, John Updike, Roth, Nathan Zuckerman, Angstrom, Bruce Springsteen —, Springsteen Organizations: Toyota Locations: New Jersey

☆ 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

☆ Replanting the Amazon could slow global warming. Here’s why it’s hard
▼ + stars: | 2023-06-03 | by ( ) www.reuters.com time to read: +24 min

Milton da Costa Junior nosed his pickup through a remote stretch of the western Brazilian Amazon to check on his babies. Local authorities said the September 2021 incident, which Da Costa outlined in a police report that was reviewed by Reuters, is being investigated. Out of dozens of reforestation initiatives in the country, Rioterra and The Black Jaguar Foundation, a Brazilian-European group, are among the largest. Illegal invaders destroy in hours what it takes Rioterra or Black Jaguar a year to plant. In all, Black Jaguar has signed contracts with 26 farms and planted 326 hectares (806 acres) to date.

Persons: Milton da Costa, Da Costa, Carlos Nobre, Alexis Bastos, Rioterra, ”, Nobre, “, Bastos, Jamari, Dejesus Aparecido Ramos, it’s, ” Bastos, Jair Bolsonaro, Germany –, Bolsonaro, Luiz Inácio Lula da Silva, Black, Ben Valks, Valks, Leandro Silveira, Silveira, São, ” Valks, aren’t, Cristina Banks, Leite, Marcos Mariani, Araguaia, Mariani, Tânia Irres, ” Irres, Regina Molke, I’ll, Clovis, Black Jaguar, Aquaverde, Renato Franklin, “ Ben, ” Franklin, L’Oreal, da Costa, ” Da Costa, da, Spring, Clare Trainor, Catherine Tai, Lais Morais, Ilan Rubens, Lucy Ha, John Emerson, Marla Dickerson Organizations: Milton da Costa Junior, Toyota, Reuters, Black Jaguar Foundation, National Institute for Space Research, Rioterra, Cultural, Environmental Studies, Petrobras, “, Amazon Fund, Environment Ministry, United, United Arab Emirates, São Paulo, Global, Farmers, Brazil’s Central Bank, Brazil’s National Institute for Space Research, Imperial College London, Santana, Bolsonaro, United Nations, Space Agency, Copernicus, Sentinel Locations: Machadinho, Rondônia, Brazil, Germany, Brazilian, European, Manhattan, Lebanon, Nicaragua, Bastos, Porto Velho, droves, Rio, Black, Itapuã, Oeste, Norway, United Arab, Pará, Caixa, “, Costa, Syria, Paris, Santana, Araguaia’s, Clovis, Regina, United States, South, Geneva, Rio Preto, da Costa

☆ How Ford, GM auto dealers are thinking about Detroit's EV transition and their future
▼ + stars: | 2023-06-03 | by ( Trevor Laurence Jockims | ) www.cnbc.com time to read: +12 min

If consumers are to be sold on the mass adoption of battery-powered electric vehicles, car dealers are going to be essential to the pitch. But she expects more Ford dealers will opt in at a future date, once they observe a meaningful consumer shift to EVs. "Despite significant increases in EV sales in 2023, dealers are largely skeptical about the OEM's timeframes on the EV rollout," Kerrigan said. A dealer in Santa Monica may decide more quickly, "I need to be all-in on EVs," Maas said. It also caps their total EV sales at 25% of inventory.

Persons: Robb Hernandez, Hernandez, Brian Maas, Maas, EVs, Kerrigan, Ford, Erin Kerrigan, Kelley, BEV, Dealers, Jim Farley, Farley, Tesla, Tesla's, Ford's Organizations: Ford, Bloomberg, Getty, EV, GM, Camino Real Chevrolet, Car Dealers, California Air Resources Board, Kerrigan Advisors, Toyota, ICE, CNBC, Auto Locations: Colma , California, Monterey Park, Calif, California, U.S, Santa Monica, EVs, Eureka

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

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