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☆ Nissan mulls taking up to 15% stake in Renault's planned EV unit - report
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: 1 min

TOKYO, Oct 27 (Reuters) - Japan's Nissan Motor Co is considering investing up to a 15% stake in Renault SA's planned electric vehicle (EV) unit, Kyodo news agency reported on Thursday, as the two companies negotiate an overhaul of their decades-old partnership. The Japanese and French automakers said this month they were in talks about the future of their alliance, including Nissan potentially investing in the electric vehicle business being spun out of Renault. No further details were immediately available. Nissan said it had no comment to make beyond a joint statement issued by the two firms earlier this month, in which they said they were engaged in discussions on a number of issues, including the EV unit. Reporting by Satoshi Sugiyama; Writing by Elaine Lies; Editing by Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

☆ Toyota slashes leasing fee for troubled EV to rekindle orders
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +3 min

[1/2] A worker prepares 2023 Toyota Electric bZ4X at the 2022 New York International Auto Show, in Manhattan, New York City, U.S., April 13, 2022. Starting Wednesday, the application fee is 385,000 yen while the monthly cost is 1,100 yen cheaper. Those who signed up beforehand are eligible for a discount, said Shinya Kotera, president of KINTO, the Toyota unit offering the leases. Just a year into its $38 billion EV plan, Toyota is already considering starting again to better compete in a market growing beyond the automaker's projections, Reuters reported on Monday. ($1 = 148.7900 yen)Reporting by Satoshi Sugiyama and Maki Shiraki; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ Japan PM appoints ex-health min Goto as next economy minister
▼ + stars: | 2022-10-25 | by ( Kantaro Komiya | ) www.reuters.com time to read: +1 min

TOKYO, Oct 25 (Reuters) - Japanese Prime Minister Fumio Kishida on Tuesday appointed former health minister Shigeyuki Goto as the next economy minister after the incumbent abruptly resigned amid criticism over his links to a controversial religious group. Speaking to reporters on Tuesday, Kishida said he picked Goto based on his "political experience, high presentation skills and passion for economic and social reforms." Register now for FREE unlimited access to Reuters.com RegisterYamagiwa became the first minister to resign from Kishida's government and the highest profile political casualty thus far from a widening scandal sparked by the killing of former Prime Minister Shinzo Abe in July. The suspect in the killing bore a grudge against the Unification Church, alleging it bankrupted his mother, and blamed Abe for promoting it. Register now for FREE unlimited access to Reuters.com RegisterReporting by Kentaro Sugiyama Editing by Chang-Ran KimOur Standards: The Thomson Reuters Trust Principles.

Register now for FREE unlimited access to Reuters.com RegisterAfter the dollar rose to 151.94 yen , its highest since 1990, the intervention drove the greenback down more than 7 yen to a low of 144.50 yen. The Ministry of Finance (MOF) intervened in several stages from around 9:35 p.m. (1235 GMT), one source said. Japan's top currency diplomat, Masato Kanda, also declined to say whether the MOF had intervened. Many market players doubt whether Tokyo can reverse the yen's downtrend with solo intervention, even with Japan's $1.33 trillion in foreign reserves. Japan bought a record 3.6 trillion yen ($24 billion) in the September action, Tokyo money market brokerage firms estimated.

☆ Japan's Nidec posts 16% jump in Q2 operating profit to record
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +2 min

The Kyoto-based company reported 51.71 billion yen ($347.21 million) in operating profit for the three months through September, just short of a 52.3 billion yen average of five analyst estimates, according to Refinitiv data. A year earlier, it earned 44.59 billion yen. Nidec's shares dipped 2.9% during the second quarter and have dropped 41.1% this year so far. The company kept its full-year operating profit forecast of 210 billion yen for the year ending March 31. That compared with the 211 billion yen average of 21 analyst forecasts.

After the dollar rose to 151.94 yen , its highest since 1990, the intervention drove the Japanese currency down more than 7 yen to a low of 144.50 yen. Register now for FREE unlimited access to Reuters.com RegisterThe Ministry of Finance (MOF) intervened in several stages from around 9:35 p.m. (1235 GMT), one source said. Speaking to reporters shortly after the yen spiked, Japan's top currency diplomat, Masato Kanda, declined to comment on whether the MOF had intervened, according to Jiji news agency. Many market players doubt whether Tokyo can reverse the yen's downtrend with solo intervention, even with Japan's $1.33 trillion in foreign reserves. Japan bought a record 3.6 trillion yen ($24 billion) in the September action, Tokyo money market brokerage firms estimated.

☆ Toyota expects to cut full-year output target due to chip shortage
▼ + stars: | 2022-10-21 | by ( ) www.reuters.com time to read: +2 min

A Toyota logo is displayed at the 89th Geneva International Motor Show in Geneva, Switzerland March 5, 2019. The Japanese company has been under scrutiny over whether it can stick to its annual production target of a record 9.7 million vehicles after it missed interim goals in the first four months of the fiscal year that began in April. A revised target will be disclosed once the outlook for production becomes clearer, a Toyota spokesperson said. It has slashed its global production target for the last financial year three times, reducing it from 9.3 million in May 2021 to 8.5 million in February. It ended up producing about 8.6 million vehicles in the last financial year to March 31.

☆ MOF's Suzuki: Japan will act resolutely on forex volatility - Kyodo
▼ + stars: | 2022-10-15 | by ( ) www.reuters.com time to read: 1 min

TOKYO, Oct 15 (Reuters) - There are no changes to Japan's position that it will act resolutely in case of volatility in the currency market, the Kyodo news agency quoted Japan's Finance Minister Shunichi Suzuki as saying on Saturday. The dollar jumped about 1% to a 32-year high 148.83 yen on Friday as investors remained focussed on the policy divergence between the U.S. Federal Reserve's aggressive interest rate hikes and the Bank of Japan's ultra-low rates. Register now for FREE unlimited access to Reuters.com RegisterReporting by Satoshi Sugiyama; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.

☆ Battery maker Envision AESC seeking potential investors to fund expansion-CEO
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: +3 min

ZAMA, Japan, Oct 14 (Reuters) - Chinese renewable energy group Envision's battery business is seeking potential investors, as it looks to fund a planned 30-fold expansion in its battery production capacity for electric vehicles (EV), the unit's chief executive said. Envision AESC has also said it plans to supply batteries for Honda Motor Co (7267.T) and Mercedes-Benz (MBGn.DE). The company hopes to break into the top-tier EV supply rankings by leveraging its more than a decade of battery production experience. Matsumoto said the company is aiming to expand its share in the global EV battery market by roughly five times to about 15% by 2025 or 2026. Solid-state battery technology involves a high-capacity energy storage device that improves on lithium-ion batteries, replacing the liquid or gel-form electrolyte with a solid, conductive material.

Sony Honda Mobility said on Thursday it was aiming to deliver the first of the unnamed EV by 2026, starting in the United States, and will sell them online. Honda has about 1,100 Honda dealers and 270 Acura dealers. "I get teaming up with Sony, but it should be done in conjunction with the dealer network, not outside it," he added. Sony Honda officials promised the vehicle - to be built at one of Honda's Ohio plants - will include advanced driver-assist features and a new software system developed by Sony that offers cloud-connected services that generate recurring revenue. Sony Honda officials declined to say under what brand the vehicle will be sold.

TOKYO, Oct 13 (Reuters) - A joint venture set up by Japan's Sony Group Corp (6758.T) and Honda Motor (7267.T) is aiming to deliver its first electric vehicles by 2026 and will sell them online, starting in the United States and Japan. The update from the joint venture, Sony Honda Mobility, is the first since the two companies launched the project in June. Sony will provide the software system for the new car, from the onboard controllers to cloud-based services that will connect with entertainment and payment systems. The still-to-be named EV will likely be manufactured by Honda at one of its plants in Ohio. The new EV will be delivered to the Japanese market in the second half of 2026.

☆ Sony, Honda mobility venture to deliver new EV to U.S. in spring of 2026
▼ + stars: | 2022-10-13 | by ( ) www.reuters.com time to read: +1 min

TOKYO, Oct 13 (Reuters) - A joint venture set up by Japan's Sony Group Corp (6758.T) and Honda Motor (7267.T) will deliver electric vehicles (EV) to the U.S. market in the spring of 2026, a top executive said on Thursday. The new EV will be delivered to the Japanese market in the second half of 2026, said Yasuhide Mizuno, the joint venture's chairman and chief executive, and a senior Honda executive. The two companies officially agreed to the equally owned joint venture, Sony Honda Mobility, in June, with each of them investing 5 billion yen ($34.05 million) in the new venture. Honda is under pressure from investors to make cars that are carbon-free and equipped with newer technology such as self-driving features. Like its bigger rival Toyota Motor (7203.T), it has been slow to shift its fleet to electric, offering only one EV known as Honda e.($1 = 146.8300 yen)Register now for FREE unlimited access to Reuters.com RegisterReporting by Satoshi Sugiyama; Editing by Ana Nicolaci da CostaOur Standards: The Thomson Reuters Trust Principles.

☆ Toyota opens new Myanmar plant put on hold following coup
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: +2 min

TOKYO, Oct 12 (Reuters) - Toyota Motor Corp (7203.T) said on Wednesday it had begun assembling cars at a new plant in Myanmar that was put on hold for more than 19 months after a military coup and during the coronavirus pandemic. Japanese companies and other multinationals have faced pressure to pull out of investments in Myanmar that are perceived to benefit the military. Human Rights Watch, a leading advocacy group, called for Toyota and any other companies seeking to invest or resume operation in Myanmar to conduct human rights due diligence. "Toyota should certainly refrain from doing business with Myanmar military owned conglomerates ... as well as their subsidiaries," said Teppei Kasai, the organisation's Asia programme officer. The Toyota plant is in the Thilawa Special Economic Zone, a manufacturing and logistics hub outside the business hub of Yangon built with Japanese investment.

☆ Toyota begins production at Myanmar plant hit by coup
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: 1 min

TOKYO, Oct 12 (Reuters) - Japan's Toyota Motor Corp (7203.T) has begun production at a plant in Myanmar whose launch was delayed by a military coup, the company said on Wednesday. In a statement, the automaker said production began in September, with one to two units a day. The assembly plant near Yangon was supposed to start operation in February 2021 but was delayed by the coup, it added. Register now for FREE unlimited access to Reuters.com RegisterReporting by Satoshi Sugiyama; Editing by Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

☆ Nissan takes $687 mln loss as sells Russian business for 1 euro
▼ + stars: | 2022-10-11 | by ( ) www.reuters.com time to read: +3 min

A view shows the logo of Nissan on a car in Moscow, Russia, July 6, 2016. The Japanese automaker transfer its shares in Nissan Manufacturing Russia LLC to state-owned NAMI, it said. The deal will give Nissan the right to buy back the business within six years, Russia's industry and trade ministry said. The deal makes Nissan the latest major company to leave Russia since Moscow sent tens of thousands of troops into Ukraine in February. The Nissan deal was "of great significance for the industry," Russia's Industry and Trade Minister Denis Manturov said in a statement.

☆ Japan's Nidec says no truth to report about inappropriate buybacks
▼ + stars: | 2022-10-11 | by ( ) www.reuters.com time to read: 1 min

TOKYO, Oct 11 (Reuters) - Japan's Nidec Corp (6594.T) said on Tuesday it was "absolutely not true" that it had engaged in inappropriate handling of share buybacks, responding to a report from magazine Toyo Keizai. Nidec, a major manufacturer of electric motors, said it was considering various options, including taking legal action against the publication. A spokesperson for Toyo Keizai was not immediately available for comment. Shares of Nidec finished the morning session in Tokyo down 8.7%. Register now for FREE unlimited access to Reuters.com RegisterReporting by David Dolan and Satoshi SugiyamaOur Standards: The Thomson Reuters Trust Principles.

From Tuesday, Japan will reinstate visa-free travel to dozens of countries, ending some of world's strictest border controls to slow the spread of COVID-19. Just over half a million visitors have come to Japan so far in 2022, compared with a record 31.8 million in 2019. GHOST TOWNNarita Airport, Japan's biggest international airport some 70 kilometres from Tokyo, remains eerily quiet, with about half of its 260 shops and restaurants shuttered. Whether overseas visitors wear face masks and abide by other common infection controls in Japan is another concern. "From the start of the pandemic until now, we've had just a few foreign guests," said Tokyo innkeeper Sawa.

The talks, which could prompt the biggest reset in the alliance since the 2018 arrest of longtime executive Carlos Ghosn, have included consideration of Renault selling some of its Nissan stake, two people with knowledge of them said. Renault and Nissan said in a joint statement that they were "engaged in trustful discussions around several initiatives" including a potential Nissan investment in the EV venture and what they called "structural improvements" in their alliance. In exchange for investing in the EV venture, Nissan is looking to Renault to reduce its stake in the Japanese automaker, a person familiar with the talks said. Nissan may consider raising funds to buy back the shares held by Renault, one person told Reuters. Nissan may need to raise funds to buy the shares back from Renault, the source added.

☆ Toyota global vehicle output rises 44.3% in Aug to record for month
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +3 min

TOKYO, Sept 29 (Reuters) - Toyota Motor Corp (7203.T) said on Thursday its global vehicle production grew at a record pace for the month of August, as the sector recovered from the COVID-19 pandemic and production capacity increased, mainly overseas. Vehicle production soared 44.3% in August year-on-year, the first increase since March. The world's largest automaker by sales produced 766,683 vehicles worldwide last month, above its target of around 700,000 and above year-ago output of 531,448. Still, Toyota said the outlook remained uncertain due to the global chips shortage and COVID-19 outbreaks. Last week, the company said it plans to produce about 800,000 vehicles worldwide in October, about 100,000 short of its average monthly production plan, due to semiconductor shortages.

☆ Toyota global vehicle production up 44.3% in Aug, record for that month
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +2 min

TOKYO, Sept 29 (Reuters) - Toyota Motor Corp (7203.T) said on Thursday global vehicle production grew at a record pace for the month of August, as the sector recovered from the COVID-19 pandemic and production capacity increased, mainly overseas. Vehicle production soared 44.3% in August year-on-year, the first increase since March. The world's largest automaker by sales produced 766,683 vehicles worldwide last month, above its target of around 700,000 and above the year-ago output of 531,448. Register now for FREE unlimited access to Reuters.com RegisterOutput increased mainly overseas in August, with domestic production up 5.6% year-on-year and overseas production jumping by 65.1% from a year ago, also a record rise for the month of August. Overseas sales also hit a record for the month of August, driven by a rebound from a decline in sales last year due to coronavirus outbreaks in China and the rest of Asia.

☆ Sollers in talks to buy Mazda out of Russian joint venture
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: +2 min

Register now for FREE unlimited access to Reuters.com RegisterEmployees work on the production line of the CX-5 model car at the Mazda Sollers Manufacturing Rus joint venture plant of Sollers and Japanese Mazda in Vladivostok, Russia September 10, 2018. Valery Sharifulin/TASS Host Photo Agency/Pool via REUTERS/File PhotoSummarySummary Companies This content was produced in Russia where the law restricts coverage of Russian military operations in UkraineMOSCOW, Sept 26 (Reuters) - Russian automaker Sollers (SVAV.MM) is in talks with Mazda Motor Corp (7261.T) about buying the Japanese company's stake in their Russian joint venture, Sollers said on Monday, as Mazda prepares to wind down operations in Russia. The Nikkei newspaper on Saturday first reported the talks with Sollers. Sollers said it was in talks with Mazda over stopping car production in Vladivostok and on buying out Mazda's stake in the venture. A Mazda spokesperson said the company was discussing ending vehicle production in Vladivostok, without giving details.

☆ Mazda discussing ending production in Russia - Nikkei
▼ + stars: | 2022-09-24 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterA Mazda logo is displayed at the 89th Geneva International Motor Show in Geneva, Switzerland March 5, 2019. REUTERS/Pierre AlbouyTOKYO, Sept 24 (Reuters) - Japan's Mazda Motor Corp (7261.T) is discussing ending production of its vehicles at a joint venture plant in Vladivostok, eastern Russia, the Nikkei newspaper reported on Saturday. Mazda has not made a decision about ending car sales and maintenance operations in Russia, the newspaper said. Register now for FREE unlimited access to Reuters.com RegisterA Mazda spokesperson was not immediately available for comment. Register now for FREE unlimited access to Reuters.com RegisterReporting by Satoshi Sugiyama; editing by Clelia OzielOur Standards: The Thomson Reuters Trust Principles.

Banknotes of Japanese yen are seen in this illustration picture taken September 22, 2022. Almost a quarter of Japanese manufacturers' production is carried out overseas, according to the latest trade ministry data. The weak yen drives up the cost of acquiring businesses overseas, although that could be less of a concern for many cash-rich Japanese firms. At the same time, the weak yen makes Japanese companies cheaper targets for foreign buyers. For retailers, the weak yen has been particularly painful, as it drives up costs, including for energy and food.

☆ Toyota to produce 800,000 vehicles in October, weighed by chips shortage
▼ + stars: | 2022-09-22 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterToyota's logo is seen at a Toyota Society Motors showroom in Karachi, Pakistan, July 27, 2022. The world's largest automaker by sales said last month it aimed to produce about 900,000 vehicles per month from September through November. It now expects to produce about 850,000 vehicles per month on average from October to December, it said on Thursday. According to its October production plan, Toyota will suspend production for up to 12 days for 10 lines at seven domestic factories. Register now for FREE unlimited access to Reuters.com RegisterReporting by Satoshi Sugiyama; editing by Mark Potter and Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

☆ Russia's invasion of Ukraine tramples U.N. charter: Japan PM
▼ + stars: | 2022-09-21 | by ( ) www.reuters.com time to read: +2 min

Japan's Prime Minister Fumio Kishida addresses the 77th Session of the United Nations General Assembly at U.N. Headquarters in New York City, U.S., September 20, 2022. REUTERS/Eduardo MunozTOKYO, Sept 21 (Reuters) - Japanese Prime Minister Fumio Kishida, addressing the United Nations General Assembly on Tuesday, condemned Russia's invasion of Ukraine as destabilising the international order to its core and said the rule of law, not coercion by power, should prevail. "Russia's invasion of Ukraine is a conduct that tramples the philosophy and principles of the U.N. charter ... Kishida, who hails from Hiroshima, the first city to ever suffer an atomic bombing, also denounced the threat of nuclear weapons by Russia. Last month, a Russian diplomat said at the United Nations that the conflict in Ukraine did not warrant Russia's use of nuclear weapons, but Moscow could decide to use its nuclear arsenal in response to "direct aggression" by NATO countries over the invasion.

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