SEOUL — Shares in Hyundai Motor and its smaller affiliate Kia are slumping on the outlook for its electric vehicle sales in the U.S. after President Joe Biden signed marquee legislation that excludes the South Korean automakers’ EVs from up to $7,500 in consumer tax credits. Hyundai’s stock price fell 2.1% to close at 186,000 won on… Continue reading Hyundai, Kia hit after Biden signs tax, climate and health bill
Author: Nikki News Feed
Samsung SDI sets up battery R&D hubs in U.S. and Germany
SEOUL — South Korean battery supplier Samsung SDI announced on Tuesday that it has established new research and development hubs in the U.S. and Germany. It will work with universities, research institutes and startups in various regions to improve the performance of batteries and develop a new generation as demand for electric vehicles grows. Go to Source
Toyota, Apple suppliers hit by China blackouts amid heat wave
CHONGQING — China’s Sichuan provincial government has issued a notice ordering most factories, including Apple suppliers and a Toyota Motor joint venture, to suspend production until Saturday for planned power outages, as the authorities try to secure sufficient electricity for daily use with demand rising sharply due to the scorching summer weather. Power restrictions have… Continue reading Toyota, Apple suppliers hit by China blackouts amid heat wave
Panasonic to increase EV battery production for Tesla by 10%
OSAKA — Panasonic Holdings will boost production of the electric vehicle batteries it supplies to Tesla by about 10% by 2024. The Japanese company announced in July that it will also build its second EV battery plant in the U.S. in Kansas, but the factory is not expected to be operating until 2024 at the… Continue reading Panasonic to increase EV battery production for Tesla by 10%
U.S. tax credit for EVs out of reach for Toyota, most other Japanese cars
NEW YORK — The Biden administration’s latest move to promote electric vehicles in the U.S. poses a roadblock for Toyota Motor and other Japanese automakers: a requirement to make the cars in North America. Sweeping tax, climate and health care legislation that the White House has dubbed the Inflation Reduction Act provides a tax credit… Continue reading U.S. tax credit for EVs out of reach for Toyota, most other Japanese cars
Chinese-built EVs can cut Japan delivery company’s costs by 30%
TOKYO — Buying electric vans assembled in China will help SBS Holdings, a Japanese logistics company, lower its operating costs by 30%, the company has found in a trial run. The total cost of buying and operating an inexpensive electric van for its logistics business over five years is 30% lower than that of a gasoline-powered… Continue reading Chinese-built EVs can cut Japan delivery company’s costs by 30%
BMW fuel cell SUV to enter mass production as soon as 2025: executive
TOKYO/FRANKFURT — BMW will start mass-producing and selling fuel cell vehicles developed jointly with Toyota Motor as early as 2025, sales chief Pieter Nota told Nikkei, outlining the German automaker’s push into greener cars amid increasingly strict environmental regulations in Europe. BMW unveiled the fuel cell iX5 Hydrogen concept car at the International Motor Show… Continue reading BMW fuel cell SUV to enter mass production as soon as 2025: executive
Japanese, South Korean makers compete for Indonesia’s EV market
JAKARTA — Japanese and South Korean automakers are using an auto show in Indonesia to show off their eco-friendly models as Southeast Asia’s largest economy pushes green technologies to meet ambitious goals for reducing carbon emissions. A total of 25 four-wheeled vehicle brands — 21 passenger cars and four commercial vehicles, mostly from East Asian… Continue reading Japanese, South Korean makers compete for Indonesia’s EV market
Used Land Cruisers fetch over double new price amid Toyota shortage
NAGOYA, Japan — Resale prices of some Toyota models have topped what new ones sell for as Japan’s top automaker keeps car buyers waiting. The median price of the 2022 Land Cruiser ZX reached 17.05 million yen ($129,000) in late July, more than double the manufacturer’s suggested price for the gasoline version of the popular sport utility vehicle, according… Continue reading Used Land Cruisers fetch over double new price amid Toyota shortage
Honda raises profit outlook thanks to weaker yen
TOKYO — Honda Motor on Wednesday upwardly revised its operating profit forecast for the current fiscal year ending March 2023 to reflect the weak yen. The automaker said it now expects 830 billion yen ($6.15 billion) in operating profit for the year through March, a 4.7% decline from the previous fiscal year. The latest figure… Continue reading Honda raises profit outlook thanks to weaker yen