TOKYO — Isuzu Motors is under pressure in the crucial market of Thailand, where tougher borrowing conditions are squeezing buyers of its pickup trucks. Thailand’s new-vehicle sales fell 21% on the year in April, the 11th straight month of decline. Light trucks — the workhorse of the Thai auto market — have been the hardest hit… Continue reading Isuzu pickup trucks, big in Thailand, face uphill climb over interest rates
Author: Nikki News Feed
Japan’s April GDP grew 0.6% on recovery in auto manufacturing: JCER
TOKYO — Japan’s economy grew by an annualized 0.6% in April from the previous month, supported by a recovery in automobile shipments, according to an estimate by the Japan Center for Economic Research. “In April, shipments of consumer goods increased, especially automobiles, and private consumption was also in a positive trend,” the think tank said… Continue reading Japan’s April GDP grew 0.6% on recovery in auto manufacturing: JCER
Evergrande EV unit’s shares fall on order to repay over $260m in subsidies
HONG KONG — Chinese authorities have demanded that the electric vehicle unit of embattled property developer China Evergrande Group repay 1.9 billion yuan ($262 million) in subsidies, dealing a fresh blow to its stock. Some subsidiaries of the EV maker failed to meet their contractual obligations, according to a disclosure filed to the Hong Kong… Continue reading Evergrande EV unit’s shares fall on order to repay over $260m in subsidies
Xiaomi to double EV driver assistance developers by 2025
GUANGZHOU — Xiaomi, a new challenger in China’s EV wars, plans to double its developers of driver assistance technology to 2,000 by 2025 as it seeks an edge on rivals. The company, which made its name as a smartphone maker before rolling out its first electric vehicle in March, will increase the staff to 1,500 developers by the end of… Continue reading Xiaomi to double EV driver assistance developers by 2025
Volkswagen leans on Xpeng to mount EV comeback in China
SHANGHAI/FRANKFURT, Germany — After falling behind in China’s increasingly electrified auto market, Volkswagen Group is trying to catch up through a partnership with Chinese electric-vehicle maker Xpeng. This year marks the 40th anniversary of a Volkswagen joint venture with Shanghai’s SAIC Motor. As demand for gasoline vehicles drops off, Volkswagen faces a turning point in… Continue reading Volkswagen leans on Xpeng to mount EV comeback in China
Nissan turns to low-cost samarium-iron motor magnet for EV future
TOKYO — Nissan Motor’s goal to drive down the cost of electric vehicles is expected to hinge on a motor magnet it created using inexpensive material. The magnet was recently developed by using samarium-iron, a rare-earth alloy. The Japanese automaker plans to bring the magnet to commercial feasibility by fiscal year 2030, which ends March… Continue reading Nissan turns to low-cost samarium-iron motor magnet for EV future
Turkey to impose 40% additional tariff on vehicle imports from China
ISTANBUL (Reuters) — Turkey will impose a 40% additional tariff on imports of vehicles from China to halt a possible deterioration of its current account balance and protect domestic automakers, the trade ministry said on Saturday. China is facing increasing trade pressures worldwide over its growing exports of electric vehicles, which many countries claim are… Continue reading Turkey to impose 40% additional tariff on vehicle imports from China
Toyota testing scandal wipes $18bn from market cap
NAGOYA, Japan — Toyota Motor’s market capitalization has dropped roughly 2.9 trillion yen ($18.5 billion) after a safety scandal became public this week, as investors call into question group governance. Toyota on Monday acknowledged irregularities in safety tests for model certification following an internal investigation ordered by Japan’s transport ministry. The automaker’s share price fell… Continue reading Toyota testing scandal wipes $18bn from market cap
Suzuki to shut down auto plant in Thailand by 2025
TOKYO — Suzuki Motor on Friday announced it will close a subsidiary’s auto plant in Thailand by the end of 2025 amid sluggish sales in the country and the automaker’s decision to focus on global production sites with more promising markets. Suzuki Motor Thailand (SMT) was established in 2011, following the Thai government’s announcement in… Continue reading Suzuki to shut down auto plant in Thailand by 2025
Vingroup guards red-ink EV unit VinFast by selling off retail cash cow
HANOI — Vietnamese conglomerate Vingroup is selling off main businesses and planning stock market listings in a scramble to raise funds for its loss-making VinFast EV business, raising concerns about the group’s future cash flow. Vingroup is moving forward with plans to sell Vincom Retail, which operates large commercial facilities in over 80 locations across… Continue reading Vingroup guards red-ink EV unit VinFast by selling off retail cash cow