GUANGZHOU — The world’s largest maker of batteries for electric vehicles, China’s CATL, says it will rev up production even higher, spending up to 29 billion yuan ($4.49 billion) to build or upgrade domestic factories to meet growing demand. This is in addition to plans Contemporary Amperex Technology Ltd. unveiled last year to boost capacity at a cost of… Continue reading EV-battery giant CATL to boost capacity with $4.5bn investment
Author: Nikki News Feed
Toyota to produce record 9.2m vehicles in 2021
NAGOYA, Japan — Toyota Motor expects to produce a record number of vehicles this year, a sign that the Japanese carmaker has overcome the negative impact of COVID-19 and is shooting for an aggressive expansion, Nikkei has learned. Toyota plans to produce around 9.2 million vehicles worldwide through next December, up 17% from the previous… Continue reading Toyota to produce record 9.2m vehicles in 2021
Panasonic enjoys lift from Tesla but perils lurk ahead
OSAKA — Panasonic now expects group net profit of 150 billion yen ($1.43 billion) for the year ending in March, the company said Tuesday, as its battery supply business with U.S. electric-vehicle maker Tesla is expected to go into the black over a 12-month period for the first time. The figure still represents a 34% slide for the year,… Continue reading Panasonic enjoys lift from Tesla but perils lurk ahead
Mitsubishi Motors slows pandemic slide as Southeast Asia recovers
TOKYO — Mitsubishi Motors upgraded its full-year earnings guidance Tuesday thanks to a recovery in the Southeast Asian market and shrinking overhead costs, putting the company on course to potentially return to the black in fiscal 2021. The Japanese automaker now projects a 330 billion yen ($3.14 billion) net loss for the year ending March. The figure represents an upgrade of… Continue reading Mitsubishi Motors slows pandemic slide as Southeast Asia recovers
SK Innovation boosts EV battery push with $1bn plant in Hungary
SEOUL — SK Innovation will spend 1.27 trillion won ($1.14 billion) to build its third automotive battery factory in Hungary as the South Korean company readies capacity on three continents to supply power sources for the fast-growing electric vehicle market. The third factory is slated to come online in 2024 after a second Hungarian site opens in 2022. Another… Continue reading SK Innovation boosts EV battery push with $1bn plant in Hungary
EV startup Faraday Future seeks $1bn in backdoor Nasdaq listing
Faraday Future, a California-based electric-vehicle startup founded by fugitive Chinese tech entrepreneur Jia Yueting, is seeking to go public on the Nasdaq stock exchange and raise around $1 billion by merging with a special purpose acquisition corporation (SPAC). The troubled EV startup said Thursday that it is merging with SPAC Property Solutions and expects to… Continue reading EV startup Faraday Future seeks $1bn in backdoor Nasdaq listing
Japan’s Renesas moves more automotive chip production in-house
TOKYO — Japan’s Renesas Electronics is fabricating more of its automotive semiconductors in-house as contract manufacturers are swamped with orders, Nikkei learned Thursday. The switch primarily affects 40-nanometer microcontrollers, as Renesas appears to have lifted the ratio of in-house fabrication for that item. The company did not disclose the scale of the shift. Much of… Continue reading Japan’s Renesas moves more automotive chip production in-house
TSMC puts auto chip output in fast lane to ease global crunch
TAIPEI — Taiwan Semiconductor Manufacturing Co. is to fast-track crucial chips for cars in a dramatic move by the world’s biggest contract chipmaker to ease a semiconductor shortage that is crippling the global automotive industry, Nikkei Asia has learned. TSMC expects to bring in so-called “super hot runs” for automotive chips to cut production cycle… Continue reading TSMC puts auto chip output in fast lane to ease global crunch
Isuzu to source truck engines from Cummins for key models
TOKYO — Isuzu Motors will outsource diesel truck engines to Cummins, a U.S. engine supplier, in a move designed to allow the Japanese commercial vehicle maker to focus on emerging technologies, Nikkei learned on Wednesday. The arrangement begins later this year and is expected to help save tens of millions of dollars in research and… Continue reading Isuzu to source truck engines from Cummins for key models
Nissan to launch only electrified cars in key markets in 2030s
TOKYO — Nissan Motor is set to make all of its new vehicles launched in key markets electrified by the early 2030s, the Japanese carmaker announced Wednesday, as it seeks to achieve carbon neutrality by 2050 amid increasing pressure from investors and other stakeholders for a strong environmental focus. The move follows those of other global… Continue reading Nissan to launch only electrified cars in key markets in 2030s