FRANKFURT — Japan’s Toyota Motor and Nissan Motor are demanding that the British government cover additional tariffs that could arise if the country cannot conclude a free-trade agreement with the European Union, Nikkei learned on Monday. The U.K., which left the EU in late January, is in a transition period that allows the country to… Continue reading Toyota and Nissan demand UK cover tariffs if no EU deal reached
Author: Nikki News Feed
Hyundai to more than double Vietnam auto output with new plant
HANOI — Hyundai Motor has begun work on a second plant in Vietnam that will boost its capacity by 140% in a growing market. The South Korean automaker will invest 3.2 trillion dong ($138 million) in the Ninh Binh Province site, which is slated to come online in phases starting in 2022. The plant will… Continue reading Hyundai to more than double Vietnam auto output with new plant
Toray boosts carbon fiber output for fuel cell vehicles by 50%
TOKYO — Japanese materials maker Toray Industries will ramp up production of carbon fiber for fuel cell vehicles in the U.S. and Japan by 50% this fiscal year, Nikkei has learned, pivoting to a field expected to see growth as demand from the aviation industry tumbles. The company will switch over production lines for aircraft materials to make… Continue reading Toray boosts carbon fiber output for fuel cell vehicles by 50%
Chinese EV startup WM Motor raises $1.5bn in biggest funding round
HONG KONG — Electric vehicle startup WM Motor, one of China’s ambitious challengers to Tesla, said it raised 10 billion yuan ($1.47 billion) from a group of state-backed investors — among others — after the successful stock market listings of bigger domestic rivals. The latest round of fundraising was led by the investment arm of the… Continue reading Chinese EV startup WM Motor raises $1.5bn in biggest funding round
Mitsubishi Motors to stop making first mass-produced EV
TOKYO — Mitsubishi Motors will stop making the world’s first mass-produced electric passenger car, the i-MiEV, as early as the end of fiscal 2020, Nikkei has learned. Sales of i-MiEVs have been sluggish, and the cars lag behind those of rivals in cruising distance and other factors. Mitsubishi Motors has marketed i-MiEVs since 2009 in… Continue reading Mitsubishi Motors to stop making first mass-produced EV
LG Chem to spin off battery unit amid rising EV demand
SEOUL — LG Chem is to spin off its battery business in December, seeking to capitalize on rising interest in the sector as global demand for electric vehicles rises. The South Korean company said on Thursday that its board had approved the plan for a new subsidiary, tentatively named LG Energy Solution. The decision is subject to shareholder approval… Continue reading LG Chem to spin off battery unit amid rising EV demand
Nissan to issue $8bn in US-dollar corporate bonds
TOKYO — Nissan Motor will issue $8 billion in U.S. dollar-denominated corporate bonds to offset expected sluggish sales due to the pandemic, hoping to shore up cash reserves to help weather the crisis. Nissan issued domestic corporate bonds in July for the first time in four years. Due to the company’s low rating, the amount… Continue reading Nissan to issue $8bn in US-dollar corporate bonds
Nissan’s record loan guarantee spotlights lack of transparency
TOKYO — The Japanese government’s de facto guarantee of a record 130 billion yen ($1.22 billion) in emergency loans to Nissan Motor underscores a lack of transparency over coronavirus-related rescue programs for businesses. The Development Bank of Japan extended over 1.88 trillion yen in crisis response loans between March and July as the virus damaged the national and… Continue reading Nissan’s record loan guarantee spotlights lack of transparency
Vietnam automaker VinFast unveils $164k SUV to burnish brand
HO CHI MINH CITY — VinFast, the automaker founded by Vietnam’s richest man, has unveiled an SUV for his well-to-do compatriots. Priced at $164,000, the luxury VinFast President went on sale Monday and will have a production run of just 500 vehicles, because it is “exclusively for the Vietnamese market,” according to a statement from the… Continue reading Vietnam automaker VinFast unveils $164k SUV to burnish brand
Honda and GM join hands to develop cars in North America
General Motors and Honda Motor have teamed up to make a range of vehicles in North America, deepening their ties as carmakers come under pressure to share technology and costs to meet demands for cleaner vehicles. Under the alliance, Honda and GM intend to share common vehicle platforms, including electrified and internal combustion propulsion systems, the U.S. carmaker… Continue reading Honda and GM join hands to develop cars in North America