TOKYO — Mazda Motor will retract its goal of selling about 1.8 million vehicles worldwide by fiscal 2024 as the Japanese automaker struggles with the impact of the coronavirus pandemic, Nikkei has learned. Mazda’s vehicle sales plummeted by a quarter in the first half of this year, further dimming prospects for reaching the target. The company is expected to announce the… Continue reading Mazda slams brakes on 1.8m auto sales goal after less than a year
Author: Nikki News Feed
Inspired by Tesla, China’s EV startups race for IPO
HONG KONG — Chinese electric vehicle startups are racing for stock market debuts, inspired by a surge of investor interest in Tesla as they seek to beef up balance sheets in the face of strong industry headwinds. Beijing-based Li Auto will make an initial public offering on Nasdaq on Friday to raise as much as… Continue reading Inspired by Tesla, China’s EV startups race for IPO
Twin storms batter struggling Nissan-Renault-Mitsubishi alliance
TOKYO — It has only been a few months since the carmakers that form the Renault-Nissan-Mitsubishi alliance announced some of the most dire annual results in their history — but anyone who thought that marked the end of their trials has been roundly disabused of the notion. Renault announced Thursday that it posted a record… Continue reading Twin storms batter struggling Nissan-Renault-Mitsubishi alliance
Japan AI unicorn Preferred Networks seeks greener pastures
TOKYO — Preferred Networks, a Japanese artificial intelligence startup, is looking for new lines of business. Although the company enjoys backing from a number of big names in Japan, its latest move is motivated by its founder’s growing unease over how long it is taking to develop practical uses for its technology. Preferred Networks was… Continue reading Japan AI unicorn Preferred Networks seeks greener pastures
Maruti Suzuki reports first-ever quarterly loss on Indian lockdown
TOKYO — India’s leading automaker Maruti Suzuki on Wednesday posted a 2.67 billion rupee ($35.7 million) net loss for the quarter ended in June, its first red ink since going public in 2003. The dubious milestone owes entirely to the novel coronavirus, which forced India to impose a two-month lockdown this spring. Quarterly sales plunged 72% on… Continue reading Maruti Suzuki reports first-ever quarterly loss on Indian lockdown
Mitsubishi Motors losses to hit $3.4bn in FY2020 due to COVID
TOKYO — Mitsubishi Motors said on Monday it expects a group net loss of 360 billion yen ($3.4 billion) for the year ending March 2021, marking the second straight year of red ink, as sales cratered due to the coronavirus pandemic. Mitsubishi, which is owned 34% by Nissan Motor, expects sales to drop 35% to… Continue reading Mitsubishi Motors losses to hit $3.4bn in FY2020 due to COVID
Toyota pushes suppliers for out-of-cycle price cuts
TOKYO/NAGOYA — Toyota Motor has asked suppliers to lower prices on certain parts, citing sluggish sales and a drop in material costs amid the coronavirus, Nikkei has learned, in a move that could hit earnings in the sprawling supply chain of one of the world’s largest automakers. Toyota has sent price reduction requests to companies… Continue reading Toyota pushes suppliers for out-of-cycle price cuts
Chinese EV maker Li Auto aims to raise up to $950m in growth push
HONG KONG (Reuters) — Chinese electric vehicle maker Li Auto Inc, backed by food delivery giant Meituan Dianping, has launched an initial public offering of up to $950 million, in one of the biggest U.S. listings by Chinese companies this year. The five-year-old automaker, formerly known as CHJ Automotive, is selling 95 million American depositary shares… Continue reading Chinese EV maker Li Auto aims to raise up to $950m in growth push
Mitsubishi Motors to close SUV plant in Japan by 2023 to cut capacity
TOKYO — Mitsubishi Motors has started making the final arrangements for the closure of a car plant of subsidiary Pajero Manufacturing within three years, sources familiar with the matter said on Wednesday, Nikkei has learned. The Pajero Manufacturing plant, which is based in the Gifu Prefecture town of Sakahogi, has produced cars such as the Pajero… Continue reading Mitsubishi Motors to close SUV plant in Japan by 2023 to cut capacity
Xpeng raises $500m as Chinese EV makers step up capital hunt
HONG KONG — Xpeng Motors, one of China’s most high-profile electric vehicle startups, has secured $500 million in its latest funding round, giving it further firepower as rivals join an intensifying hunt for capital to ensure their survival. The new funds came from investors including Aspex, Coatue, Hillhouse and Sequoia Capital China, seven months after… Continue reading Xpeng raises $500m as Chinese EV makers step up capital hunt