KYOTO/DALIAN — Nidec, the world’s largest motor manufacturer, will set up a new research and development facility in China for drive motors used in electric vehicles, Nikkei has learned, hoping to counter risks arising from Sino-U.S. tensions and also take in Chinese demand. The Japanese company plans to also develop motors for use in elderly… Continue reading Nidec to set up motor R&D site in China amid Sino-US tensions
Author: Nikki News Feed
China’s Geely Auto to raise $825m from equity issue
GUANGZHOU — Geely Automobile Holdings will raise up to 6.4 billion Hong Kong dollars ($825 million) through a sale of new shares, the Chinese company said Friday, aiming to shore up finances as car sales languish. The automaker plans to offer 600 million new shares in the Hong Kong market, where it is listed. The float will… Continue reading China’s Geely Auto to raise $825m from equity issue
SoftBank leads $500m funding in Chinese ride-hailer Didi
HONG KONG/TOKYO China’s largest ride-hailing company Didi Chuxing has raised $500 million for its autonomous driving subsidiary in a funding round led by SoftBank. The investment, the largest single funding round in China’s autonomous driving sector, marks Didi’s growing ambition in developing its own self-driving fleets as competition heats up and more companies begin launching… Continue reading SoftBank leads $500m funding in Chinese ride-hailer Didi
Nissan recovery plan seen as start of long journey by investors
TOKYO — The massive restructuring plans laid out by Nissan Motor that led to its worst loss in 20 years have not dispelled doubts among investors and analysts about whether the Japanese carmaker is now fully on the road to recovery. Nissan is likely to face more restructuring costs, and CEO Makoto Uchida will need… Continue reading Nissan recovery plan seen as start of long journey by investors
Nissan reports $6.2bn annual net loss, worst in 20 years
TOKYO — Nissan Motor has posted a net loss of 671 billion yen ($6.2 billion) for the year ended in March as the new coronavirus outbreak devastated sales and the carmaker started a big restructuring to cut costs. The annual financial result exceeds the company’s net loss of 233 billion yen for the 12 months… Continue reading Nissan reports $6.2bn annual net loss, worst in 20 years
Nissan to resume US production on Monday
TOKYO — Nissan Motor will begin restarting operations at its U.S. plants on Monday, a move that comes three weeks after Japanese rivals Toyota Motor and Honda Motor resumed North American production. A vehicle assembly plant in Canton, Mississippi, will resume production on Monday, per Nissan’s reopening plan, with one in Smyrna, Tennessee, to follow… Continue reading Nissan to resume US production on Monday
Nissan plans $2.8bn cost cut, scaling back US factory
TOKYO — Nissan Motor plans to scrap a production line at one of its two U.S. auto assembly plants as part of an effort to cut 300 billion yen ($2.79 billion) in annual costs, Nikkei learned Tuesday. The closure of a line at the factory in Canton, Mississippi, is expected to reduce the Japanese automaker’s… Continue reading Nissan plans $2.8bn cost cut, scaling back US factory
US arrests ex-Green Beret and son accused of aiding Ghosn’s escape
NEW YORK — U.S. authorities have arrested two of the three men accused of aiding former Nissan Motor Chairman Carlos Ghosn’s escape from Japan. Michael Taylor (59), a former U.S. Green Beret, and his son, Peter Taylor (27), were taken into custody in Massachusetts on Wednesday, according to federal prosecutors. The suspects had booked flights to Beirut… Continue reading US arrests ex-Green Beret and son accused of aiding Ghosn’s escape
Tencent and Honda partner to develop auto infotainment system
GUANGZHOU — Chinese internet services giant Tencent Holdings and Japanese carmaker Honda Motor announced on Monday a tie-up to develop in-car infotainment systems for the Chinese market. The two companies aim to create a system that lets motorists make online payments and enjoy audio entertainment and other services safely while driving. The alliance comes as Tencent looks to expand in… Continue reading Tencent and Honda partner to develop auto infotainment system
Chinese EV startup accuses Tesla of ‘bullying’ over IP lawsuit
Chinese electric vehicle startup Xpeng Motors accused Tesla Inc. of being a bully, firing the latest legal salvo in the companies’ ongoing battle over alleged intellectual property theft. Tesla earlier this year asked a U.S. federal judge to grant it access to Xpeng’s company files — including those on the company chairman’s own computer — as… Continue reading Chinese EV startup accuses Tesla of ‘bullying’ over IP lawsuit