TOKYO — Japanese auto companies will accelerate production in China from May as the country recovers from the coronavirus pandemic earlier than other parts of the world. The carmakers are moving to pump up output to position themselves as they see the massive market re-emerging as the global sales leader. Toyota Motor and Honda Motor… Continue reading Toyota and Honda to ramp up China plants to make up lost output
Author: Nikki News Feed
Mitsubishi Motors seeks $2.8bn in loans
TOKYO — Mitsubishi Motors has requested 300 billion yen ($2.8 billion) in financing from domestic and foreign lenders as the coronavirus pandemic clouds the outlook for the auto industry, Nikkei learned Tuesday. This total includes 200 billion yen from Japanese private- and public-sector financial institutions. The automaker is in talks for a syndicated loan from… Continue reading Mitsubishi Motors seeks $2.8bn in loans
Nissan forecasts up to $886m annual net loss
TOKYO — Nissan Motor downgraded its earnings forecast for the fiscal year ended March to a net loss of as much as 95 billion yen ($886 million), as the company continues to be hit severely by the impact of the novel coronavirus crisis. The Japanese carmaker announced on Tuesday that its net income could be… Continue reading Nissan forecasts up to $886m annual net loss
Hyundai restarts car plants in Russia and Czech Republic
SEOUL — Hyundai Motor has begun resuming operations at Eurasian plants shut down for weeks as a precaution against the spread of the novel coronavirus. The South Korean automaker restarted its Russian assembly plant in St. Petersburg on Monday, followed by Tuesday’s reboot of the factory in the Czech Republic. Hyundai intends to recommence activity at its Turkish… Continue reading Hyundai restarts car plants in Russia and Czech Republic
Hyundai expands R&D hub in India for self-driving tech
SEOUL — The Hyundai Motor group will establish another research and development center in India to produce software for self-driving vehicles, raising its profile in a long-term growth market. Hyundai Mobis, the South Korean group’s main parts supplier, will create a second R&D center near an existing lab in the city of Hyderabad, a tech hub in central… Continue reading Hyundai expands R&D hub in India for self-driving tech
Chinese automakers move into Myanmar to battle Japanese rivals
YANGON — Chinese automakers are ramping up local production in Myanmar as they go head to head with dominant and entrenched Japanese rivals in the fast-growing market. There was a fivefold increase in the number of new cars sold in Myanmar in the three years to 2019, when sales hit 21,916, according to data from… Continue reading Chinese automakers move into Myanmar to battle Japanese rivals
Toyota to halt Indonesia production as Jakarta locks down
JAKARTA — Toyota Motor will temporarily shut down production in Indonesia, Nikkei learned Thursday, with the government ordering a partial lockdown in the capital to stem the spread of the novel coronavirus. Toyota will halt operations from Monday through April 17. Toyota subsidiary Daihatsu Motor is to suspend production for eight days starting Friday. Toyota’s annual output capacity in the country totals… Continue reading Toyota to halt Indonesia production as Jakarta locks down
Nissan seeks $4.6bn credit line to raise liquidity amid pandemic
TOKYO — Nissan Motor is seeking a credit line worth 500 billion yen ($4.6 billion) from Japanese banks, led by Mizuho Bank. The move is aimed at staving off funding problems for the Japanese automaker as vehicle sales plunge amid the new coronavirus outbreak. The Japanese automaker decided to make the request at a board meeting on… Continue reading Nissan seeks $4.6bn credit line to raise liquidity amid pandemic
China leans on auto subsidies to jump-start post-virus economy
BEIJING — After declaring victory on stemming the coronavirus outbreak, China aims to stimulate depressed consumption with subsidies for auto purchases and looser caps on car ownership. Auto sales in China plummeted 45% in March from a year earlier, according to an industry group, following a 37% decline for January and February. The auto industry makes up 10% of the country’s gross domestic… Continue reading China leans on auto subsidies to jump-start post-virus economy
Toyota halts Japan production as carmakers slam on the brakes
TOKYO — Toyota Motor suspended production at five plants across Japan on Friday, joining the ranks of automakers throughout the world that have been forced to do the same as the coronavirus pandemic stifles sales. However, Japan’s largest automaker said it hopes its strong cash position can help it endure the pain. “I have said multiple times… Continue reading Toyota halts Japan production as carmakers slam on the brakes