HONG KONG (Nikkei Markets) — Asian shares extended losses on Thursday, weighed by a surging dollar and intensifying concerns over the impact of the coronavirus pandemic. The Nikkei Asia300 index of companies outside Japan fell 4.4% to 994.89. The losses came as the dollar index climbed to its highest level in three years. Increasing volatility… Continue reading Asian stocks fall more as rising dollar aggravates selloff
Author: Nikki News Feed
Japan car lobby chief says coronavirus having big impact on sales
TOKYO (Reuters) — A coronavirus pandemic is having a big impact on the automotive manufacturing industry, the head of a Japanese lobby group said on Thursday, adding that its members will need to keep adjusting production, amid a projected slump in demand. “The truth is, it was shocking just how much the world could change… Continue reading Japan car lobby chief says coronavirus having big impact on sales
Honda halts US output as auto factory stoppages widen
NEW YORK — Honda Motor will suspend production at all North American auto assembly plants for six days, starting March 23, in response to the new coronavirus. Engine and transmission production in the U.S., Canada and Mexico will halt for the same period, the Japanese automaker said Wednesday. Honda becomes the first major global car company… Continue reading Honda halts US output as auto factory stoppages widen
Sharp sues Tesla for violation of network gear patents
OSAKA — Sharp has filed a lawsuit against Tesla in Japan, claiming the U.S. electric vehicle giant infringed on patents for onboard communication equipment. The complaint, filed against Tesla’s Japanese unit in Tokyo District Court, seeks an injunction against imports of three Tesla vehicle models. Osaka-based Sharp has been stepping up its patent ligtigations. It has lodged patent suits… Continue reading Sharp sues Tesla for violation of network gear patents
Toyota taps startup Momenta to build HD road maps in China
HONG KONG — Toyota Motor has teamed up with Chinese autonomous driving startup Momenta to commercialize its high-definition mapping system in China. This is the second partnership Toyota has made with a China-based autonomous driving startup within the past 30 days. Last month, the Japanese carmaker led fundraising for Pony.ai with a $400 million investment.… Continue reading Toyota taps startup Momenta to build HD road maps in China
Thailand’s rush to cut emissions leaves automakers in the dust
BANGKOK — Thailand’s move to adopt stringent international emissions standards in just two years is causing consternation among automakers in Southeast Asia’s largest vehicle manufacturing hub. Autos are a major source of the harmful PM2.5 pollutants that blanket Bangkok on a near-daily basis. Public anger and risks to the crucial tourism sector have spurred the… Continue reading Thailand’s rush to cut emissions leaves automakers in the dust
Chinese carmakers snap up talent from Germany’s fading Opel
RAUNHEIM, Germany — Chinese carmakers still have little to show for more than a decade’s worth of efforts to crack Western auto markets. Now Geely and Chery, two of China’s most prominent car groups, are taking a new tack as they seek to offset their slumping home market. Each has set up a key European… Continue reading Chinese carmakers snap up talent from Germany’s fading Opel
Toyota halts pay raises for first time in 7 years, joining Nippon Steel
TOKYO — Toyota Motor will not raise base pay this year, the company told its union Wednesday, joining the ranks of Japanese companies freezing or limiting wage hikes to cope with the U.S.-China trade war and the coronavirus outbreak. This will be Toyota’s first time since 2013 denying a base pay hike during the annual spring negotiations… Continue reading Toyota halts pay raises for first time in 7 years, joining Nippon Steel
Toyota pumps brakes on Lexus production as China sales drop
NAGOYA, Japan — Toyota Motor will temporarily scale back production of Lexus luxury vehicles due to plummeting sales in China amid the coronavirus outbreak, Nikkei has learned. The Japanese automaker is expected to shrink output by about 6% at two domestic assembly plants. The cutbacks will start Monday and last until the end of the… Continue reading Toyota pumps brakes on Lexus production as China sales drop
Nidec conducts mass demotions to clear way for Nissan’s Seki
TOKYO — Japanese electric motor manufacturer Nidec has downgraded the positions of a slate of top-level executives in order to concentrate power in the hands of Jun Seki, the incoming president, the company said Friday. Seki, who briefly served as the third-ranking executive at Nissan Motor before jumping ship to Nidec, will answer only to Chairman and CEO Shigenobu Nagamori.… Continue reading Nidec conducts mass demotions to clear way for Nissan’s Seki