GUANGZHOU — Japanese automaker Honda announced on Friday its car sales in China fell 85.1% in February, marking its largest ever single-month decline as the coronavirus epidemic hit business hard. Many of Honda’s sales outlets in China were forced to close in early February due to the rapid spread of the coronavirus. As consumers have refrained… Continue reading Honda’s China sales drop 85% in February amid coronavirus crisis
Author: Nikki News Feed
China’s BYD collects $190m in subsidies for electric cars
GUANGZHOU — BYD, China’s leading manufacturer of electric vehicles, recently received 1.34 billion yuan ($191 million) in government subsidies as it grapples with a reduction in incentives and the prospect of a further downturn in sales. The subsidies, which apply to vehicles sold in 2017, will be used in part to improve cash flow and pay down debt,… Continue reading China’s BYD collects $190m in subsidies for electric cars
Honda cuts output at 2 Japan plants amid China parts shortage
TOKYO — Honda Motor will temporarily cut back production at home due to difficulty sourcing parts from China amid the coronavirus outbreak. The Japanese automaker will reduce output by a few hundred vehicles at two plants in Saitama Prefecture. The cutbacks will last for a few days beginning early this month. The facilities produce the Vezel sport utility vehicle and the Odyssey… Continue reading Honda cuts output at 2 Japan plants amid China parts shortage
Gojek-Grab merger makes sense but hurdles mar its path
JAKARTA — Cutthroat rivals that have helped to drive Southeast Asia’s rapid digitization by burning through cash and preventing each other from moving toward the startup world’s new goal, profitability, are now talking about a common solution. Indonesia-based Gojek and Singapore-based Grab, have “casually” discussed merger options, according to two people familiar with the matter.… Continue reading Gojek-Grab merger makes sense but hurdles mar its path
China’s CATL revs up EV battery production following Tesla deal
GUANGZHOU — China’s biggest electric vehicle battery maker, CATL, will invest up to 26 billion yuan ($3.7 billion) to quadruple its production capacity for lithium-ion batteries used in cars and storage systems. Annual production capacity at a plant in Ningde, Fujian Province, where the company is headquartered, will be increased by 16 gigawatt-hours, the battery… Continue reading China’s CATL revs up EV battery production following Tesla deal
Asian stocks little changed as coronavirus spreads
HONG KONG (Nikkei Markets) — Asian shares outside of Japan ended little changed on Thursday as rising cases of the novel coronavirus infections outside China hurt investor appetite. The Nikkei Asia300 index of companies outside Japan closed almost unchanged at 1,308.22 after falling 1% earlier in the day. A late session recovery in Chinese financial… Continue reading Asian stocks little changed as coronavirus spreads
India’s bike makers slowed as coronavirus disrupts parts supply
MUMBAI (NewsRise) — Indian two-wheeler makers Hero Motocorp and TVS Motor plan steep production cuts this month as they grapple with a parts shortage due to the new coronavirus epidemic in China. TVS Motor, a former partner of Japan’s Suzuki Motor, said production would drop 10% in February due to the shortage of certain components… Continue reading India’s bike makers slowed as coronavirus disrupts parts supply
Renault to seek compensation from fugitive Carlos Ghosn
PARIS — Renault plans to seek compensation from Carlos Ghosn, the fugitive former chairman and chief executive officer, over his alleged misappropriation of funds, the French automaker announced on Monday. It is the first time for the company to express an intention to pursue compensation from Ghosn, who was arrested in Japan in November 2018. Ghosn at the… Continue reading Renault to seek compensation from fugitive Carlos Ghosn
Toyota restarts final Chinese plant shut by virus outbreak
NAGOYA, Japan — Toyota Motor restarted its fourth and final Chinese assembly plant Monday following a nearly monthlong shutdown sparked by the deadly coronavirus outbreak. Work resumed at the plant in the city of Chengdu after Toyota delayed the restart three times. All of the Japanese automaker’s factories in China were originally closed for the official Lunar… Continue reading Toyota restarts final Chinese plant shut by virus outbreak
India seeks to curb auto-grade steel imports to encourage local production
MUMBAI (NewsRise) — India plans to curb the import of high-quality auto-grade steel in a bid to push local manufacturing of the alloy, a move that raises concerns such restrictions could disrupt the local automobile industry. Earlier this month, the government said in its budget that it is adopting several measures to tighten the restrictions… Continue reading India seeks to curb auto-grade steel imports to encourage local production