LONDON/FRANKFURT, Germany — As Europe tries to cut its Chinese dependence for electric vehicles, U.K. battery makers’ recent financial woes highlight the profound challenge the region faces in building its own supply chain. Troubled British battery startup AMTE Power secured a financial lifeline after shareholders approved the issuance of 2.1 million pounds ($2.6 million) in… Continue reading Europe faces hurdles in breaking free of China EV supply chain
Author: Nikki News Feed
Europe faces hurdles in breaking free of China EV supply chain
LONDON/FRANKFURT, Germany — As Europe tries to cut its Chinese dependence for electric vehicles, U.K. battery makers’ recent financial woes highlight the profound challenge the region faces in building its own supply chain. Troubled British battery startup AMTE Power secured a financial lifeline after shareholders approved the issuance of 2.1 million pounds ($2.6 million) in… Continue reading Europe faces hurdles in breaking free of China EV supply chain
Nippon Steel drops lawsuits against Toyota over EV metal
TOKYO — Nippon Steel said Thursday it has dropped patent infringement lawsuits against Toyota Motor, ending an unusual legal battle between two prominent Japanese companies with business ties. The steelmaker also withdrew lawsuits against trading house Mitsui & Co. But it is continuing with related legal action against China’s Baoshan Iron & Steel, the world’s… Continue reading Nippon Steel drops lawsuits against Toyota over EV metal
Chinese EV suppliers eye Japan as domestic competition heats up
TOKYO — Chinese auto parts makers are eyeing overseas markets as the country’s electric vehicle boom intensifies competition at home, with some seeing opportunities particularly in Japan. BYD, China’s largest EV maker, which is poised to overtake Tesla in pure electric vehicle sales this year, and three Chinese component suppliers have put in high-profile appearances… Continue reading Chinese EV suppliers eye Japan as domestic competition heats up
Toyota to give U.S. factory workers pay hikes of up to 9%
TOKYO — Toyota Motor will increase wages for employees at its U.S. plants, Nikkei has learned. The raises will be as high as 9%. The Japanese automaker’s move comes immediately after labor union pressure, including strikes, pushed U.S. automakers, including General Motors, to offer significant wage increases. Go to Source
Toyota beats Tesla in profit margin as price hikes pay off
NAGOYA, Japan — Toyota Motor has enjoyed a rapid recovery in profitability driven by a weak yen and price hikes, with its profit margin outpacing Tesla’s during the April-September period for the first time in more than two years. The automaker announced Wednesday that group net profit of 2.59 trillion yen ($17.2 billion) for the six-month period beat… Continue reading Toyota beats Tesla in profit margin as price hikes pay off
Thailand announces reduced EV subsidies to run until 2027
BANGKOK — Thailand is planning a purchase subsidy scheme for electric vehicles made domestically of up to 100,000 baht ($2,760) per car from 2024 to 2027 as it tries to position itself as a Southeast Asian EV manufacturing hub to attract foreign investment. The present subsidy scheme ranges from 70,000 to 150,000 baht per EV, and expires on Dec. 31. Go… Continue reading Thailand announces reduced EV subsidies to run until 2027
Toyota lifts profit outlook to record high amid weak yen
TOKYO — Toyota Motor on Wednesday raised its forecast for net profit for the current fiscal year to an all-time high after achieving record global production and sales for the first half and amid the yen’s continuing weakness. The company now expects record net profit of 3.95 trillion yen ($26.1 billion) for the year through… Continue reading Toyota lifts profit outlook to record high amid weak yen
Toyota to invest $8bn more in North Carolina EV battery plant
(Reuters) — Toyota Motor said on Tuesday it would invest $8 billion more and add about 3,000 jobs at its electric-vehicle battery manufacturing plant in North Carolina, boosting the Japanese automaker’s push to electrify its lineup. The company, which plans to have electrified options for its models available by 2025, said the latest move will bring… Continue reading Toyota to invest $8bn more in North Carolina EV battery plant
UAW reaches deal with GM, ending strike against Detroit automakers
UAW reaches deal with GM, ending strike against Detroit automakers – Nikkei Asia Arrow Artboard Created with Sketch. Artboard Created with Sketch. Title Chevron Title Chevron Icon Facebook Icon Linkedin Icon Mail Contact Path Layer Icon Mail Positive Arrow Icon Print Automobiles Deals mark victory for workers after years of stagnant wages Tentative deals between… Continue reading UAW reaches deal with GM, ending strike against Detroit automakers