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
Author: Nikki News Feed
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
Honda’s China sales drop 85% in February amid coronavirus crisis
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
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