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TOKYO/SHANGHAI (Reuters) - Chinese electric car maker BYD Co Ltd <002594.SZ> and Japan's Toyota Motor Corp <7203.T> said on Thursday they planned to set up a joint venture to design and develop battery electric cars as they ramp up efforts to produce zero emissions vehicles. The two companies said in a statement that they would each invest 50% of the capital needed to establish the company, which will be set up next year and be based in China. Widely considered a late comer in embracing battery EVs, compared with rivals including Nissan <7201.T>, Toyota had flagged in June that it aimed to get half of its global sales from EVs, including gasoline hybrids, by 2025, five years ahead of schedule.
Toyota Motor Corp <7203.T> plans a $1.8 billion share buyback, Japan's biggest automaker said on Thursday, after beating quarterly forecasts on higher global vehicle sales and an improved performance in North America. Operating profit rose 14% to 662.3 billion yen (£4.7 billion) for the three months to September 30 as Toyota enjoyed its strongest second quarter since 2015. Sales in North America, Toyota's biggest market, rose 5.6%, while sales in Asia climbed 3.4%.
Subaru Corp <7270.T> lowered its annual profit forecast on expectations of a stronger yen and the impact on production from a typhoon last month, driving its shares down as much as 4.5%. Japan's smallest major automaker, which is owned a fifth by top-ranked Toyota Motor Corp <7203.T>, cut its forecast for operating profit to 220 billion yen ($2 billion) for the year ending March 2020, from a previous forecast of 260 billion yen. Subaru revised its forecast for the yen to average 107 versus the dollar over the period, from 110 previously.
Major automakers are siding with the Trump administration in its bid to bar California from setting its own fuel efficiency rules or zero-emission requirements for vehicles, the companies said in a filing with a U.S. appeals court late on Monday. The move by firms including General Motors Co <GM.N>, Toyota Motor Corp <7203.T>, Hyundai Motor Co <005380.KS>, and Fiat Chrysler Automobiles NV <FCHA.MI>, follows legal challenges by California and 22 states and environmental groups in September.
When Toyota Motor Corp <7203.T> launches its all-battery Lexus next year, the luxury model will be able to drive autonomously on highways, a big step for the Japanese automaker, which has so far trailed rivals in bringing self-driving cars to market. Announced at the Tokyo Motor Show this week, the new Lexus shows how Toyota is putting its research on self-driving technology to work in cars that have limited automation. Right now, component manufacturers and venture companies working on the technology "are revising their timeline for AI deployment significantly," Executive Vice President Shigeki Tomoyama told a small group of reporters this week.
Makers of airless tires such as Japan's Bridgestone Corp. hope driverless cars will herald a breakthrough for their niche technology, which is more than a decade old but underperforms standard tires in every way except resistance to puncture. Autonomous driving - and the eventual introduction of self-driving taxis - could mean greater demand for puncture-resistant tires as greater usage of vehicles exposes them to more flat tires. "In the past, a car would be driven about 20% of the time and spend the other 80% in the garage," Atsushi Ueshima of Bridgestone said at the biennial Tokyo Motor Show on Thursday.
In Japan, trucks are being designed for a driverless future with no cabin and interchangeable container areas that would allow vehicles to be highly customised for parcel delivery or even serve as mini-hotels or beauty salons. At the Tokyo Motor Show this week, Hino Motors <7205.T>, the truckmaking arm of Toyota Motor Corp <7203.T>, showcased the futuristic "Flatformer", which had no driver's cabin and where the low-riding bed is fixed but the cargo or container section can be swapped out. On display was a concept battery-electric model with a cargo hold divvied up into stacked storage boxes that would help parcel delivery companies to sort, load and deliver goods more efficiently.
Toyota Motor's <7203.T> Lexus will launch its first all-battery electric vehicle next year, as the luxury brand races to market a battery-operated car amid growing competition to develop zero-emissions vehicles, the head of the brand said on Wednesday. At the unveiling of a concept model of a futuristic EV hatchback ahead of the Tokyo Motor Show, he added that the goal is for sales of Lexus electric vehicles, including battery electrics and gasoline hybrids, to outpace sales of the luxury brand's gasoline vehicle models by 2025. The Lexus model will be Toyota's first full-sized, battery operated passenger car as the Japanese automaker catches up with rivals, including Nissan Motor Co <7201.T> and Tesla Inc <TSLA.O>, which have marketed battery EVs for years.
As global automakers race to put long-range electric vehicles on highways amid stricter emission laws, Japanese rivals are taking a niche approach and steering towards cheaper, pint-sized runabouts to make costly battery technology more accessible. At the Tokyo Motor Show that starts on Thursday, Toyota Motor, Nissan and others are due to show prototypes of one- and two-seater electric vehicles (EVs) designed for short distances with limited top speeds. Toyota's new, ultra-compact BEV seats two people and has a top speed of just 60 kilometres (37 miles) per hour and a range of 100 kilometres on a single charge.
On October 18, Reuters reported that General Motors (GM) was planning to build premium electric pickup trucks and SUVs starting in late 2021.
Previously installed Takata inflators will be replaced by those produced by other suppliers ahead of the National Highway Traffic Safety Administration's schedule, the company said. At least 24 deaths worldwide have been linked to the rupturing of faulty Takata air bag inflators, including 16 in the United States. The defect led Takata to file for bankruptcy protection in June 2017.
Toyota Motor Corp <7203.T> unveiled a completely redesigned hydrogen-powered fuel cell sedan on Friday in its latest attempt to revive demand for the niche technology that it hopes will become mainstream. Japan's biggest automaker has been developing fuel-cell vehicles for more than two decades, but the technology has been eclipsed by the rapid rise of rival battery-powered electric vehicles promoted by the likes of Tesla Inc <TSLA.O>. Ahead of the Tokyo Motor Show starting on Oct. 24, Toyota unveiled a prototype of the new hydrogen sedan built on the same platform as its luxury Lexus brand's LS coupe.
SAN JOSE, Calif. - (Reuters) - Arm Holdings, the British chip technology firm owned by Japan's Softbank Group Corp, is joining with automakers General Motors Co and Toyota Motor Corp to establish common computing systems for self-driving cars, an effort the companies hope will speed development of the technology. Arm supplies the underlying technology for the processors found in today's smart phones but does not make chips itself. Its ties to the automotive industry go back to the late 1990s, when automakers began to add computer chips to vehicles for functions like engine control and diagnostics.
Ford's Q3 2019 US sales came in at 580,251 units for a 4.9% YoY decline. Wall Street analysts expected a 6.1% decline in Ford’s Q3 sales figures.
The Labor Day weekend is one of the busiest car-buying periods in the United States that has automakers and dealers roll out promotions days in advance to boost sales. Toyota Motor Corp <7203.T> said it U.S. sales fell 16.5% to 169,656 vehicles in September, hurt by lower sales of its Highlander and Tacoma sport utility vehicles, as well as declining demand for sedans such as Camry and Prius. Hyundai Motor's <005380.KS> U.S. sales tumbled 9% to 51,951 automobiles last month, due to lower volumes of its Elantra and Sonata sedans, while Nissan's U.S. sales plunged 17.6% to 101,244 vehicles on lower sales of its Sentra sedan and Rogue SUV.
Toyota announced that it plans to raise its stake in Subaru Corporation from 17% to 20%. Toyota and Subaru would jointly produce all-wheel-drive vehicles.
Toyota Motor Corp <7203.T> will raise its stake in Subaru Corp <7270.T> to 20% from around 17%, the two Japanese automakers said on Friday, as they leverage their scale to better compete in developing new vehicle technologies. The investment comes a month after Toyota and another smaller Japanese automaker, Suzuki Motor Corp <7269.T>, said they would take small equity stakes in each other. Such tie-ups highlight how automakers are scrambling to chase scale, manage costs and boost development required to develop self-driving cars, electric vehicles and new mobility services which are upending the global auto industry.
Britain’s biggest carmaker, Jaguar Land Rover, will halt production at its British factories for a week in November, its boss said on Thursday, joining BMW and Toyota in plans to help mitigate any immediate disruption from a no-deal Brexit. The industry, Britain's biggest exporter of goods, has been vocal about its concerns that a disorderly departure from the European Union could disrupt the flow of components and vehicles, ruining production processes and damaging the viability of factories. Prime Minister Boris Johnson has vowed to take Britain out of the EU, with or without an exit deal, on Oct. 31.
China, Japan and South Korea have set ambitious targets to put millions of hydrogen-powered vehicles on their roads by the end of the next decade at a cost of billions of dollars. Critics argue FCVs may never amount to more than a niche technology.
Aiming to cash in on a major push by South Korea to promote fuel cell vehicles, Sung Won-young opened a hydrogen refueling station in the city of Ulsan last September. Sung's new hydrogen station is one of five in Ulsan, home to Hyundai Motor Co's <005380.KS> main plants and roughly 1,100 fuel cell cars - the most of any South Korean city.
Aiming to cash in on a major push by South Korea to promote fuel cell vehicles, Sung Won-young opened a hydrogen refuelling station in the city of Ulsan last September. Sung's new hydrogen station is one of five in Ulsan, home to Hyundai Motor Co's <005380.KS> main plants and roughly 1,100 fuel cell cars - the most of any South Korean city. The government paid the 3 billion won ($2.5 million) cost - six times more than fast charging equipment for battery electric cars - and the two pumps, located next to Sung's gasoline stand, see a steady flow of Hyundai Nexo SUVs daily.
The competition in the self-driving technology market just heated up again. Hyundai Motor Company (HMC) has formed a joint venture with Aptiv.
Japanese companies and investors would be forced to reassess their four-decade bet on the United Kingdom if there is a disorderly exit from the European Union that shattered supply chains and cut off access to the bloc, Japan's ambassador said. Japan, the world's third-largest economy, made the United Kingdom its favored European destination for investment. The likes of Nissan <7201.T>, Toyota <7203.T> and Honda <7267.T> were encouraged by former Prime Minister Margaret Thatcher to use the country as a launchpad into Europe.
Toyota Motor Corp <7203.T> on Thursday announced a 1 billion reais ($243.29 million) expansion at a plant in the Brazilian state of Sao Paulo, joining Volkswagen and General Motors in new investments in the region. Toyota said the funding would allow the Sorocaba plant, which builds the Etios and Yaris sedan models, to produce a new vehicle model. Sao Paulo state has long been the heart of Brazil's auto industry, which is in turn the largest in South America, but it had recently been losing steam against aggressive incentives offered by other states to lure manufacturers.