|Bid||136.92 x 800|
|Ask||137.01 x 1000|
|Day's range||136.72 - 137.08|
|52-week range||111.12 - 138.41|
|Beta (3Y monthly)||0.66|
|PE ratio (TTM)||8.37|
|Forward dividend & yield||N/A (N/A)|
|1y target est||N/A|
While Harley-Davidson (HOG) and PACCAR (PCAR) deliver a comprehensive beat in the third quarter, Tesla (TSLA) Shanghai Gigafactory in progress.
(Bloomberg) -- Renault SA will offer its electric Kangoo van with added hydrogen fuel-cells before the end of the year and roll out the technology to another model in 2020.The move sees the French carmaker joining competitors Toyota Motor Corp. and Hyundai Motor Co. in sticking with fuel-cell vehicles even as the industry largely backs electric cars powered by lithium-ion batteries. The hydrogen addition will boost the driving range of Renault’s Kangoo and Master vans as much as threefold compared to electric models, allowing a refueling in 5 to 10 minutes, the company said Tuesday.European automakers are under pressure to roll out zero-emission cars to comply with new regulation to cut pollutants. While many prioritize battery-electric vehicles, manufacturers like BMW AG have for years invested in fuel-cell cars. The long-standing technology, which emits only water vapor, has struggled with high costs, complex storage of hydrogen and a lack of infrastructure.Toyota and Hyundai both offer hydrogen-sipping vehicles. In adding both rechargeable batteries and fuel cells to its vans, Renault follows the example of Mercedes Benz-maker Daimler AG, which is rolling out a fuel-cell sport utility vehicle that also features a battery to bridge patchy refueling points.Read More: Mercedes-Benz Rolls Out Fuel-Cell SUV to Tackle Tech HurdlesThe hydrogen Kangoo ZE will be priced from 48,300 euros ($54,000) with a driving range of 370 kilometers (230 miles). The technology was developed in partnership with a subsidiary of Michelin, the French tiremaker formerly led by Renault Chairman Jean-Dominique Senard.Read More: Toyota Plans 10-Fold Boost to Hydrogen Bet With Restyled Sedan(Corrects reference to Toyota hydrogen cars in fourth paragraph.)To contact the reporter on this story: Ania Nussbaum in Paris at email@example.comTo contact the editors responsible for this story: Tara Patel at firstname.lastname@example.org, ;Anthony Palazzo at email@example.com, Elisabeth BehrmannFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Toyota Motor's 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 and Tesla Inc , 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.
(Bloomberg) -- Japan’s corporate debt market has marked a milestone with a record-low 0.0000000091% yield.The landmark bond sale from a Toyota Motor Corp. unit highlights how the Bank of Japan’s ultra-low rate policy is distorting the market: not just by guiding rates to new lows but also by creating opportunities for traders to still profit.It works like this: the BOJ periodically buys corporate bonds rated BBB or higher and with a remaining maturity of one to three years on the secondary market, as part of its asset purchases. In the so-called BOJ trade, traders who correctly anticipate which securities it will buy can profit by purchasing those notes at issuance and later selling them to the central bank at a higher price.“The BOJ distorts market prices by buying debt at a higher price than what’s sold in the market,” in a side effect of its bond-buying operation, said Toshiyasu Ohashi, chief credit analyst at Daiwa Securities Co.That dynamic appeared to be at play in Toyota’s case.The automaker’s unit, Toyota Finance Corp., will issue two tranches of 20 billion yen ($184 million) in three-year and five-year bonds each on Oct. 25, it said last week. The three-year notes will yield an unprecedentedly low 0.0000000091%. That means even if you bought 1 billion yen of the bonds and held them to maturity, you wouldn’t even make 1 yen.Still, demand for the three-year notes was brisk, according to underwriters. It was stronger than for the five-year bonds because the shorter-dated securities would meet the central bank’s maturity requirements, allowing traders to bet that they may be able to sell later to the BOJ at a higher price.Toyota Finance also has high credit ratings, with an Aa3 grade from Moody’s Investors Service and an AA+ score from Rating & Investment Information.The central bank said last month that it will buy corporate bonds worth about 125 billion yen on Oct. 24 and about 100 billion yen on Nov. 29.(Adds Toyota Finance’s ratings in the second-to-last paragraph)To contact the reporters on this story: Ayai Tomisawa in Tokyo at firstname.lastname@example.org;Issei Hazama in Tokyo at email@example.comTo contact the editors responsible for this story: Andrew Monahan at firstname.lastname@example.org, Ken McCallumFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Toyota Motor Corp 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 . 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.
(Bloomberg) -- As others automakers plan battery-powered SUVs and trucks, Toyota Motor Corp.’s vision for the future of driving remains a hydrogen-sipping sedan.The Japanese behemoth will begin sales late next year of the second-generation Mirai, its fuel cell-powered four-door, and ramp up annual production by 10-fold from the current model. Toyota’s bet that it can position a hydrogen sedan for more of a mass market flies in the face of rivals wagering on putting batteries into the bigger-bodied vehicles consumers are buying.Toyota has been slower than peers to embrace EVs, citing uncertain demand in key markets including the U.S. and technical hurdles that limit battery range and recharging times. While the company has pledged to offer an electrified version of every model in the next five years, and 10 fully electric vehicles by early the next decade, it’s also going to keep coaxing consumers to give hydrogen a try.“Toyota won’t be putting all our eggs in one technology basket,” Doug Murtha, Toyota’s U.S. group vice president for corporate strategy and planning, said at a briefing in Greensboro, North Carolina.Toyota’s near-term electrification goals in the U.S. center on its gas-electric hybrid powertrains. It currently sells six hybrid vehicles and said Thursday it will add a plug-in hybrid version of its RAV4 crossover next year.The company plans to increase sales of hybrid cars and SUVs in the U.S. to 25% of deliveries by 2025, up from about 9% today.Slow DevelopmentToyota began developing hydrogen-powered cars more than 20 years ago, but progress has been slow due to high material costs and steep hurdles to setting up refueling infrastructure. Recent technological advances halved the cost of fuel cell stacks that mix hydrogen and oxygen to produce electricity, allowing the carmaker to boost global output from 3,000 a year in 2018 to 30,000 next year and 200,000 by 2025, Taiyo Kawai, general manager of the company’s hydrogen efforts, told reporters during a briefing in London.Rival automakers such as General Motors Co. in the U.S. and BMW AG in Europe have invested in fuel cell technology but are prioritizing EVs in their current and future zero-emission products. In the U.S., only Toyota, Honda Motor Co. and Hyundai Motor Co. sell fuel cell-powered passenger cars -- and only at a handful of dealers due to the scarcity of hydrogen stations.Fuel cell vehicles offer several advantages over battery-powered cars, including quicker refueling times and longer driving ranges. But they remain a novelty, accounting for less than 0.1% of the nearly 100 million vehicles produced each year, according to research by the National Academy of Sciences.“Unfortunately, despite years of education efforts, hydrogen cars are still a mystery to most people,” said Jackie Birdsall, a senior engineer at Toyota’s R&D center in Gardena, California. “The good news is that fuel cell technology is gaining momentum around the world,” she said.‘Such a Hassle’Improvements have been made to shrink the size of hydrogen fuel tanks and reduce the amount of costly platinum needed for fuel cell stacks. But there’s still more to do, including replacing platinum with cheaper synthetic materials, said Shawn Litster, a mechanical engineering professor at Carnegie Mellon University.Toyota, which loses money on the current Mirai, hasn’t said when it plans to break even with a future version. The company showed a near production-ready model to reporters this week in Greensboro, but wouldn’t say when the car will make its official public debut.The first Mirai -- which means “future” in Japanese -- debuted in late 2014, but availability in the U.S. has been limited to California and Hawaii. California has spent about $100 million over the past several years to build out a network of hydrogen stations. The state currently lists just 38 retail locations that are operational; another 22 are in various stages of development.The first-generation car’s oddball looks, $58,500 sticker price and cramped interior made it a hard sell for dealers. Most U.S. drivers lease the Mirai, and experiences with the futuristic vehicle have been mixed.Lawrence Kopp, a 42-year-old San Diego area resident, traded his Mirai in for a gasoline-powered Ford SUV in August after two years of headaches. Too few hydrogen pumps and a lack of cabin space wasn’t a good fit for a father with young children. “It was such a hassle I was ready to go back to a gas vehicle,” the corporate real estate executive said.Going GlobalThe new version of the Mirai is sleeker and more coupe-like, with a lower, longer and wider stance. It has room inside for five passengers, one more than the current model, and sports racier 20-inch wheels.Toyota says the Mirai will make a 30% leap from the existing model’s 312-mile range. Pricing won’t be announced until later, but it will be sold as a premium vehicle under the Toyota brand. Sales may be expanded to some states in the Northeast and Northwest, pending their buildup of hydrogen station networks.Toyota’s U.S. executives said that while they may prefer to have an SUV to sell, the company has stuck with a sedan body style to compete with premium models where passenger cars are still popular. In addition to Japan, Europe and the U.S., the Mirai will be sold in China, Australia and parts of the Middle East.“If I were king, we might have gone for something larger,” Murphy said. “But this needed to be a vehicle for global markets, not just us here.\--With assistance from Siddharth Philip.To contact the reporter on this story: Chester Dawson in Southfield at email@example.comTo contact the editor responsible for this story: Craig Trudell at firstname.lastname@example.orgFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Retired NBA star Jamal Mashburn joined the board of cannabis health and wellness company Revolution Global as an advisor, the company announced on Thursday.
While Daimler (DDAIF) has been fined $960 million for not adhering to emission standards, Fiat (FCAU) is ordered by SEC to pay $40-million penalty for misleading investors about monthly 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 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 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.
(Bloomberg) -- Toyota Motor Corp. is boosting its stake in Subaru Corp. to about a fifth of the smaller automaker, as Japan’s biggest car company arms itself for a future of self-driving vehicles, electric cars and evolving transport services.Subaru, the maker of Forester and Outback wagons, will also take a stake in Toyota, strengthening their capital ties and collaboration, according to a statement from the companies. Toyota, which is increasing its holding to about 20% from 17% at a cost of about 75 billion yen ($700 million) at Friday’s closing price, plans to make Subaru an equity affiliate, bringing sales and profit from the automaker onto its income statements.Toyota first took a stake in Subaru in 2005 and the move is part of a plan of spreading its bets. The Japanese carmaker, Volkswagen AG and other auto companies have been forging partnerships as they face an uncertain future, with new technologies and business models disrupting the $2.23 trillion global auto industry. Toyota is investing in electric and autonomous vehicles, fuel-cell and hybrid cars, as data-intensive connected cars.“This is part of Toyota’s recent efforts to find allies,” said Tatsuo Yoshida, an auto analyst at Bloomberg Intelligence in Tokyo. “They’re getting ready for the next era that includes self-driving technology. Toyota is taking a 360-degree view.”Shares of Subaru fell 0.7% in Tokyo on Friday. The stock is up about 32% this year. Toyota declined 0.8%.The two companies have jointly developed automobiles since striking up their partnership. Toyota is by far the larger manufacturer, with 10.6 million cars and trucks produced in 2018. Subaru made about 1 million vehicles last year, down 5% and the first drop in seven years.Toyota also owns stakes of less than 10% in both Suzuki Motor Corp. and Mazda Motor Corp.As part of their pact, Toyota and Subaru will jointly develop all-wheel drive vehicles -- a traditional Subaru strength. The companies will also together work on the new Toyota 86 and Subaru BRZ sports cars.“For Toyota, this alliance brings not just technologies such as Subaru’s i-Sight, all-wheel-drive and flat engines, but also safety and security know-how,” Yoshida said. “It brings in elements that Toyota doesn’t have.”By consolidating Subaru to its accounts, Toyota will add about 50 billion yen to annual profit, said Janet Lewis, an analyst at Macquarie Capital. The deal benefits both companies, as Subaru also gets access to technology it wouldn’t be able to develop itself, she said in a note.(Updates with cars to be jointly developed in eighth paragraph, comment from analyst in 10th.)\--With assistance from Kae Inoue.To contact the reporter on this story: Tsuyoshi Inajima in Tokyo at email@example.comTo contact the editors responsible for this story: Young-Sam Cho at firstname.lastname@example.org, Reed Stevenson, Ville HeiskanenFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Toyota Motor Corp will raise its stake in Subaru Corp 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 , 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.