136.87 0.00 (0.00%)
After hours: 4:17PM EDT
|Bid||134.34 x 1200|
|Ask||138.52 x 1200|
|Day's range||136.38 - 137.36|
|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||163.14|
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 firstname.lastname@example.orgTo contact the editor responsible for this story: Craig Trudell at email@example.comFor 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.
Preliminary figures imply that investment income in Q3 2019 will be significantly lower than previously forecasted. Previous forecast assumed that investment income and other income would amount to ISK 215 million. Based on actual figures investment and other income in Q3 2019 will be negative of approximately ISK 225-275 million. Largest part of the deviation is explained by an unexpected and severe devaluation of a real estate fund but partly it can be explained by more loss than expected from listed equities and equity funds as the domestic equity market declined after TM published its Q3 2019 forecast. As Q3 2019 is not over yet there is some uncertainty in the aforementioned figures.Q3 2019 figures will be published on October 23rd and operating forecast for the coming four quarters will be updated simultaneously.For further information please contact Sigurður Viðarsson, CEO of TM.Tel.: firstname.lastname@example.org
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.
This week, CarMax (KMX) and AutoZone (AZO) release quarterly results, wherein both the companies deliver a comprehensive beat.
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.
The competition in the self-driving technology market just heated up again. Hyundai Motor Company (HMC) has formed a joint venture with Aptiv.
Developing self-driving, electric and fuel vehicles, changing product mix and investments are contributing to the rally in Toyota's (TM) shares.
While top U.S. auto giants General Motors (GM) and Ford (F) issue vehicle recalls recently, recreational vehicle manufacturer Winnebago Industries (WGO) inks a deal to buy Newmar.