Toyota - Global market cap drops under $100tn on China jitters, rising rates

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Toyota Motor Corporation, commonly known as Toyota, is a Japanese multinational automobile manufacturer. Founded in 1937, it is one of the largest automobile manufacturers in the world, producing millions of vehicles per year.

History

Toyota was founded in 1937 by Kiichiro Toyoda, the son of Sakichi Toyoda, who invented the automatic loom. Kiichiro Toyoda had a strong interest in automobiles and decided to create a car manufacturing division within his father’s company, the Toyota Automatic Loom Works.

The company’s first car, the Toyota AA, was introduced in 1936, but it was not until after World War II that Toyota began to expand globally. In the 1950s, Toyota focused on producing small, fuel-efficient cars, which proved popular during the global oil crisis of the 1970s.

In the 1980s, Toyota began to produce cars in North America and Europe, which helped the company expand even further. Today, Toyota is a global company with manufacturing facilities and offices in over 170 countries.

Products

Toyota produces a wide range of vehicles, including cars, trucks, vans, and SUVs. In addition, the company also produces hybrid and electric vehicles. Some of Toyota’s most popular models include:

• Toyota Camry: a mid-size sedan that has been in production since 1982

• Toyota Corolla: a compact car that has been in production since 1966

• Toyota Prius: a hybrid electric car that was introduced in 1997

• Toyota Tacoma: a mid-size pickup truck that has been in production since 1995

• Toyota Sienna: a minivan that has been in production since 1998

In addition to its production vehicles, Toyota also produces engines, transmissions, and other automotive components.

Research and Development

Toyota is known for its commitment to research and development. The company invests heavily in innovative technologies, such as hybrid and electric powertrains, autonomous driving systems, and alternative fuel sources.

Toyota’s research and development efforts have led to a number of groundbreaking technologies. For example, the company’s hybrid electric system, called Hybrid Synergy Drive, was introduced in 1997 and has since been used in millions of Toyota and Lexus vehicles.

In addition, Toyota is a leader in hydrogen fuel cell technology. In 2014, the company introduced the Mirai, a hydrogen fuel cell vehicle that has a range of up to 312 miles on a single tank of hydrogen.

Social Responsibility

Toyota has a strong commitment to social responsibility. The company’s philosophy, called “the Toyota Way,” emphasizes respect for people, continuous improvement, and responsible business practices.

Toyota is also committed to reducing its environmental impact. The company has set a goal to achieve zero emissions at its factories and to reduce the average carbon emissions of its vehicles by 90 percent by 2050.

In addition, Toyota is committed to supporting local communities. The company partners with local organizations to promote education, health, and community development initiatives.

Conclusion

Toyota is a global company that has established itself as a leader in the automotive industry. The company’s commitment to innovation, research and development, and social responsibility have helped it to remain competitive and successful over the years. With its continued focus on groundbreaking technologies and responsible business practices, Toyota is sure to remain a major player in the automotive industry for years to come.

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They dox Chinese hackers. Now, they’re back.

Washington Post

23-05-15 11:10

Chinese cyber espionage bloggers “Intrusion Truth” have returned after a five-month hiatus to identify the hackers from Wuhan Special Engineering Co., a firm they claim has links with the Chinese Ministry of State Security and which "employed" members of an "advanced persistent threat group" (APT). The group chose the likely Wuhan-based targets, noting the "remarkable overlap between addresses and names of the schools and firms alongside Wuhan APT operators". US federal indictments have corroborated details about "APT31" that Intrusion Truth has published previously.

https://www.washingtonpost.com/politics/2023/05/15/they-dox-chinese-hackers-now-theyre-back/

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Analysis: Tesla’s new car-making process stokes debate among industry experts

Reuters

23-05-15 10:04

Tesla's radical new vehicle-assembly process unveiled in March sparked a debate among automotive industry experts with some questioning whether the previously tested techniques of the unboxed process would significantly contribute to lower production costs. However, others describe it as revolutionary and see the process as having the potential to upend the auto industry's traditional assembly line practice. The process was presented at Tesla's Investor Day earlier this year and executives said that it would make the company's next-gen vehicles "significantly simpler and more affordable." Tesla investors have been impatient to see the company produce an electric vehicle priced under $30,000.

https://www.reuters.com/business/autos-transportation/teslas-new-car-making-process-stokes-debate-among-industry-experts-2023-05-15/

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How an ‘energizer bunny,’ cheeseburgers and $14 billion helped Canada woo Volkswagen

The Toronto Star

23-05-14 10:00

Canadian Industry Minister François-Philippe Champagne cold called Volkswagen North American CEO Scott Keogh in March 2021, beginning a year-long negotiation that ended in the announcement of VW's Plant Canada project. It aims to build a $4bn, 40 GWh-capacity battery assembly plant in southern Ontario, alongside a $1.4bn expansion of Ford’s Oakville assembly complex that includes the on-site production of electric powertrains. Champagne and Ontario Premier Doug Ford wooed and cajoled VW with offers of financial incentives and a highly trained workforce, and St. Thomas, just south of London and a rail hop from Michigan, was chosen as the assembly site ahead of another Canadian location and a US state. Construction is expected to start in 2023 and deliveries from 2025.

https://www.thestar.com/politics/2023/05/14/how-an-energizer-bunny-cheeseburgers-and-14-billion-helped-canada-woo-volkswagen.html

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Which provinces have the best EV rebates?

The Globe and Mail

23-05-14 09:00

Canada offers a range of provincial grants to help Canadians purchase low-emission vehicles. Although Alberta, Saskatchewan, Manitoba, Ontario and Nunavut currently offer none, British Columbia, Quebec, Nova Scotia, Prince Edward Island, New Brunswick, Yukon and Newfoundland all have individual EV rebates available. While it's worth checking with local governments on the current rates, the Northwest Territories has the most generous rebate available, providing a maximum of CAD7,500 ($5866) towards a new EV on top of the CAD$5000 provided by the federal government. PHEVs are also covered in some territories but not others. PHEVs must hit the 50 km-range minimum threshold in most provinces and short term leases of less than 48 months may be eligible for a reduced rebate. Dealers are also frequently involved in the application process. While Newfoundland and the Northwest Territories will rebate on EV purchases already made, most provinces will cover the rebate at point of sale.

https://www.theglobeandmail.com/drive/mobility/article-which-provinces-have-the-best-ev-rebates/

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Sweden wins, Australia ninth in thrilling Eurovision final showdown

The Sydney Morning Herald

23-05-13 23:10

Australian band Voyager secured a ninth-place finish at the Eurovision Song Contest 2022 with their song "Promise". This year's competition was won by Loreen from Sweden, with Australia's Eurovision jury comprising INXS's Andrew Farriss, singer/actress Toni Pearen, songwriter/presenter Brihony Dawson, singer/songwriter/actor Eddie Perfect, and radio host/DJ Latifa Tee. Voyager's presence was notable as the group still secured a top 10 finish despite not being part of any of the competition's voting blocks, which tend to feature countries that give each other high scores. Voyager's performance featured lead singer Danny Estrin playing a keytar and a 1988 Toyota MR2 on stage. Voyager has already released seven studio albums since its creation in 1999. This year’s finalists included last year’s winner, Ukraine, as well as Sweden, Finland, Israel, and the “big five” Eurovision contributors: France, Germany, Italy, Spain, and the UK.

https://www.smh.com.au/culture/music/sweden-wins-australia-ninth-in-thrilling-eurovision-final-showdown-20230512-p5d7v9.html

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Tesla’s new car-making process stokes debate among industry experts

Japan Times

23-05-16 02:26

Tesla's new vehicle assembly process aims to rethink conventional manufacturing methods to produce more affordable electric vehicles. The unboxed process said to cut Tesla's production costs in half and reduce the factory footprint by 40%, will only be tested at Tesla's new plant in Monterrey, Mexico by 2024, until then its impact remains unknown to the industry. Critics remain skeptical whether the process could actually contribute to dramatically lower production costs, particularly in view of Musk's history of failing to deliver on production deadlines.

https://www.japantimes.co.jp/news/2023/05/16/business/tesla-unboxed-assembly-process-analysis/

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Toyota revives the Crown, an AWD hybrid sedan that’s easy on the knees

The Globe and Mail

23-05-16 09:00

Toyota has made a sedan specifically for drivers looking for a more comfortable driving experience that reduces their carbon footprint. The 2023 Crown starts at $45,000 and replaces the Avalon as the largest and most expensive sedan in Canada. Although its exterior dimensions are similar to the Avalon, its interior volume and passenger space are much lower – instead, the extra height is for seat entry and exit. It’s not an SUV or crossover, but instead has standard hybrid technology alongside all-wheel drive. Two hybrid/AWD powertrains are available. The front wheels are driven by Toyota’s familiar combo of 2.5-litre gas engine, 88-kilowatt electric motor and continuously variable transmission (CVT), while the rear wheels run on demand by a 40-kilowatt electric motor. The Platinum option is a five-door sedan with four-wheel drive, generating 340 horsepower and 400 lb-ft of torque with both technologies combined for price range of $59,990.

https://www.theglobeandmail.com/drive/reviews/article-toyota-revives-the-crown-an-awd-hybrid-sedan-thats-easy-on-the-knees/

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‘Let’s make better cars!’: Toyota’s new boss on electric cars – and more

Telegraph

23-05-16 19:00

Koji Sato's ascension to the role of CEO of Toyota marks a considerable change of trajectory for the 53-year-old who only 10 years ago was a concept planner. He takes over from the long-serving Akio Toyoda, who brought the manufacturer through a period that included the 2010 crisis involving 8.5 million recalls and major accidents. This month, Sato has been present at the Spa Francorchamps circuit in Belgium cheering on his Gazoo Racing team to victory in the World Endurance Championship. One of the challenges ahead is to continue Toyota's commitment to hybrid technologies with the need to adopt direct battery-electric technologies which include Toyota's hydrogen-based fuel cells. There is the struggle to bridge the widening gulf in attitudes towards traditional combustion technologies versus the software-driven devices and EV start-ups that are seen as being more relevant to the future.

https://www.telegraph.co.uk/cars/hybrid-electric-cars/toyota-koji-sato-electric-vehicles-hybrid-racing/

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Stellantis warns of factory closure if Brexit deal is not renegotiated

Financial Times

23-05-16 23:19

Carmaker Stellantis has warned the UK government that it may have to close its Ellesmere Port factory unless it renegotiates its Brexit deal with the EU to allow for the use of more non-UK parts in its vehicles and battery systems, according to a submission to parliament’s business committee. The company, which owns Vauxhall, faces additional costs as its electric vans will attract 10% tariffs when exported to the EU from next year because they will not contain enough locally sourced components.

https://www.ft.com/content/8c80eee7-74be-460b-b53a-3bd53caaef11

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Ann Widdecombe is right: if you can’t afford a cheese sandwich, don’t make one

Telegraph

23-05-17 14:45

Former Conservative MP Ann Widdecombe has been praised for telling people to "stop complaining" about food prices and accept that they have to make sacrifices in a global economy. Writing in the online magazine Reaction, editor Iain Martin said Widdecombe was speaking for millions of people who are fed up with politicians unwilling to tell the truth about the disadvantages that are part of everyday life. Food prices have risen sharply in the past year, while a range of other goods have increased in cost as a result of the eternally rising global inflation.

https://www.telegraph.co.uk/news/2023/05/17/if-you-cant-afford-a-cheese-sandwich-dont-make-one/

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Boris Johnson’s Brexit car crash has wrecked our automobile industry

The Independent

23-05-17 11:22

The UK car industry is facing serious challenges due to Brexit, with the possibility of losing many skilled jobs and export earnings, according to Simon Jenkins in The Guardian. He suggests the volume car industry will enter a period of slow decline and that the impact of Brexit has ensured investment is drained from the sector. The Stellantis Group memos are openly discussing the risks, including the cost of EV manufacturing in the UK becoming uncompetitive leading to relocation of manufacturing operations outside of the UK as previously seen with Ford and Mini. Alongside the closure of Honda, Nissan is reconsidering its commitment to the UK. Jenkins suggests that the UK battery production problems are causing a lack of compliance with the agreed-upon limits, risking tariffs and taxes on car exports, making the industry unprofitable. In the short term, the possibility of an emergency revision to the Brexit trading agreement could delay the collapse of the electric vehicles market in Britain. However, Jenkins suggests Brexit has created an unpredictable place for investment beyond car manufacturing and car exports.

https://www.independent.co.uk/voices/vauxhall-boris-johnson-brexit-b2340518.html

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EV batteries: Stellantis warning highlights complex post-Brexit rules of origin quotas

Financial Times

23-05-17 15:51

Stellantis’ warning that Britain’s trade rules with the EU could threaten electric van plant viability at Ellesmere Port has reopened the issue of rules of origin for the car industry. Car factories are concerned that anything that affects their exports to Europe will make them less competitive and more at risk. Rules of origin ensure that goods have sufficient locally-made content to qualify for tariff-free access to markets. Under the EU's post-Brexit Trade and Cooperation Agreement, vehicles sold from one to the other must have 55% of their “content” from within the EU or UK. By January 2024, 60% of an electric vehicle battery pack must originate from Europe or UK to qualify as “local”.

https://www.ft.com/content/b579ae23-245f-4f56-adac-412314f201ca

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Ann Widdecombe is right: if you can’t afford a cheese sandwich, don’t make one

Telegraph

23-05-17 14:45

Former Conservative MP Ann Widdecombe has been praised for telling people to "stop complaining" about food prices and accept that they have to make sacrifices in a global economy. Writing in the online magazine Reaction, editor Iain Martin said Widdecombe was speaking for millions of people who are fed up with politicians unwilling to tell the truth about the disadvantages that are part of everyday life. Food prices have risen sharply in the past year, while a range of other goods have increased in cost as a result of the eternally rising global inflation.

https://www.telegraph.co.uk/news/2023/05/17/if-you-cant-afford-a-cheese-sandwich-dont-make-one/

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How a Brexit stitch-up and battery failures left Britain’s car industry on the brink

Telegraph

23-05-18 06:00

New car import rules which come into force in January may pose a threat to the UK's struggling car manufacturers. As of next year, all cars exported from the UK into the European Union must contain 45% of their components by value from either the UK or the EU. Vehicles that do not meet this threshold will face a 10% duty when heading for the Continent. The rules were designed to encourage firms to establish supply chains nearer home, however, the UK has failed to establish a battery industry, meaning car executives fear that the deadline will be an "existential threat". Industry experts have warned that the new regulations could cause the closure of such sites as Stellantis's Vauxhall van factory at Ellesmere Port. The rules will also make industry-based technologies, such as professional wireless communication devices, more important when conducting automotive research and development.

https://www.telegraph.co.uk/business/2023/05/18/brexit-stitch-up-battery-failures-left-britain-car-industry/

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Toyota’s top scientist says the world lacks resources to go all-EV

South China Morning Post

23-05-18 09:42

Toyota’s Chief Scientist has warned that transitioning too quickly to electric vehicles could lead drivers to hold on to old petrol cars and has called for hybrids to be extended in use ahead of the G7 leaders summit in Japan. While subsidies and restrictions help to make EVs attractive to those who can afford them, gas-electric vehicles remain more suitable for other drivers. Toyota’s approach has been criticised as it has taken too long to become fully electric, letting Tesla and China’s BYD take the lead in the EV market.

https://www.scmp.com/business/companies/article/3221020/toyotas-top-scientist-reiterates-world-lacks-resources-go-all-electric-cars

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Toyota, partners to start selling electric micro-vans by March 2024

Reuters

23-05-18 07:43

Three Japanese auto makers, Toyota Motor, Daihatsu and Suzuki Motor have unveiled a micro-sized electric van designed for Japan's delivery industry. Release is expected by end of March 2022 with the vehicle running on battery electric vehicle systems developed jointly. At the Group of Seven summit in Hiroshima, such vehicles that reduce emissions were a key issue, and are popular in Japanese households and businesses. Honda and Mitsubishi have also announced electric commercial vans.

https://www.reuters.com/business/autos-transportation/toyota-partners-start-selling-electric-micro-vans-by-march-2024-2023-05-18/

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Could price war in Chinacars sector be over after May sales rise?

South China Morning Post

23-05-18 12:30

The price war in China's auto industry appears to be declining, as Chinese carmakers reduced price cuts. According to reports from Citic Securities, major carmakers in China have stopped reducing prices to fight each other, as it resulted in a 46% increase in deliveries for the first week of May. These levelled prices could bring hope for price recovery. However, economists say that it is unlikely that a car market turnaround will happen soon.

https://www.scmp.com/business/china-business/article/3221026/could-price-war-chinas-cars-sector-be-over-after-better-expected-sales-put-end-discounts

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More than 30 million US drivers don’t know if they’re at risk from a rare but dangerous airbag blast

Associated Press

23-05-18 15:57

ARC Automotive is refusing to recall potentially exploding airbag inflators that are present in the vehicles of more than 33 million people in the US. The National Highway Traffic Safety Administration (NHTSA) has demanded the recall of the units, which have been linked to two deaths and at least seven injuries, and has claimed that the inflators have been found to be defective following an eight-year investigation. Automakers, including Chevrolet, BMW, Ford and Porsche, have sought clarity from the NHTSA. No manufacturer has so far identified an issue affecting all 67 million inflators, necessitating a recall, according to ARC.

https://apnews.com/article/air-bag-deflators-explode-crash-arc-nhtsa-8393a55574147c712d11d62f50ff249f

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Not enough resources for EVs to be only cleaner car option, Toyota says

Reuters

23-05-18 14:58

Toyota has claimed that inadequate materials are preventing battery electric vehicles (BEV) from being the automobile sector's primary solution to combating climate change. Toyota's chief executive, Gill Pratt, warned of the dangers of encouraging drivers to hold onto more polluting vehicles, stating BEVs might be a positive difference in facilitating the reduction of climate change, but in regions where coal-fired power sources are in use, hybrids offer better CO2 emission rates. Toyota, the world's leading auto manufacturer, has responded to criticism on its lack of BEV investment stating petrol-electric hybrids are a more appropriate choice for some markets and drivers.

https://www.reuters.com/business/autos-transportation/not-enough-resources-evs-be-only-cleaner-car-option-toyota-says-2023-05-18/