Japan's Toyota adds 'kei' makers to technology partnership
Japan’s top automaker Toyota is adding two companies specializing in tiny “kei” cars, Daihatsu and Suzuki, to a partnership in commercial vehicles it set up with Hino and Isuzu earlier this year. In announcing the deal Wednesday, Toyota Motor Corp. Chief Executive Akio Toyoda said it will speed up efforts to become more ecological and sustainable because kei cars make up about 40% of the Japanese auto market.news.yahoo.com
Top Olympic sponsor Toyota pulls Games-related TV ads
Toyota won’t be airing any Olympic-themed advertisements on Japanese television during the Tokyo Games despite being one of the IOC’s top corporate sponsors. The extraordinary decision by the country’s top automaker underlines how polarizing the Games have become in Japan as COVID-19 infections rise ahead of Friday’s opening ceremony. “There are many issues with these Games that are proving difficult to be understood,” Toyota Chief Communications Officer Jun Nagata told reporters Monday.news.yahoo.com
Toyota reaches settlement over bullied engineer's suicide
Japanese automaker Toyota has reached a settlement with the family of an engineer whose suicide was ruled a job-related death due to harassment from his boss. Toyota Motor Corp. vowed to crack down on harassment in the workplace to ensure employees’ safety and expressed deep remorse, “facing up with true sincerity to the fact that a precious worker’s life was lost.” To prevent future harassment, Toyota will improve workers' health care, better evaluate management, educate workers and encourage a workplace culture where employees can speak up, the company said in a statement Monday.news.yahoo.com
Japan's Toyota, Isuzu, Hino join in truck technology tie up
Japanese automakers Toyota, Isuzu and Hino said Wednesday, March 24, 2021 they are setting up a partnership in commercial vehicles to work together in electric, hydrogen, connected and autonomous driving technologies. (AP Photo/Tsering Topgyal, File)TOKYO – Japanese automakers Toyota, Isuzu and Hino said Wednesday they are setting up a partnership in commercial vehicles to work together in electric, hydrogen, connected and autonomous driving technologies. The 39 million shares of Isuzu common stock that Toyota is acquiring are worth 42.8 billion yen, or about $400 million. Isuzu will acquire Toyota shares worth the same value, they said. AdCapitalized at 10 million yen ($93,000), the new company will be 80% owned by Toyota, 10% each by Isuzu and Hino.
Mori is gone but gender issues remain for Tokyo Olympics
FILE - In this March 20, 2020, file photo, Tokyo 2020 Olympics chief Yoshiro Mori carries the Olympic flame during the Flame Arrival Ceremony at Japan Air Self-Defense Force Matsushima Base in Higashimatsushima in Miyagi Prefecture, north of Tokyo. Mori resigned Friday, Feb. 12, 2021 as the president of the Tokyo Olympic organizing committee following sexist comments implying women talk too much. Gender inequality in Japan is exactly the issue that was raised last week by Mori's demeaning comments, and what drove his ouster. Mori was appointed in 2014, just months after Tokyo won the bid to host the Olympics. Toyota is one of 14 so-called Olympic TOP sponsors that pay about $1 billion every four-year cycle to the International Olympic Committee.
Reports: Mori to resign Tokyo Olympics over sexist remarks
She said she will skip an Olympic meeting next week with IOC President Thomas Bach, Mori and the national government. Most of its statement about Mori focused on how it says it has improved gender-equality in the Olympics over the last 25 years. Ad___MIZUHO FUKUSHIMA, head of the Social Democratic PartyOpposition leaders have been pressuring Prime Minister Yoshihide Suga to convince Mori to step down. There are some unconfirmed reports in Japan that former Prime Minister Shinzo Abe could replace Mori. Mori got his job in 2014, when Abe was prime minister.
Toyota profits up amid solid recovery from pandemic fallout
Toyota Motor Corp.’s fiscal third quarter profit totaled 838.7 billion yen ($8 billion), up from 559 billion yen the previous year. Quarterly sales rose to 8.2 trillion yen ($78 billion) from 7.6 trillion yen. Toyota said it expects to sell 7.6 million vehicles globally for the fiscal year through March, down from nearly 9 million vehicles the previous fiscal year. But the latest projection is better than the earlier forecast to sell 7.5 million vehicles. AdToyota raised its annual profit forecast to 1.9 trillion yen ($18 billion), up from an earlier projection for a 1.4 trillion yen ($13 billion) profit.
High-flying Tesla stock takes a hit on 1st day in S&P 500
Monday was its first day of being included in the prestigious S&P 500, and it didn't go well. They cite limited markets for high-priced Tesla vehicles, repeated quality problems, huge capital costs for factories, and growing competition from conventional automakers. Ark sees Tesla's shares rising to $1,400 by 2024. “Tesla shares are in our view, and by virtually every conventional metric, not only overvalued, but dramatically so,” J.P. Morgan analyst Ryan Brinkman wrote in a note to investors. Demand for Tesla shares is expected to be strong on Monday as institutional investors buy to make their portfolios mirror the S&P 500.
Toyota president: Tesla has 'not created a real business in the real world yet'
Toyota President Akio Toyoda acknowledged that Tesla's valuation of around $400 billion is sky high, exceeding that of all seven Japanese automakers combined. But, the exec went on to compare Tesla's business to a restaurant still promoting its recipes, while Toyota is more like a restaurant already serving a huge number of customers. "I am hesitant to say this — Tesla's business, if you want to use the analogy, is like that of a kitchen and a chef," Toyoda said. "They have not created a real business in the real world yet. At Toyota, we have a real kitchen and a real chef too, and are creating the dishes already.cnbc.com
Japan's Toyota sees profit slip, holding up despite pandemic
Toyota Motor Corp. reported Friday a quarterly profit of 470.5 billion yen ($4.5 billion), down from 530 billion yen a year ago. Quarterly sales slipped to 6.77 trillion yen ($65 billion) from 7.64 trillion yen. Toyota, based in Toyota city in Aichi, central Japan, said it expects to record a 1.4 trillion yen ($13.5 billion) profit for the fiscal year. It earlier projected 730 billion yen ($7 billion) in profit. Toyota, which makes Lexus luxury models and the Prius hybrid, recorded 2 trillion yen ($19 billion) in profit the previous fiscal year.
Toyota plans to build 'city of the future' with housing, robots and autonomous vehicles in Japan
Toyota on Jan. 6, 2019 revealed plans to build a prototype "city of the future" on a 175-acre site at the base of Mt. The project, known as the Woven City, is expected to break ground in 2021. ToyotaToyota plans to build a "prototype city of the future" on a 175-acre site at the base of Mt. Toyota on Jan. 6, 2019 revealed plans to build a prototype "city of the future" on a 175-acre site at the base of Mt. Toyota expects about 2,000 people from employees to retailers and visiting scientists to initially live in the Woven City, according to Toyoda.cnbc.com
Toyota eyes former competitors as allies in electric car race
Akio Toyoda with new Toyota Supra Paul Eisenstein | CNBCToyota CEO Akio Toyoda is an avid motorsports fan who routinely heads out on the track to test the company's latest products, especially high-performance models like the new Supra sports car and the smaller Toyota 86. It's that profound transformation of the industry, including the push into electric, connected and autonomous vehicles that has caused the Japanese automotive giant to rethink a fundamental tenet of its long-term strategy. Among others: Toyota announced Aug. 28 it was acquiring a 4.94% stake in Suzuki for 96 billion yen, or $910 million. In turn, the smaller automaker said it would purchase 0.2% of Toyota's outstanding shares for 48 billion yen, or about $455 million. Toyota also holds a 5% stake in Mazda while the Hiroshima-based automaker has a 0.25% holding in the bigger company.cnbc.com