China EV king BYD's share price drop signals rocky road ahead
WATARU SUZUKI
SHANGHAI -- Shares of BYD, China's leading electric vehicle maker, are under pressure from slowing domestic sales and greater scrutiny over its aggressive pricing strategy.

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Nikkei Asia
2 hours ago
- Nikkei Asia
Japan negotiator to ask US to implement 15% auto tariff deal
Ryosei Akazawa, Japan's minister of state for economic and fiscal policy, will leave for Washington on Aug. 5 to push the U.S. for quick implementation of the auto tariff deal. © Kyodo TOKYO (Reuters) -- Japan's top tariff negotiator Ryosei Akazawa said he would leave for Washington on Tuesday, seeking to press for President Donald Trump's signing of an executive order that would bring an agreed cut to tariffs on Japanese auto imports into effect. The U.S. last month agreed in a trade deal to lower existing tariffs on Japanese car imports to 15% from levies totaling 27.5% previously, but a timeframe for the change to go into effect was not announced. Duties on other Japanese goods will be cut to 15% from 25% from Thursday. "We will push the United States to make sure that an executive order be signed on the agreed tariff on automobiles and automotive components as soon as possible," Akazawa told parliament. Referring to the problem of "stacking" where goods can be affected by multiple tariffs, Akazawa also said Japan wants to make sure goods that are already levied at more than 15% would be exempt from the additional 15% rate. A table attached to Trump's July 31 executive order that addressed tariff rates for many trading partners showed a "no stacking" condition applies to the European Union, while no such clarification was given for Japan. Akazawa told parliament Japan has received reassurances from the U.S. that it would be treated the same way as the European Union regarding the condition. He stressed that there was no misunderstanding with the United States about Japan's $550 billion investment package agreed in the tariff deal. "We have repeatedly explained to the U.S. that Japan will invest up to $550 billion in the form of equity, loans and guarantees" through state-owned financial institutions to jointly build supply chains critical for national security, Akazawa said. "This is what we believe is our consensus." Akazawa has said equity investment would account for just about 1-2% of the $550 billion.

Nikkei Asia
3 hours ago
- Nikkei Asia
China EV king BYD's share price drop signals rocky road ahead
Chinese automaker BYD's Atto 2 is pictured during a presentation in Italy in February. The model hits the Singaporean market this week, as the company faces an uphill battle to hit its annual sales target. © Reuters WATARU SUZUKI SHANGHAI -- Shares of BYD, China's leading electric vehicle maker, are under pressure from slowing domestic sales and greater scrutiny over its aggressive pricing strategy.


Asahi Shimbun
4 hours ago
- Asahi Shimbun
Australia frigate contract a major step in defense cooperation for Japan
A mock model of the FFM "Upgraded Mogami" class is displayed during the Defense Security Equipment International (DSEI) Japan at Makuhari Messe in Chiba, east of Tokyo, Japan May 21, 2025. (REUTERS) SYDNEY/TOKYO--Japan's Mitsubishi Heavy Industries will deliver the first of Australia's new navy frigates under a A$10 billion ($6.5 billion) deal, Australian Deputy Prime Minister Richard Marles said on Tuesday. The three-frigate contract will be the biggest Australian defense purchase since the government in 2023 agreed to build nuclear-powered submarines with the United States and Britain, and one of Japan's biggest defense export deals. 'It's going to be really important in terms of giving our navy the capability to project, and impactful projection is at the heart of the strategic challenge,' Marles said, adding it was 'a very significant moment in the bilateral relationship between Australia and Japan'. Japan's Minister of Defense Gen Nakatani said it was a 'major step forward in Japan's defense cooperation efforts.' 'The benefits include enhanced joint operations and interoperability with both Australia and the United States,' he told a briefing in Tokyo. MHI's Mogami frigate was selected over German company ThyssenKrupp Marine Systems' MEKO A-200 in a meeting of the Australian government's national security committee on Monday. The upgraded Mogami-class frigate was capable of launching long-range missiles and had a range of up to 10,000 nautical miles, compared to Australia's current Anzac Class frigates, which had a range of around 6,000 nautical miles, Marles said. It also operated with a smaller crew than the Anzac class. The government said in 2024 it would spend up to A$10 billion for the general-purpose frigates to replace the Anzac Class. They will be equipped for undersea warfare and air defense to secure maritime trade routes and Australia's northern approaches. It said the first three general-purpose frigates will be built in Japan, with the remaining eight expected to be built by Austal in Western Australia state. The first frigate is expected to be delivered in 2029. The frigate contract is Japan's biggest and most significant defense deal since it lifted a decades-long ban on military exports in 2014, and only the second after it agreed to supply air defense radars to the Philippines. 'This collaboration is of significant security importance to Japan,' Nakatani said. The Japanese government had supported Mitsubishi's bid, after losing an Australian submarine tender to France a decade earlier, he added. Contract negotiations will begin this year with a contract expected to be signed in 2026, Australian and Japanese officials said. Finalizing pricing, maintenance and sustainment arrangements, and the later transfer of production to Australia are major issues to be addressed, the officials said.