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Japan Today
4 days ago
- Automotive
- Japan Today
Truck units of Toyota and Daimler reach merger deal
By YURI KAGEYAMA The truck divisions of Japan's Toyota and Daimler of Germany have agreed to merge to form 'a new strong Japanese truck powerhouse' to work together in vehicle development, procurement and production. Details, including the scope and specifics of the collaboration, were still undecided. But Hino Motors and Mitsubishi Fuso Truck and Bus Corp plan to form a listed holding company by April 2026, the companies said Tuesday. A tentative such deal was announced two years ago. Under the integration, which will be 'on an equal footing,' Daimler Truck and Toyota Motor Corp. will each own 25% of the holding company. The Tokyo-based holding company will own 100% of Mitsubishi Fuso and Hino, and list on the Tokyo Stock Exchange. The chief executive will be Karl Deppen, now CEO of Mitsubishi Fuso, a division of Daimler Truck AG. 'Today is a great day for all our stakeholders. We are shaping the industry by bundling our strengths,' Deppen said. 'With a strong new company, we combine our two trusted brands, our resources, competencies and expertise to even better support our customers in their transportation needs in the future.' The new company, which still needs approval from boards, shareholders and regulatory authorities, will employ more than 40,000 workers. The companies share the common desire to work on future commercial vehicles, strengthening the auto industry in Japan and Asia, and work on ecological innovation, including the use of hydrogen energy, the companies said. Toyota Chief Executive Koji Sato expressed hopes the companies working together will contribute toward building a better future. 'Today's final agreement is not the goal but the starting line. Our four companies, aiming to achieve a sustainable mobility society, will continue to create the future of commercial vehicles together,' he said. Collaboration and the pooling of resources, including money, are becoming widespread in the auto industry, as pressures grow to develop various technology in ecology, autonomous driving, connectivity and safety. And scale can help reduce costs and boost competitiveness. © Copyright 2025 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
New Indian Express
30-05-2025
- Business
- New Indian Express
European benchmarks rise while Asian shares finished lower amid uncertainty over Trump's tariffs
Hong Kong's Hang Seng slipped 1.2% to 23,289.77, while the Shanghai Composite shed 0.5% to 3,347.49. Earlier this week, the U.S. Court of International Trade said that the 1977 International Emergency Economic Powers Act that Trump cited for ordering massive increases in taxes on imports from around the world does not authorize the use of tariffs. The ruling at first raised hopes in financial markets that a hamstrung Trump would not be able to drive the economy into a recession with his tariffs, which had threatened to grind down on global trade and raise prices for consumers already sick of high inflation. But the tariffs remain in place for now while the White House appeals the ruling, and the ultimate outcome is still uncertain. The court's ruling also affects only some of Trump's tariffs, not those on foreign steel, aluminum and autos, which were invoked under a different law. The Court of Appeals for the Federal Circuit on Thursday allowed the president to temporarily continue collecting the tariffs under the emergency powers law while he appeals the trade court's decision. Un energy trading, benchmark U.S. crude rose 24 cents to $61.18 a barrel. Brent crude, the international standard, edged up 23 cents to $64.38 a barrel. In currency trading, the U.S. dollar declined to 143.96 Japanese yen from 144.12 yen. The euro cost $1.1342, down from $1.1367. (By YURI KAGEYAMA)
Japan Today
21-05-2025
- Automotive
- Japan Today
Japan's exports slow in April as Trump's tariffs dent shipments to U.S.
By YURI KAGEYAMA Japan's exports to the United States, its largest single trading partner, fell nearly 2% in April as tariff hikes imposed by President Donald Trump hit home. Globally, exports rose just 2% year-on-year, down from 4% in March, leaving a trade deficit for the first time in three months. Imports from the United States fell more than 11% in April, while total imports slipped 2.2%. Weakening exports could drag on growth after the economy contracted 0.7% in the last quarter. Japan is asking the Trump administration to scrap his tariffs on imports from Japan, but so far, the U.S. has not agreed to do so. The Finance Ministry said April's trade deficit totaled 115.8 billion yen ($804 million), compared with 504.7 billion yen a year earlier. The Japanese yen recently has gained against the U.S. dollar, eroding the value of exports in yen terms. The dollar is trading at about 144 yen, down from about 155 yen a year ago. Exports had picked up earlier in the year as businesses rushed to beat tariffs that have gradually taken effect since Trump took office for a second time. While trade with the United States has suffered, exports to other regions such as Southeast Asia have expanded. The U.S. is charging a 25% tariff on imports of autos, a mainstay of Japan's trade with the U.S. and a key driver of growth for the economy. Trump has relaxed some of those tariffs but has kept in place higher tariffs on steel and aluminum. Japan's vehicle exports fell nearly 6% in April from the year before. Economic Revitalization Minister Ryosei Akazawa, Japan's main tariff negotiator, is due to visit the U.S. soon for talks, likely over the weekend, in the third round of those talks. © 2025 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
Japan Today
20-05-2025
- Automotive
- Japan Today
Honda pulls back on EV strategy for now and will push hybrid sales
By YURI KAGEYAMA Honda Motor Co said Tuesday electric vehicle sales were slowing in the U.S., prompting the Japanese automaker to scrap its previous goal for EVs to be 30% of its global vehicle sales by 2030. Instead of the initial plan to invest 10 trillion yen in an electrification strategy through the fiscal year ending in 2031, Honda is reducing that investment by 3 trillion yen to 7 trillion yen. Honda Chief Executive Toshihiro Mibe called the decisions 'a switch in the planned course,' while stressing the long-term shift toward electrification remained unchanged, just pushed back in time. Mibe didn't mention U.S. President Donald Trump. But Trump's policies on tariffs, as well as his lack of enthusiasm for electric vehicles, have Japanese automakers scrambling to adapt. 'The environment surrounding the automobile industry is changing day by day. Uncertainty in the business environment is increasing, due particularly to the slowdown in the expansion of the EV market due to several factors, including changes in environmental regulations,' Honda said in a statement. Mibe did not give a specific timeline for a new course for electrification. But Honda, which makes the Civic and Accord car models, will be more aggressive in producing hybrids instead, he said. Honda's auto plant in Marysville, Ohio, for instance, will be adapted to produce both EVs and hybrids under the new plan. Mibe pointed to Honda's motorcycle business as its core strength, as sales continue to grow in India, and Honda's global market share was steadily rising. Mibe also said the Tokyo-based automaker was working on the use of various digital technology to strengthen safety, including assisted driving that will bring deaths from traffic accidents down to zero, a longtime Honda goal. Talks that began late last year to bring together the operations of Honda and Japanese rival Nissan Motor Corp, as well as smaller automaker Mitsubishi Motors Corp, in a merger, collapsed earlier this year. Mibe told reporters talks were still ongoing to have the three automakers work together on developing technology. He remained vague and did not say when a deal might be reached. Nissan is sinking into losses, reducing its work force and shuttering plants. Its new chief executive, Ivan Espinosa, is promising a turnaround by speeding up decision-making. Honda's profit for the fiscal year through March slipped 24.5% from the previous year. But much of the negative impact is from external factors like tariffs and sliding sales in China. 'Honda's profitability outlook remains robust, supported by cost-cutting initiatives,' said Aaron Ho, equity analyst at CFRA Research. © Copyright 2025 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
Japan Today
08-05-2025
- Business
- Japan Today
Nintendo promises stronger results with Switch 2 console going on sale in June
FILE - The Nintendo Switch 2 is demonstrated during a media event, in New York, Wednesday, April 2, 2025. (AP Photo/Richard Drew, File) By YURI KAGEYAMA Japanese video-game maker Nintendo on Thursday reported a 43% decline in profit for the fiscal year through March, but promised a turnaround as its Switch console upgrade goes on sale in June. Nintendo Co.'s profit for the fiscal year through March totaled 278.8 billion yen ($1.9 billion), down from 490 billion yen the previous fiscal year. Annual sales slipped 30% to 1.16 trillion yen ($8 billion) from 1.67 trillion yen, according to the Kyoto-based maker of the Super Mario and Donkey Kong games. The fortunes of game companies tend to decline somewhat as time passes after a new game machine goes on sale since many people have already bought the machine, although new hit software helps boost the results. Much anticipation has been building over the rollout of the so-called Switch 2, which goes on sale June 5. Nintendo said it expects to sell 15 million Switch 2 consoles for the fiscal year through March 2026. Demand has dwindled for the current Switch, now in its eighth year after its debut. The number of Switch players around the world remains above 128 million people, according to Nintendo. Nintendo said attractive software was coming for the Switch 2 later this year, including 'The Legend of Zelda' games, a Pokemon title and a Kirby game, as well as offerings from outside software companies. Also adding to the momentum is the opening of a Nintendo store in San Francisco and the Super Nintendo World amusement facility opening in Orlando, both set for this month, according to Nintendo. Nintendo is projecting a 300 billion yen ($2.1 billion) profit for the fiscal year ending in March next year, a nearly 8% improvement from the fiscal year just ended, on sales of 1.9 trillion yen ($13 billion), up 63% on-year. © Copyright 2025 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
