Archive for the ‘Asia Pacific’ Category

Nissan Profits Fall 8% in First Half of Fiscal Year

Sales hit in North American while China grows.

by on Nov.08, 2018

Nissan CFO Hiroshi Karube reported the company's profits fell 8% overall due to falling sales in North America and Europe.

Nissan Motor Co. reported an 8% drop in quarterly profits due to declining sales in its biggest markets, North America and Europe, as well as hits on raw material costs.

The Japanese automaker reported quarterly profits of 130.4 billion yen, or $1.1 billion, on Thursday, down from 141.6 billion yen the same period a year earlier. The automaker noted that quarterly sales fell nearly 3% to 2.82 trillion yen, or $24.8 billion.

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However, this dip in profits wasn’t enough for Nissan to revise its forecast for the fiscal year through March for a 500 billion yen, or $4.4 billion, profit on 12 trillion yen, or $106 billion, sales. (more…)

Denholm Replaces Musk as Tesla Chairman

Appointment could be temporary, as Musk can regain post after three years.

by on Nov.08, 2018

Australian Robyn Denholm will succeed Elon Musk as Tesla's chairman, though he remains CEO.

Australian Robyn Denholm is Tesla’s new chairman, replacing Elon Musk as head of the board of directors following a settlement with the Securities and Exchange Commission that forced the South African-born exec to relinquish his role.

Musk, who will remain chief executive officer of the battery-carmaker, can attempt to regain the chairman’s post, as well, after a three-year hiatus mandated by the SEC settlement. The agreement was reached after the government accused the 47-year-old of lying to investors when, last August, he declared that he had arranged funding to take Tesla private.

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The move will position Denholm as one of the highest-ranking female executives in the auto industry, with General Motors’ Mary Barra the only other woman serving as chairman of a major car manufacturer. Denholm had already been serving as an independent director on the Tesla board since 2014. There is one other woman on the board. (more…)

Toyota Earnings Soar on Global Sales Surge

Automaker lifts full-year forecast.

by on Nov.06, 2018

Strong demand for Lexus, especially in the Chinese market, helped Toyota deliver strong earnings.

Toyota Motor Corp. reported a 28% increase in its net profit for the July-September quarter, earnings buoyed by strong demand in key global markets, including the Americas, Asia and Europe.

The Japanese giant also advised that it expects to see earnings push past earlier forecasts for the full year, in part driven by unexpectedly strong demand in China. Sales of the Lexus brand, have been booming there, despite a slowdown in the overall Chinese market.

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Sales gains were only one of the factors that propped up Toyota’s bottom line, said Senior Managing Masayoshi Shirayanagi. Referring to aggressive cost-cutting efforts, he said, “We are steadily making progress toward achieving our challenge-level target.”

(more…)

Subaru Profits to be Hit by Inspection Scandal, Recalls

Japanese maker struggling to get inspection issue resolved.

by on Nov.05, 2018

Subaru plants in Japan are still struggling with false inspections, which will impact its yearly earnings.

Subaru continues to struggle with recall issues, saying it would recall more vehicles sold in the Japanese market due to newly found instances of inspection cheating. Coupled with its recent engine recall and other actions and the company’s profits are expected to be cut by about 25%.

The company plans to recall about 100,000 vehicles, including its popular Impreza sedan, after it was found the final tests for components including brakes were not conducted properly. Vehicles sold overseas will not be affected. 

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“It’s unforgivable that these inspection-related issues are continuing,” CEO Tomomi Nakamura said. According to Reuters, he repeatedly added he believed that the latest recall would be the last related to testing misconduct.  (more…)

Tesla’s Musk Says Pickup Truck Design is “Futuristic-like Cyberpunk”

He added if it doesn't sell, a more conventional-looking truck may come.

by on Nov.05, 2018

Tesla's Elon Musk said the product he's most excited about is the company's pickup truck.

Now that the Model 3 is launched, Tesla fans want to know what’s on the horizon and a truck has been an oft-mentioned possibility after the Model Y. With those thoughts come possibilities: full-sizes, midsize … compact? Nope.

Cyberpunk.

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“It’s gonna be like a really futuristic-like cyberpunk, ‘Blade Runner’ pickup truck,” Musk said during the Recode Decode podcast. “It’s gonna be awesome, it’s gonna be amazing. This will be heart-stopping. It stops my heart.” (more…)

Tesla Expects to Spend as Much as $6B in Next Two Years

Money to be used for product development, China plant.

by on Nov.02, 2018

Tesla's move to build a new plan in China will include up to $3 billion to for a new plant and other expenditures.

Already plagued by rumors of needing to raise additional money, Tesla officials expect to spend between $5 billion and $6 billion in the next two years to expand production.

The company, which revealed the plan in its quarter filing with the Securities and Exchange Commission, is making big moves with the money.

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Tesla will spend between $2.5 billion and $3 billion in capital expenditures readying the business for increased Model 3 production, development on its next vehicle, the Model Y, the second-generation Roadster and other projects, according to the filing. (more…)

Ford, VW Discussions Now Far More Wide-Ranging Than Originally Planned

by on Nov.02, 2018

Ford and VW initially wanted to discuss cooperation on light commercial vehicles.

Talks between Ford and Volkswagen are covering far more territory than originally planned, when the two signed a memorandum of understanding in June that initially focused on joint development of commercial vehicles.

While Ford officials have told TheDetroitBureau.com there is no thought to an exchange of equity, virtually everything else seems at least open for discussion, with a number of key ventures being considered. According to various U.S. and European sources, these include joint development of a small pickup, cooperation on electrified and autonomous vehicles and possibly even collaboration on sales and marketing in trouble-spot markets, such as Europe and Latin America.

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Several reports have suggested that a major announcement could be in the offing, and a source close to the talks told TheDetroitBureau that “There could be an update by the end of the year.” But that person stressed that not all the discussions underway are likely to be resolved immediately, and could be spread out over months, even years – even “if everything (being negotiated) comes true.”

(more…)

First Drive: 2019 Honda Accord Hybrid

Plenty of power, polish make it a keeper.

by on Nov.02, 2018

The 2018 Honda Accord Hybrid won the North American Car of the Year for this year.

Honda has taken its share of quality lumps lately, but its also shown it makes terrific cars such as the Civic and Accord, which was named North American Car of the Year back in January.

Now Honda has rolled out the hybrid version of the Accord and it is also just as impressive in its own ways the Accord that runs only on gasoline.

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But the 2019 Accord Hybrid’s blend of gasoline and electric motors make the car even more versatile particularly in urban driving where the EV mode and extra low-end torque from the combined powertrain give the Accord an added dimension that is both practical and pleasing to drive in heavy traffic.  (more…)

First Official Look: 2019 BMW 8-Series Convertible

New Bavarian flagship rolls back its top.

by on Nov.01, 2018

BMW's got a replacement for the 6-Series convertible with the new 850i for 2019.

We’ve been seeing some leaked images in recent days, but now we can offer you an official first look at BMW’s new flagship convertible.

There were more than a few folks disappointed to learn that the 6-Series Cabriolet was going away. But if you have the budget, it’s going to be difficult to complain about the new 850i ragtop. Oh, and yes, it skips the hardtop approach taken by some premium convertibles in favor of a more traditional cloth top.

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Set to make its official debut later this month at the Los Angeles Auto Show, the sleek new cabrio has a lot in common, as you’d likely expect, with the coupe version of the 8-Series that made its formal debut early in October at the Paris Motor Show. (more…)

Siemens Jumps into Autonomous Vehicle Race

Supplier converts Munich campus to real-world AV test facility.

by on Oct.31, 2018

Siemens has jumped into the autonomous vehicle business, converting its Munich campus into a testing facility.

Siemens Mobility, along with five partners, is launching a test of connected and autonomous driving at the company’s Munich research campus to test and refine intelligent infrastructure, cloud-based software service and automated electric vehicles.

“Our research project is another milestone to serving the so-called first and last mile in a multimodal mobility mix that includes autonomous vehicles,” said Michael Peter, CEO of Siemens Mobility.

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“Our infrastructure is a critically important component for providing secure and efficient on-demand transportation in urban and rural areas,” he said. (more…)