Sei Matsumoto

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Mitsubishi Motors suffers 39% profit drop on weak Asia shipments

Jul 23, 2024 | asia.nikkei.com | Sei Matsumoto

TOKYO -- Mitsubishi Motors on Tuesday reported a 39% decrease in net profit on the year for the April-June quarter to 29.4 billion yen ($188 million), as shipments flagged in the crucial Southeast Asian market. The Japanese automaker underperformed market forecasts for the quarter, in part from higher marketing costs in North America amid cutthroat competition.
Japan's AESC to make cheaper EV batteries at $1bn plant in Spain

Jul 11, 2024 | asia.nikkei.com | Sei Matsumoto

TOKYO -- AESC Group will start producing a cheaper alternative to lithium-ion batteries at a new plant coming online in Spain in 2026, the Japan-based company said Thursday. AESC will invest over 1 billion euros ($1.09 billion) in the new factory, eyeing demand for lithium-iron-phosphate (LFP) batteries for use in electric vehicles and power storage systems.
Geely cracks top 10 in Q1 global auto sales in China carmaker first

May 25, 2024 | asia.nikkei.com | Sei Matsumoto

TOKYO -- Zhejiang Geely Holding Group sold 730,000 vehicles in the January-March period to become the first Chinese carmaker to break into the global top 10 in auto sales for the quarter. The Geely group, which had placed 12th in the first quarter of 2023, passed Germany's Mercedes-Benz Group and BMW to come in 10th with sales volume climbing 27% on the year.
Nissan to bail out ex-affiliate cut loose under Carlos Ghosn

May 8, 2024 | asia.nikkei.com | Sei Matsumoto |Jun Watanabe

TOKYO -- Nissan Motor will extend financial support to an auto parts manufacturer that was once part of its affiliated supplier network but struggled to recover after the carmaker spread out its supply chain, Nikkei has learned. Nissan will provide 6 billion yen ($38.6 million) to Kasai Kogyo through a placement of a special class of shares with reduced voting rights. The Japanese automaker does not intend to make Kasai Kogyo a subsidiary.
China's EV overcapacity spurs global fears of more price cuts

Apr 27, 2024 | asia.nikkei.com | Shunsuke Tabeta |Sei Matsumoto

BEIJING/TOKYO -- Electric vehicle production capacity in China continues to expand at breakneck speed despite being vastly larger than domestic demand, fanning fears that manufacturers will export vehicles abroad at cut-throat discounts. The break-even point for factory utilization in the automotive industry is usually around 80%, but the level for new energy vehicles, which includes EVs, is only around 50% in China.
Honda to shield suppliers from higher rates with lump-sum payments

Mar 19, 2024 | asia.nikkei.com | Shoya Okinaga |Sei Matsumoto

TOKYO -- Honda Motor will help suppliers improve cash flow by switching to lump-sum payments for auto part dies instead of protracted installments, Nikkei has learned, sparing these companies the risks related to rising interest rates. The metal dies used in manufacturing car parts are often made to order for automakers and include strict quality requirements, incurring high costs.
Nissan and Honda to cut China production as EV race heats up

Mar 12, 2024 | asia.nikkei.com | Azusa Kawakami |Sei Matsumoto |Shoya Okinaga

TOKYO -- Nissan Motor and Honda Motor are preparing to reduce their vehicle production capacity in China, Nikkei has learned, as the Japanese carmakers struggle to keep up in the electric vehicle race against Chinese rivals. Nissan will begin talks with a local-joint venture company in the coming days to slice its capacity in China by up to 30%, which is equivalent to 500,000 cars annually. The Japanese company can at present make around 1.6 million cars in China every year.
Hybrids lead EVs in sales growth as drivers seek convenience

Feb 19, 2024 | asia.nikkei.com | Azusa Kawakami |Sei Matsumoto

TOKYO -- Hybrid automobiles achieved stronger sales gains than electric vehicles in major markets last year, in a sign of EV growth hitting a slow patch. Sales of hybrids rose 30% in 2023 in 14 countries -- including China, Japan and the U.S. -- to 4.21 million units, MarkLines reports. Electric vehicles and plug-in hybrids lagged with 28% growth to 11.96 million units.
Let's get real about EVs' environmental impact, rare metal expert says

Feb 1, 2024 | asia.nikkei.com | Sei Matsumoto

TOKYO -- As the world embraces electric vehicles as a solution to carbon dioxide emissions, there is too little discussion of the environmental harm associated with the metals needed to build them, says one of Japan's foremost researchers in the field.
Nissan's go-it-alone shift clouds Renault alliance

Dec 6, 2023 | asia.nikkei.com | Azusa Kawakami |Sei Matsumoto

TOKYO -- French automaker Renault appears to be going out of its way to demonstrate that its partnership with Nissan Motor remains rock solid even as the Japanese partner adopts its own strategy in Europe. Leaders from Renault, Nissan and Mitsubishi Motors on Wednesday presented strategies in their first joint news conference since the three-member alliance completed a rework of their capital relationship in November.