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Category: Automotive

Retail News Asia is committed to providing both local and global retailers with the latest Auto and Car news throughout the Asian market. This on a daily base.

  • Maserati Ghibli Hybrid To Be Unveiled On July 16

    Maserati Ghibli Hybrid To Be Unveiled On July 16

    Maserati’s first-ever hybrid car is all set to make its global debut on July 16. It was in June 2018 that Maserati announced that it will be launching four new plug-in hybrids (PHEV) models by 2022 and last year it confirmed that the first electrified model in its line-up would be the Maserati Ghibli Hybrid whose first public appearance was slated this year. The Maserati Ghibli Hybrid will be manufactured at the Modena plant where the company is significantly upgrading its production line and is investing 800 Million Euros for a new one.

    The Maserati Ghibli on sale in India is offered with a 3.0-liter twin-turbo V6 petrol engine that is designed by Maserati Powertrain and is built at the Ferrari plant in Maranello. The engine is Euro6 compliant and promises an exciting drive while keeping the emissions in check. The petrol engine also comes with a new exhaust system controlled by pneumatic valves. Moreover, the engine features advanced valve control technology with hydraulic roller finger followers and four-cam phasers, twin-turbocharging, and direct injection technology.

    Maserati in its five-year plan had also announced that it will bring refreshed versions of the Ghibli and Quattroporte sedans before it gets built on a completely new platform by 2022. Moreover, the Levante SUV will also be updated, and we’ll also see a new smaller SUV joining the Maserati portfolio before 2022. Based on a completely new platform, the new Levante along with the Ghibli and Quattroporte will also be offered with an electrified (hybrid) powertrain for the very first time.

  • Harley-Davidson To Cut Hundreds Of Jobs As Part Of Turnaround Strategy

    Harley-Davidson To Cut Hundreds Of Jobs As Part Of Turnaround Strategy

    Harley-Davidson Inc on Thursday said it will lay off 500 employees this year as part of new Chief Executive Jochen Zeitz’s efforts to revive the struggling motorcycle maker.

    As part of the overhaul, Chief Financial Officer John Olin will leave the company effective immediately. Darrell Thomas, treasurer, will become interim chief financial officer, it said.

    Harley-Davidson’s sales have been declining for the past five years in the United States, its largest market, as its baby-boomer customer base ages. The economic pain caused by the coronavirus pandemic has further dented retail demand.

    Jochen Zeitz was appointed as CEO of Harley-Davidson in February 2020, and he’s hailed for turning around the Puma brand’s near-bankrupt business

    In response to weak sales, the Milwaukee-based company has cut production, leading to 140 job cuts last month at its factories in Pennsylvania and Wisconsin.

    The latest cuts are in addition to those layoffs, a company spokeswoman said.

    Zeitz, who took over in February, is hailed for turning around the Puma brand’s near-bankrupt business.

    His restructuring strategy, dubbed The Rewire, is aimed at making Harley a leaner and more nimble organization. It seeks to reset product lines, focus on the company’s core strengths and prioritize profitable markets.

    “Significant changes are necessary, and we must move in new directions,” Zeitz said.

  • Ford’s Quarterly China Sales Rise For The First Time In Three Years

    Ford’s Quarterly China Sales Rise For The First Time In Three Years

    Ford Motor Co said its China vehicle sales increased 3 percent in April-June from a year earlier, its first quarterly sales rise in the world’s biggest auto market in almost three years.

    Ford has been seeking to recover from a slump in sales unprecedented for a major global automaker in China, with sales sinking 26 percent last year after a 37 percent drop in 2018.

    Company sources have previously said those sales were hurt by an aging model lineup, a breakdown in relationships with its joint venture partners and dealers, as well as missteps by past management teams.

    China sales for the second quarter climbed to 158,589 units, Ford said in a statement, attributing the rise to a stronger vehicle lineup including new sport-utility vehicles and locally-made luxury Lincoln cars and “strong demand following the lifting of COVID-19 pandemic restrictions”.

    By contrast, rival General Motors said its sales in China for the quarter declined 5.3 percent to 713,600 units.

    Industry-wide vehicle wholesale sales rose 4.4 percent in April and 14.5 percent in May and are expected to grow 11 percent in June, the China Association of Automobile Manufacturers has said.

    In China, Ford makes cars through its joint ventures with Chongqing Changan Automobile Co Ltd and Jiangling Motors Corp Ltd (JMC).

    In the United States, where sales have been hit by lockdowns and travel restrictions, Ford’s sales plunged 33 percent during the quarter.

  • Tesla Shares Surge 13% As Strong Deliveries Drive Profit Optimism

    Tesla Shares Surge 13% As Strong Deliveries Drive Profit Optimism

    Shares of Tesla Inc surged 13% to a record high on Monday, extending their rally to over 40% in five sessions after analysts raised their price targets on the electric car maker following its strong quarterly deliveries.

    The day’s jump increased Tesla’s stock market value by $30 billion (24 billion pounds), eclipsing the entire value of Ford Motor, currently at $25 billion.

    JMP Securities increased its price target to $1,500 from $1,050 after Tesla on Thursday reported higher-than-expected second-quarter vehicle deliveries, defying plummeting sales in the wider auto industry as the coronavirus pandemic slammed the global economy. With Tesla’s stock up nearly 500% over the past year, many investors believe the rally is unsustainable

    “We believe that the question to be considered is not whether the stock is expensive on current valuation measures, but what the company’s growth and competitive position signal about the stock’s potential for the next several years,” JMP Securities analyst Joseph Osha wrote in a client note. Tesla’s annual sales could hit $100 billion by 2025, he predicted.

    JPMorgan, which rates Tesla “underweight,” raised its price target to $295 from $275, while Deutsche Bank upped its target to $1,000 from $900. The median analyst price target for Tesla is $675, compared with its current price of $1,372, according to Refiniti. Alex Barrat from Stake takes us through the overnight moves – Tesla in focus, up over 40% in the last week.

    Tesla’s solid delivery numbers heightened expectations of a profitable second quarter, which would mark the first time in Tesla’s history that it would report four consecutive quarters of profit.

    However, with Tesla’s stock up nearly 500% over the past year, many investors believe the rally is unsustainable. The stock is trading at 158 times expected earnings, according to Refinitiv, an exceptionally high valuation.

    Following Monday’s surge, Tesla’s market capitalization stood at $245 billion, growing its lead as the world’s most valuable automaker.

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  • BMW’s ‘Art of Decoding’ experience in Hong Kong starts with a QR code

    BMW’s ‘Art of Decoding’ experience in Hong Kong starts with a QR code

    BMW is holding its first-ever art-driven motor show in its luxury class showroom in Wan Chai, Hong Kong this month.

    The brand’s “The Art of Decoding” event involves an interactive experiential concept featuring six key aesthetics encouraging visitors to learn more about the BMW DNA.

    Different zones at the exhibition showcase 19 BMW art pieces, in which participants can “decode” using smartphones to learn the stories behind each car model on show.

    Visitors are invited to register online to receive a personal QR code to be activated on-site, before taking photos of a “digit wall” using AR technology to decode the numerical visuals and integrate art aesthetics into the photo.

    Visitors can also present their QR codes on the interactive digital interface, select their favorite illustrations depicting the craft and design of BMW classic series designed by a local artist and create their own personalized branded postcards using their own names.

    Through “The Art of Decoding” journey, visitors will experience BMW contemporary aesthetics, craft, and design, decoding the stories behind every art piece and luxury model

    The event will showcase the latest X5M and X6N models alongside several classics through to July 26.

  • Lamborghini Likely To Unveil A New Sports Car Next Week

    Lamborghini Likely To Unveil A New Sports Car Next Week

    Lamborghini, the Italian luxury sports car manufacturer is gearing up to unveil something exciting, which the company claims will be ahead of its time. The carmaker has officially released a teaser graphic image asking people to tune in for a digital event that is streamed online through Lamborghini’s official website. The event is scheduled for July 8, 2020.

    However, the company hasn’t revealed the exact vehicle that will be revealed next week. Currently, there are several wild guesses and speculations regarding the supercar that the Italian marque will be revealing in the next few days. Going by the teaser image, the Lamborghini has used phrases such as ‘ahead of its time’ and ‘newest creation’, hints that the upcoming car could be a new model or even a one-off concept.

    It is also believed that the Italian brand could unveil a new iteration or a derivative of the Lamborghini’s Sian FKP 37 which was officially introduced last year. Several rumour mills are claiming that the upcoming car could be a Sian FKP 37 roadster, however, several reports suggest that all units of the car have been sold out already. Notably, more details about the Sian roadster are rare at this moment

    Lamborghini is believed to be working on three new supercars which include SCV12 track car, which has already been teased. The company is also believed to be building a Sian Roadster. The third product is a track-focused Huracan STO. And, the spy pictures suggest that it could be a more hardcore version of the Huracan Performante. We request the readers to take this with a pinch of salt. The mystery car will be unveiled in the next few days.

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  • Tesla Becomes Most Valuable Automaker In Latest Stock Rally

    Tesla Becomes Most Valuable Automaker In Latest Stock Rally

    Tesla Inc on Wednesday became the highest-valued automaker as its shares surged to record highs and the electric carmaker’s market capitalization overtook that of former front runner Toyota Motors Corp. Tesla shares gained 5% in early morning trade to a record of $1,133, boosting the company’s market cap to $209.47 billion – roughly $6 billion more than Toyota is currently valued by investors. Tesla is now worth more than triple the combined value of U.S. automakers General Motors Co and Ford Motor Co.

    The shares’ meteoric rise, up more than 163% since the start of 2020, highlight growing confidence among investors about the future of electric vehicles and Tesla’s shift from a niche carmaker into a global leader in cleaner cars.

    After several years of losses, Tesla has delivered three straight profitable quarters since the third quarter of 2019 and surprised investors with solid first-quarter deliveries despite the virus outbreak.

    Toyota, one of the world’s most profitable automakers, sold 10.46 million vehicles during its 2019 financial year, ending on March 31, 2020. It reported net revenues of 30,226 billion yen, or roughly $281.20 billion, during that time.

    Tesla, in comparison, ended 2019 with $24.6 billion in revenues, having delivered 367,200 vehicles last year. Chief Executive Elon Musk in the past said Tesla would deliver at least 500,000 vehicles in 2020, a forecast the company has not changed despite the coronavirus pandemic.

    Tesla is expected to report second-quarter delivery numbers this week.

  • Nissan Denies Corporate Conspiracy To Oust Ex-chairman Ghosn

    Nissan Denies Corporate Conspiracy To Oust Ex-chairman Ghosn

    Nissan Motor on Monday blasted suggestions in media reports of a conspiracy within the company to oust former chairman Carlos Ghosn. Ghosn’s 2018 arrest in Japan on financial misconduct charges has led to much speculation that the move was orchestrated by Nissan executives who opposed closer ties with partner Renault SA. “I know that in books and the media there has been talk about a conspiracy but there are no facts whatsoever to support this,” Motoo Nagai, chairman of Nissan’s auditing committee, told shareholders at the company’s annual general meeting.

    Responding to demands from a shareholder to address the speculation, Nagai argued that the investigation into Ghosn was conducted both internally and by outside law firms.

    Nissan’s former chair Ghosn says he was victim of ‘backstabbing’ in video address

    Nissan’s former chair Carlos Ghosn says he was a victim of “backstabbing” and a “conspiracy” in a video address showed on Tuesday.

    Monday’s meeting lasted almost two hours – twice as long as planned, as shareholders grilled Chief Executive Makoto Uchida on how he planned to restore trust in the company following the Ghosn scandal, and revive sales in the United States and China.

    Uchida, who took the helm in December, told shareholders he would stick to his promise to step down as leader if he fails to deliver on a turnaround plan for the Japanese automaker, which last month reported its first annual loss in 11 years.

    Seeking to slash costs and downsize after years of excessive spending in the pursuit of market share, Nissan plans to cut its model range by about a fifth and reduce production capacity, shuttering plants in Spain and Indonesia and laying off workers in countries including Mexico.

    It now aims to sell 5 million vehicles a year, far fewer than past ambitions of 8 million.

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  • Harley-Davidson To Cut 140 Jobs In The US

    Harley-Davidson To Cut 140 Jobs In The US

    Harley-Davidson has decided to cut as many as 140 jobs in the US as a result of reduced production volume after assembly plants and dealerships were shut in the face of the Covid-19 pandemic. The layoffs are expected across two Harley-Davidson facilities and will affect 90 production workers at Harley’s York facility in Pennsylvania and 50 other workers at its Tomahawk facility in Wisconsin. The decision comes after Harley-Davidson was forced to shut down its factories in March as part of the efforts to stop the spread of the coronavirus pandemic kept non-essential workers at home.

    In April 2020, Harley-Davidson announced that the company had temporarily laid off most of its global production employees and implemented salary cuts to lower costs, as the coronavirus pandemic hurt the iconic American motorcycle brand’s business. In April, the company announced that the CEO and Board of Directors will forego their salaries, without specifying for how long. Salaries of executive leadership were cut by 30 percent, while most other employees’ salaries were cut by 10-20 percent. Hiring has been frozen and the company also announced that salary reductions will be reassessed at the end of the second quarter.

    While Harley-Davidson re-opened its factories in May 2020 at lower production rates, the company also said that fewer models will be shipped in 2020 to dealers in the US. Production will be limited this year to bestselling models and palette of colors, and without customizable features for the rest of the year. Harley also announced that any additional new motorcycles will not be shipped to about 70 percent of its 698 dealers across the US.

    Harley-Davidson has been struggling with slow sales for several years now, particularly in the brand’s home market of the United States

    Harley-Davidson has been battling slowing sales for several years, particularly in its top market of the United States, which accounts for more than half of the brand’s motorcycle sales. To make matters worse, the coronavirus pandemic has further dented demand for motorcycles as more Americans continue to stay at home. In May 2020, Harley-Davidson also replaced former CEO Matt Levatich with Jochen Zeitz, who is also the chairman of the Harley-Davidson board and former CEO of sporting goods manufacturer Puma. Jochen and his team have been working on a new five-year strategic plan to revive sales, which Harley-Davidson plans to reveal in the second-quarter earnings update.

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  • Harley-Davidson Sacks Dealer In USA Over Black Lives Matter Post

    Harley-Davidson Sacks Dealer In USA Over Black Lives Matter Post

    Harley-Davidson has announced that it will cut ties with a Tennessee motorcycle and ATV dealership after a racist post was made on the owner’s Facebook page. The post was apparently made on the Facebook page of Russel Abernathy, the owner of Abernathy’s Cycle of Union City Tennessee. Abernathy also owns a Polaris dealership, and a week ago, Polaris, which also owns the Indian Motorcycle brand, has also asked him to step down. The posts were on the Facebook page of Abernathy, owner of Polaris, Harley-Davidson and Honda Powersports stores in Union City.

    In a statement, Harley-Davidson said: “Racism, hate or intolerance have no place in our world including within the Harley-Davidson community, employees, dealers or riders. We recently became aware of racist comments posted on one of our dealer owner’s Facebook page and immediately started a review process. We will not tolerate this type of behavior in our network, and today we are announcing that the dealer owner in question will no longer be part of our dealer network. Harley-Davidson is committed to diversity and inclusion. We strive to create a welcoming environment for everyone.”

    The post on Russel Abernathy’s Facebook page has since been deleted and stated that he “was sick of this black lives matter,” before calling for black people to go “back to Africa and stay.” On his part, Abernathy is claiming that his social media account was hacked. Screenshots of the now-deleted post were shared by angry observers and local commentators.

    Abernathy also owns a Honda Powersports store in Union City. Honda has released a statement saying that the brand “unequivocally condemns racist statements and actions of every kind” and has launched its own investigation into the matter, and will take “swift and aggressive action” if warranted by the investigation.

    The stand by both Harley-Davidson and Polaris are the latest indication that corporate America is taking a harder line against racism in the business world. Polaris has its headquarters in a suburb of Minneapolis near where George Floyd, an unarmed black man, died last month after a city police officer knelt on his neck for almost nine minutes.

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  • Italy Approves Guarantees For $7.1 Billion Loan To Fiat Chrysler

    Italy Approves Guarantees For $7.1 Billion Loan To Fiat Chrysler

    Italy has approved a decree offering state guarantees for a 6.3-billion euro ($7.1 billion) loan to Fiat Chrysler’s (FCA) Italian unit, the Treasury said on Wednesday, paving the way for the largest crisis loan to a European carmaker.

    The formal announcement follows an endorsement by the country’s audit court and brings to an end a lengthy approval procedure for the loan, which has drawn criticism in Italy.

    By providing state support, Rome “aims to preserve and strengthen the Italian automotive supply chain,” Economy Minister Roberto Gualtieri said in a statement.

    The request for state support sparked controversy because FCA is working to merge with French rival PSA

    FCA’s Italian division has tapped Rome’s COVID-19 emergency financing schemes to secure a state-backed, three-year facility to help it weather the crisis triggered by the coronavirus pandemic. The aid will also help Italy’s broader car sector, in which about 10,000 businesses operate.

    The loan will be disbursed by Italy’s biggest retail bank Intesa Sanpaolo, which has already authorized it pending the approval of guarantees the government will provide on 80% of the sum through export credit agency SACE.

    The request for state support sparked controversy because FCA is working to merge with French rival PSA and the holding company for the Italian-American carmaker is registered in the Netherlands. FCA’s global brands include Fiat, Jeep, Dodge and Maserati.

    Italy could soon announce a $7 billion loan for Fiat Chrysler, in what would be the biggest such deal for any European carmaker.

    Gualtieri said FCA would have to meet commitments on investments and jobs, but declined to say whether the Treasury had imposed conditions affecting FCA’s planned 5.5 billion euro extraordinary dividend, a key element in the merger with PSA.

    Italian politicians have called the dividend into question, although it should be compatible with the terms of the financing because it is not due until 2021 and would be paid by FCA Italy’s Dutch parent company, Fiat Chrysler Automobiles NV.

    FCA, whose stock fell 4.4% to 8.665 euros on the Milan bourse, had no immediate comment.

  • Toyota Holds $293 Million Stake In Uber

    Toyota Holds $293 Million Stake In Uber

    Toyota Motor holds a $293 million stake in Uber Technologies, as it partners with the ride-hailing company to further expand into new mobility services, Toyota’s latest corporate governance report released on Wednesday showed.

    The Japanese automaker has also unloaded shares in some of its suppliers, adjusting its portfolio to reflect partnerships with rival automakers and technology firms as it transforms into a mobility services company, the report showed.

    Reporting the total size of its stake in Uber, which became a listed company last year, Toyota said it held 10.25 million shares valued at 31.15 billion yen ($292.46 million) as of March 30. That is around 0.6% of Uber’s outstanding shares, according to a Reuters calculation.

    Toyota, one of the world’s biggest automakers, said it had reduced its shareholdings in 24 companies and increased them in 10, including two listed companies. Lufthansa shares down as investor battles bailout

    Lufthansa shares slumped Monday morning after CEO Carsten Spohr said the company would seek to avoid a grounding and insolvency in a battle with the airline’s biggest shareholder over the terms of a 9-billion-euro bailout. Ciara Lee reports

    In the past year, it took a stake in rival Suzuki Motor Corp as the pair deepen cooperation around the development of lower-emission vehicles.

    Toyota sold its stakes in cutting tool manufacturer OSG Corporation, Nippon Steel Corporation, automotive lights and interior mirrors maker Ichikoh Industries, and transmission belt maker Mitsuboshi Belting.

    “If Toyota determines a shareholding is no longer meaningful or the meaning of a shareholding has been diluted due to changes in a business environment or other reasons, (it) will proceed with the sale of such shares,” the automaker said in the report.

    Toyota currently has an interest in 174 firms, including 65 listed companies, compared with 200 firms in 2015, of which 80 were listed companies.

    Toyota’s biggest shareholders remained the same, although investors including Nippon Life Insurance Co, JPMorgan Chase Bank N.A. and State Street Bank and Trust Company slightly increased their stakes, the latter two through proxy Mizuho Bank.

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  • Tesla Plans Battery Manufacturing Facility Under Project ‘Roadrunner’

    Tesla Plans Battery Manufacturing Facility Under Project ‘Roadrunner’

    Tesla Inc plans to build a battery research and manufacturing facility in Fremont, California, to be operated around the clock, under a project dubbed Roadrunner, documents from the city government showed.

    The plan signals the U.S. electric vehicle (EV) maker’s efforts to make its own automotive batteries, EVs’ most expensive components.

    Tesla, which said it currently has a “small-scale” battery manufacturing operation in Fremont, applied for city government approval to build an expanded battery operation. It estimated construction of the project, including the installation of all manufacturing equipment, can be completed in around 3 months.

    Tesla’s stock jumped above $1,000 a share for the first time on Wednesday after Chief Executive Elon Musk told his staff it was time to bring the Tesla Semi commercial truck to “volume production.” Conway G.

    Workers assigned to the facility would total 470, of which 400 would “work in shifts, such that there are 100 employees working at manufacturing and production operations at any given time, all day, every day.”

    Tesla did not immediately respond to Reuters’ request for comment.

    Chief Executive Elon Musk earlier this week said it will give a tour of Tesla’s battery cell production on Sept. 15, the tentative date for what the automaker has dubbed Battery Day.

    Tesla currently produces batteries with Japan’s Panasonic Corp at the so-called Gigafactory near Reno, Nevada. It also has battery contracts with South Korea’s LG Chem Ltd and China’s Contemporary Amperex Technology Ltd.

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  • Hyundai Verna Fuel Economy Figures Out

    Hyundai Verna Fuel Economy Figures Out

    The 2020 Hyundai Verna Facelift was launched in India last month and while the company had shared the specifications and details at the time of the launch, its fuel economy figures were still unknown. Finally, we have managed to get our hands on the fuel efficiency figures of all variants of the Verna across its engine line-up. The new Hyundai Verna Facelift is offered in India in four variants- S, S+, SX, SX(O), and SX(O) Turbo and it’s the first fully connected compact sedan on sale in India.

    The Hyundai Verna is offered in India with three engine options and five engine and gearbox combinations. First up is the 1.5-liter, naturally aspirated four-cylinder motor that delivers 17.7 kmpl when mated to a six-speed manual transmission and 18.45 kmpl when it is offered with the CVT automatic gearbox. The 1.0-liter, the three-cylinder turbo engine is offered with the seven-speed automatic dual-clutch transmission (DCT) as standard and delivers a fuel economy of 19.2 kmpl. The 1.5-liter, four-cylinder diesel mill when offered with the torque converter automatic transmission delivers a fuel economy of 21.3 kmpl while the diesel manual transmission variant delivers the highest fuel economy in the range at 25 kmpl.

    The 1.5-liter, four-cylinder MPi petrol engine belts out 113 bhp and 144 Nm of peak torque and comes mated to a six-speed manual transmission as standard while an iVT (CVT) gearbox is optional. Then there is the 1.5-liter, four-cylinder diesel engine that puts out 113 bhp and 250 Nm of peak torque. This engine is also mated to a six-speed manual transmission as standard while a six-speed torque-converter transmission is optional. The most powerful of all is the 1.0-liter, three-cylinder Turbo GDi petrol engine that churns out 118 bhp and 172Nm of peak torque which is mated to a seven-speed dual-clutch transmission (DCT) which is a segment-first.

  • Toyota Sees July Global Output Down 10% On Initial Plan

    Toyota Sees July Global Output Down 10% On Initial Plan

    Toyota Motor Corp said on Monday it would make 10% fewer vehicles next month than originally planned, as it gradually resumes output following factory closures earlier this year due to the coronavirus pandemic.

    The Japanese automaker said it planned to make 71,000 fewer vehicles globally in July than its original goal of about 700,000. While production has yet to return to normal, the July reduction is smaller than the 20% output cut for June.

    “We expect the recovery trend to continue in August,” a spokesman said.

    Global automakers are trying to get their plants back up and running after many were closed earlier this year to curb the spread of the virus.

    Toyota Motor, Japan’s biggest automaker, said on Tuesday it expects its lowest annual operating profit in nine years, down over 4 billion US dollars, or 80%, from the previous year.

    For the April-July period, Toyota anticipates a global production drop of 30% from its initial plans, made before the virus outbreak and a plunge in demand for vehicles.

    The automaker produced nearly 3.7 million vehicles during the same period last year.

    At home, Toyota plans to make 39,000 fewer vehicles in July, or 10% less than initially planned.

    It will stop making its Coaster minibus model for six days, while lines producing the Land Cruiser and Prado SUV models, and the Porte subcompact, will stop for two days. These adjustments will affect six production lines at three of the automaker’s plants.

    Second shifts at some of these plants will remain canceled, potentially until September. In total, Toyota operates 28 production lines at 15 vehicle factories in Japan.

    Toyota will also cancel some Saturday shifts next month on four lines that produce models including its popular RAV4 SUV crossover model and the Prius gasoline hybrid, many of which are exported overseas.

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