Asia autos correspondent, Tokyo
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Jan 20, 2011

Mitsubishi Motors banks on emerging markets to double profit

TOKYO (Reuters) – Mitsubishi Motors Corp said it would count on rapid expansion in emerging markets and big cost cuts to double its operating profit in three years, anticipating a resumption of dividends in the year to March 2014.

Announcing a new three-year business plan on Thursday, Mitsubishi Motors, one of Japan’s smallest automakers, said it would target a 37 percent jump in sales of Mitsubishi-brand vehicles to 1.37 million vehicles by 2013/14.

Jan 20, 2011

M’bishi Motors banks on emrg markets to double profit

TOKYO, Jan 20 (Reuters) – Mitsubishi Motors Corp (7211.T: Quote, Profile, Research, Stock Buzz)
said it would count on rapid expansion in emerging markets and
big cost cuts to double its operating profit in three years,
anticipating a resumption of dividends in the year to March 2014.

Announcing a new three-year business plan on Thursday,
Mitsubishi Motors, one of Japan’s smallest automakers, said it
would target a 37 percent jump in sales of Mitsubishi-brand
vehicles to 1.37 million vehicles by 2013/14.

Jan 13, 2011

China readies 10 million EV parking spots by 2020: executive

DETROIT (Reuters) – The Chinese government is said to be looking to prepare at least 10 million car parking spots for electric vehicles by 2020 in a new comprehensive policy due to be announced soon, a top executive at a local automaker said on Thursday.

China relies on foreign oil for more than half of its oil consumption and is looking to promote alternative fuel vehicles in the world’s biggest auto market, whose growth topped 30 percent last year to 18 million units.

Jan 13, 2011

China readies 10 mln EV parking spots by 2020-exec

DETROIT, Jan 13 (Reuters) – The Chinese government is said
to be looking to prepare at least 10 million car parking spots
for electric vehicles by 2020 in a new comprehensive policy due
to be announced soon, a top executive at a local automaker said
on Thursday.

China relies on foreign oil for more than half of its oil
consumption and is looking to promote alternative fuel vehicles
in the world’s biggest auto market, whose growth topped 30
percent last year to 18 million units.

Jan 12, 2011

Toyota comeback in U.S. could trigger share rebound

DETROIT (Reuters) – The public isn’t cutting Toyota Motor (7203.T: Quote, Profile, Research, Stock Buzz) much slack, but the world’s top automaker is looking to shake off the recall crisis and at least match the growth in its key U.S. market this year in what could bode well for its lusterless shares.

Almost exactly one year since its worst safety crisis erupted, Toyota executives at the Detroit auto show this week downplayed the company’s poor performance in the U.S. last year, saying the pieces were in place for a healthy recovery.

Jan 12, 2011

China’s BAIC eyes overseas expansion

DETROIT (Reuters) – Even before it launches the first passenger cars under its own brand at home, China’s BAIC has set its sights on expansion overseas.

“If you want to be a sustainable automaker, you have to be global,” Wang Dazong, president of Beijing Automotive, told Reuters on the sidelines of the Detroit auto show.

Jan 12, 2011

Volvo seeks “2nd home market” in China

DETROIT (Reuters) – Volvo Car expects China to become its biggest market as early as next year and its “second home market” after Sweden as the Chinese-owned automaker looks for sales to grow more than six times by 2015, a top company executive said.

Volvo, owned by the parent of Chinese automaker Geely Automobile Holdings Ltd (0175.HK: Quote, Profile, Research, Stock Buzz), is aiming to boost sales in China to 200,000 cars by 2015 from a little over 30,000 last year, riding the wave of rapid growth in the world’s biggest market, especially for premium vehicles, the head of its China operations said.

Jan 11, 2011

Toyota sees Tesla EV battery cost at 1/3

DETROIT (Reuters) – Toyota Motor Corp’s (7203.T: Quote, Profile, Research, Stock Buzz) (TM.N: Quote, Profile, Research, Stock Buzz) top engineer said the batteries that would power the electric RAV4 crossover being developed with Tesla Motors (TSLA.O: Quote, Profile, Research, Stock Buzz) could cost as little as one-third of the electric car batteries being developed by conventional automakers.

Silicon Valley startup Tesla links together thousands of lithium-ion batteries used in laptops to power its zero-emission Roadster sports car, while automakers with electric models such as Mitsubishi Motors Corp (7211.T: Quote, Profile, Research, Stock Buzz) and Nissan Motor Co (7201.T: Quote, Profile, Research, Stock Buzz) use expensive batteries developed specifically for EV use.

Jan 11, 2011

BYD sees mass U.S. entry in first quarter of 2012 with e6

DETROIT (Reuters) – BYD Co Ltd, a Chinese car and battery maker backed by Warren Buffett, expects to enter the mass U.S. auto market in the first quarter of 2012, starting with its e6 electric car model, its chairman said on Monday.

“The United States offers a huge opportunity for new-energy vehicles, especially pure electric,” Chairman Wang Chuanfu told Reuters in an interview at the Detroit auto show.

Jan 11, 2011

Toyota unveils Prius hybrid family

DETROIT (Reuters) – Toyota Motor Corp (7203.T: Quote, Profile, Research, Stock Buzz) unveiled a family of Prius cars with two new additions to the lineup as it aims to build the iconic hybrid series into a core pillar in the United States, its single-biggest market.

The roomier Prius v and compact Prius c concept were among the highlights of the Detroit auto show, where rivals also revealed green cars in a bid to attract an increasingly fuel-conscious customer base.

    • About Chang-Ran

      "I have been covering the Japanese auto industry since 2002, broadening coverage to the Asian region in 2003."
      Joined Reuters:
      2000
      Languages:
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