Toyota to Invest Up to 730 Billion Yen in Japan/U.S. Battery Production JCN Newswire

Toyota to Invest Up to 730 Billion Yen in Japan/U.S. Battery Production

31 8 月, 2022
TOKYO, Aug 31, 2022 - (JCN Newswire via SEAPRWire.com) - Toyota Motor Corporation (Toyota) has decided to invest up to 730 billion yen (approximately $5.6 billion) in Japan and the United States toward supplying automotive batteries for battery electric vehicles (BEVs), for which demand is growing, and aims to begin battery production between 2024 and 2026. This investment is aimed at enabling Toyota to flexibly meet the needs of its various customers in all countries and regions by offering multiple powertrains and providing as many options as possible.With this investment, Toyota intends to increase its combined battery production capacity in Japan and the United States by up to 40 GWh. By utilizing the Toyota Production System and building production lines that are more efficient than ever, Toyota also intends to further strengthen its competitiveness and invest in the training of personnel engaged in battery production and the passing down of monozukuri manufacturing skills.In Japan, a total of approximately 400 billion yen will be newly invested in the Himeji Plant of Prime Planet Energy & Solutions Co., Ltd. (PPES) and in Toyota plants and property, while in the United States, approximately 325 billion yen (approximately 2.5 billion dollars) will be newly invested in Toyota Battery Manufacturing, North Carolina (TBMNC; owned 90% by Toyota Motor North America, Inc. and 10% by Toyota Tsusho Corporation) toward increasing automotive battery production.Toyota intends to continue its efforts to build a supply system that can steadily meet the growing demand for BEVs in various regions, including the supply of automotive batteries from its partners.Toyota believes that there is more than one option for achieving carbon neutrality. It also believes that the means of reducing CO2 emissions as much as possible and as quickly as possible while protecting the livelihoods of its customers vary greatly depending on the country and region. With such in mind, Toyota will continue to make every effort to flexibly meet the needs of its various customers in all countries and regions by offering multiple powertrains and providing as many options as possible. Copyright 2022 JCN Newswire. All rights reserved. (via SEAPRWire)
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Mitsubishi Heavy Industries Achieves 22% YoY Increase in Order Intake and 52% YoY Increase in Net Profit in a Challenging First Quarter JCN Newswire

Mitsubishi Heavy Industries Achieves 22% YoY Increase in Order Intake and 52% YoY Increase in Net Profit in a Challenging First Quarter

5 8 月, 2022
TOKYO, Aug 5, 2022 - (JCN Newswire via SEAPRWire.com) - Mitsubishi Heavy Industries (TSE Code: 7011) announced that order intake rose 22.3% year-over-year to YEN917.8 billion in the quarter ended June 30, 2022. Revenue rose 2.3% to YEN871.3 billion year-over-year, resulting in business profit(1) of YEN14.9 billion, a 30.4% decrease from the previous fiscal year, which represents a profit margin of 1.7%. Net profit was YEN19.1 billion, an increase of 51.7% year-over-year, with a profit margin of 2.2%. EBITDA was YEN47.2 billion, a 12.2% decrease from FY2021, with a profit margin of 5.4%, down 0.9 percentage points year-over-year.Highlights:- Order intake, revenue, and net profit all exceeded Q1 FY2021 results, continuing upward trend from FY2020.- Contracts executed for five large frame Gas Turbine Combined Cycle (GTCC) units in Americas, EMEA, and Asia. Strong order growth in Metals Machinery as capital expenditures by steelmakers in Asia and Americas increased.- Materials cost inflation and supply chain disruptions continued, particularly affecting Logistics, Thermal & Drive Systems segment. Price optimizations underway to mitigate these effects in second half FY2022.- Charges booked in Energy Systems, including downsizing of European coal-fired thermal power business as capacity adjusted to match long-term objectives in region.- Fixed cost reductions and strategic asset sales progressing in accordance with 2021 Medium-Term Business Plan.CFO Message:"MHI is proud to have achieved strong orders in all segments in the first quarter of this fiscal year," Hisato Kozawa, Member of the Board, Executive Vice President, and Chief Financial Officer of MHI commented. "Considering the mid- to long-term market outlook in the EMEA region, we began reducing the scale of operations in our European coal-fired thermal power business and booked some charges associated with these actions. In parallel, MHI is looking to increase our presence in EMEA through the Energy Transition by offering decarbonization solutions as well as core technologies including hydrogen utilization and CO2 Capture, Utilization, and Storage (CCUS)."Mr. Kozawa continued, "Despite securing YEN19.1 billion in net profit, the business environment remains challenging. In the first quarter, materials and logistics cost inflation and supply chain disruptions, including the lockdowns in China, continued to impact our businesses for longer than initially projected. As concerns of recession in North America and Europe mount, we will strive to improve profitability through various measures such as price optimization and further fixed cost reductions in the second half of the fiscal year."(1) Profit before finance income, finance expenses, and income taxesFor more informaton, visit www.mhi.com/news/22080501.html. Copyright 2022 JCN Newswire. All rights reserved. (via SEAPRWire)
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