Toyota CEO Kenta Kon Pledges Efficiency Push as Automaker Loses Title as Japan’s Most Valuable Company
Toyota’s new CEO Kenta Kon joined the board June 17, pledging a war on waste and inefficiency as the world’s top carmaker loses its luster as Japan’s biggest company. Shareholders approved Kon’s nomination at their annual meeting at Toyota Motor Corp.’s global headquarters here, two months after Kon took the helm on April 1, succeeding Koji Sato, reports Automotive News.Early this month, technology and telecom giant SoftBank Group Corp. dethroned Toyota as the country’s most valuable company by market capitalization, ending Toyota’s 22-year run at the top. Flash memory maker Kioxia Holdings Corp. later overtook Softbank and Toyota.Kon, previously CFO, sets sail with Toyota buffeted by $17 billion in tariff burdens and the threat of new Chinese competitors on the global stage. His company is bracing for a 20 percent drop in operating profit this fiscal year, for a third-straight year of sliding earnings. Toyota’s stock price, which soared to record highs in recent years, has tumbled 17 percent in 2026, outpacing the 12 percent decline at Japanese rivals Nissan and 9 percent retreat at Honda. Click here for the full story.
Trump Likes Structure of Canada’s China EV Deal, Carney Says
President Donald Trump is happy with Canada’s arrangement to allow a capped number of Chinese electric vehicles to be imported at a low-tariff rate, Prime Minister Mark Carney said. The deal, unveiled during Carney’s trip to Beijing in January, allows as many as 49,000 Chinese EVs in a 12-month period at a tariff rate of around 6 percent, with that quota to climb gradually over time. Prior to this year, Canada had a tariff of more than 100 percent on those vehicles, reports Bloomberg.“He likes the structure, actually,” Carney told reporters at the Group of Seven leaders summit in Evian, France, on Wednesday. “We had a follow-up conversation.” A hot mic captured Carney talking to Trump on Tuesday about the China deal and explaining how it capped the number of imported cars. “I thought you’d actually like that,” Carney was heard saying. Trump appeared to agree, saying “that’s good.” Asked Wednesday about the interaction, Carney said the topic came up because Trump inquired about it. Trump and Carney didn’t have a formal bilateral meeting during the G7, though Carney said the two had conversations throughout the summit on a “wide range of subjects.” Click here for the full story.
Car ‘Playgrounds,’ Smartphone Shopping: Inside Carvana’s New-Car Sales Playbook
Carvana became famous for its giant “vending machines” that house the used cars it sells online. Now, as the chain branches into new-car sales, it is trying a different approach: “new-car playgrounds.” The Tempe, Ariz.-based company this week revealed its concept for a new-car dealership designed for smartphone-based shopping rather than paperwork and interactions with salespeople. At the playground, customers can sit inside vehicles and use their phones to get details or order a test-drive, with or without the involvement of a store employee, reports The Wall Street Journal. “We’re not trying to sell cars here,” Tom Taira, Carvana’s president of special projects, told reporters at its recently remodeled Chrysler-Dodge-Jeep-Ram store in Dallas. “We’re trying to present cars.” The store is one of seven new-car dealerships that Carvana has amassed after a buying spree that began in February 2025. All of them sell vehicles from the automaker Stellantis. There is potential for Carvana to buy more Stellantis stores, Taira said. He declined to comment on whether the company was interested in selling new cars from other automakers. Click here for the full story.
Navigating Negative Equity, Credit Challenges and Pricing Transparency in F&I in 2026
Negative equity is rising, loan terms are stretching, and F&I managers are being asked to do more than ever. Paul Brown, Vice President and partner at Ascent Dealer Services and the host of F&I Today, joins us on today’s episode of CBT Now to break down what dealers need to know heading into the second half of 2026. The bill from pandemic-era vehicle pricing is coming due, Brown says. Customers who bought at peak prices are now trading in, and many are underwater. “In Q1 of this year, 31 percent of vehicles that were traded in had negative equity, with the average being $7,200,” Brown said. 25 percent of those customers carried $10,000 or more in negative equity. 12 percent carried $15,000 or more. Banks are also approving higher loan amounts to cover negative equity and extending terms to make payments work. That pushes buyers into more expensive vehicles to reach a loan-to-value ratio the bank will approve. That results in a higher payment for the customer, and less room for F&I to work. Longer loans and negative equity create another problem. Click here for the full interview.
Genesis Does Not Want to Be the Discount Alternative to BMW and Mercedes
Genesis has always had one big challenge. The cars are good, the designs are distinctive, and the ownership package is strong, but the brand still has to prove it belongs in the same conversation as BMW, Mercedes-Benz, Audi and Lexus. Genesis is now making its position clear. It does not want to win by being cheaper. It wants to compete directly with the established luxury players and hold its price while doing it, reports Autoblog. Speaking during a media roundtable at Le Mans last weekend, Genesis CEO Jose Muñoz said the company is focused on profitable growth, brand strength and pricing power, rather than chasing sales with discounts. The problem is that Genesis got to 82,000 U.S. sales partly because of that value perception. Shedding it without losing the buyers it attracted is the harder task the brand hasn’t fully answered yet. The US market matters more than most for Genesis. It is one of the most competitive luxury markets in the world, and it is where the German brands generate serious volume and profit. Muñoz said Genesis’ performance in America has given the brand confidence that its approach can work. Click here for the full story.
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