Toyota CEO Akio Toyoda to Step Down and Become Chairman
Toyota Motor Corp. Chief Executive Akio Toyoda, a scion of the founding family who has led the company since 2009, will step down from his current roles and become chairman in April, Toyota said Thursday. Chief Branding Officer Koji Sato, who has led Toyota’s luxury Lexus division since 2020, will become president and chief executive in April, the company said. Takeshi Uchiyamada, Toyota’s chairman, will step down from that post, reports The Wall Street Journal. “To advance change at Toyota, I have reached the decision that it is best for me to support a new president while I become chairman,” Mr. Toyoda said. The management switch comes as Toyota navigates the transition in the auto industry toward electric vehicles. Mr. Toyoda has staked out an unusual position in the industry by questioning whether EVs should be pursued exclusively, in contrast to auto makers that have set dates by which their lineups will be 100 percent EV. Click here for the full story.
Dealers Ready for Genesis High-End EV
Luxury electric vehicle buyers can expect to see a premium electric coupe in Genesis showrooms as the brand continues to open dedicated retail stores and make its transition to an all-EV lineup. Peter Lanzavecchia, the longtime chairman of the Genesis National Dealer Advisory Council and owner of Genesis of Cherry Hill in Marlton, N.J., told Automotive News that the brand's chief creative officer, Luc Donckerwolke, told dealers at Genesis' annual meeting that the X Convertible concept will go into production. "When he said that at the dealer meeting — to say it in front of a couple of hundred Genesis dealers — that's a pretty good sign," Lanzavecchia said. A performance GT coupe is high on the wish list for Genesis dealers, according to Lanzavecchia, adding that was rumored even before Donckerwolke addressed dealers about its planned arrival. "I don't know if it's going to be over $200,000 or $300,000, but I guarantee we're going see a lot of Bentley Continental convertible trade-ins on that when it comes to our showrooms," he said. "It would be a true halo flagship for the brand," he said. Click here for the full story.
Nissan Expands Availability of Flexible Lease Program that Allows Customers to Add Miles
Following a limited launch in October 2022, Nissan is now expanding the SignatureFLEX lease program to the rest of its lineup in 2023. The product offers lessees the ability to buy more miles for their lease in order to avoid paying overage penalties. Nissan Motor Acceptance Company said that the service allows customers to easily add miles to their lease term if, say, they find themselves approaching their mileage limit. Carscoops reports the automaker was inspired to offer the program after it found that customers were turning to lower mileage contracts. “Our data clearly shows that Nissan customers are choosing lower mileage limits for their leases, so we’re providing a more convenient, more flexible way for them to manage their needs,” said Jim DeTrude, vice president, NMAC Sales & Marketing. “SignatureFLEX allows drivers to pay for only the mileage that they plan to use, while having peace of mind they can conveniently buy more miles if their driving habits change.” Click here for the full story.
U.S. and EU Discuss Deal to Widen Access to Inflation Reduction Act
The U.S. and the European Union are discussing a possible deal on minerals and critical raw materials in a bid to allow the EU to qualify for benefits in President Joe Biden’s massive new green investment plan, according to people familiar with the matter. The Inflation Reduction Act, which includes roughly $500 billion in new spending and tax breaks over a decade to promote U.S. manufacturing and services, offers certain exceptions for countries that have free-trade agreements with the U.S. A deal on key materials used in electric vehicles and batteries could allow the EU to access some of those advantages, reports Bloomberg. The law’s focus on spurring American industry angered trade partners from Asia and Europe who saw it cutting them out of the US market, particularly for automobiles. The U.S. Treasury Department late last year signaled that some benefits could go to nations with trade agreements with Washington, which the EU doesn’t already have. Secretary Janet Yellen said in an interview published earlier this week that the issue could be resolved with new deals related to minerals. Click here the full story.
In 2022, California Sold 40% of all Zero-Emission Vehicles in the United States
Electric, hydrogen-powered, or plug-in hybrid vehicles (PHEVs) are considered zero-emissions vehicles (ZEVs), and automakers sold 345,818 of them in California in 2022. Which represents an increase of 138 percent over 2020 and 38 percent over 2021. ZEVs make up almost 19 percent of all vehicles sold in California last year, with 40 percent accounting for all ZEV sales nationwide, including hybrid vehicles, according to showed data. President Joe Biden has urged that by 2030, PHEVs will account for 50 percent of all new car sales. The plan to phase out vehicles that solely operate on gasoline by 2035 was initially revealed by California Governor Gavin Newsom in September 2020. CBT News reports, last year, the state sought to demand that all new vehicles sold in the state by 2035 be PHEVs or entirely electric. In 2021, 12 percent of the vehicles sold in California were ZEVs. According to a statistic compiled by the California Energy Commission, around 346,000 ZEVs were sold in 2022, with Tesla’s Model 3 taking the top spot with roughly 95,000 units sold in the state. Click here for the full story.
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Around the Web
Milestones in Toyota's History Under Akio Toyoda [Reuters]
See Photos of the 2024 BMW M3 CS [Car and Driver]
Volvo EX30 Electric Crossover Coming to Lure Younger Buyers [Autoblog]
