Toyota Kirloskar Motor Opens Bookings for the All-New Toyota Urban Cruiser Beginning August 22, 2020

 Highlights

* New compact SUV from Toyota to feature new powerful K-Series 1.5 litre four-cylinder Petrol Engine

* Available in both Manual & Automatic Transmission

* All Automatic Transmission  variants will be equipped with Advanced Li-ion Battery with ISG for enhanced fuel efficiency

* Distinct & dynamic bold grille, lending the compact SUV a very confident & energetic presence on the road

* Bold trapezoidal fog lamp design for a wide stance

* Spacious and alluring Dual-Tone dark brown premium interiors

* Dual Chamber LED Projector Headlamps with dual function LED DRL-cum-indicators and Electrochromic IRVM for a safer drive

* Rain Sensing Wipers and Cruise Control to add to amazing customer comfort and convenience

* Assurance of a delightful ownership experience through Toyota’s legendary sales and service propositions

* Booking amount announced at Rs. 11,000/-

* Aiding customer convenience, bookings can be placed both online (@ www.toyotabharat.com) as well as at the nearest Toyota dealership 

To aid customers plan their festive season car purchase, Toyota Kirloskar Motor (TKM) today announced ‘bookings open’ for its much-awaited compact SUV, the all-new Toyota Urban Cruiser, beginning 22nd August 2020. The Urban Cruiser which is the youngest urban SUV from Toyota in India, is built for today’s young achievers who have earned respect for their achievements & bold choices in life & who aspire to own a Toyota SUV at a young age.

The latest offering from Toyota is equipped with a new & powerful, yet fuel efficient ‘K-Series 1.5 litre four-cylinder Petrol Engine’, to deliver superior driving experience. The Urban Cruiser will be available in both Manual & Automatic Transmissions (AT) and all AT variants will be equipped with an advanced Li-Ion battery with an ISG- Integrated Starter Generator (Torque assist, regenerative braking & idle start stop).  

The exteriors of the car will deliver a very confident & energetic on-road presence with a Two Slat Wedge Cut Dynamic Grille with Chrome & a Trapezoidal Bold Fog Area. It will be further accompanied with Dual Chamber LED Projector Headlamps, with dual function LED DRL-cum–indicators and LED fog lamps. Customers will also have the option of 16-inch Diamond Cut Alloy Wheels and an exciting choice of vibrant colours in dual-tone, including a unique brown colour.

In order to further enhance customer delight, the all-new Toyota Urban Cruiser is bundled with the renowned Toyota experience through superior warranty of 3year/100K Kms & extended benefits like express service of EM60, warranty extension and other convenience services like WhatsApp communication.

Sharing his thoughts on the opening of bookings, Mr. Naveen Soni, Senior Vice President, Sales and Services, TKM, said, “We are very excited about our latest offering- the Urban Cruiser, as it has already started receiving a lot of attention & enquiries from interested customers. We understand that our customers would like to know more about the new vehicle from Toyota, so that they can make an informed decision about the vehicle of their choice, this festive season. Hence, we wanted to further aid our customers with more information about the car before opening our bookings.

Today, we have revealed few of the features which are bound to appeal the aspirations and expectations that the young & millennial aspire from a compact SUV in India. The Toyota Urban Cruiser will offer everything that the young customers look for and also extend to them the joy of owning a Toyota brand with a host of value added services with superior sales & service experience. We are confident that the Toyota Urban Cruiser will create a niche for itself with an ‘Urban Standout Appeal’ for those who love to ‘Travel in Style’. We are eagerly awaiting to welcome a new set of customers who dream to own a Toyota SUV early in life and experience our sales and after-sales services of global standards,” he concluded.

Customers can also look forward to alluring Dual-Tone Dark Brown premium interiors, ergonomically laid out wide and spacious cabin, Smart Entry with Engine Push Start/Stop Button and Auto AC. The Toyota Urban Cruiser will be loaded with high-end features such as Smart Playcast touchscreen audio with Android Auto/Apple Carplay and Smartphone-based Navigation, Rain Sensing Wipers, Cruise Control and Electrochromic Inside Rear View Mirror (IRVM), all combining to provide an exhilarating ride and great comfort.

Bookings for the Toyota Urban Cruiser are open from 22nd August, 2020 at a nominal amount of Rs. 11,000. Customers can make their bookings online on www.toyotabharat.com or also visit their nearest Toyota dealership. 

Toyota Kirloskar Motor Empowers 1 Lakh People to Fight Against the Spread of COVID-19

 In its mission to help citizens fight the spread of the COVID-19 pandemic, Toyota Kirloskar Motor (TKM) has been undertaking several initiatives. One such initiative is the distribution of health and hygiene kits through an employee led CSR program, Sanjeevini.

Under the Sanjeevini initiative, TKM distributed health and hygiene kits to 5,000 employees, each of whom took it upon themselves to distribute the kits to five families in their neighbourhoods in Bangalore urban and rural areas benefitting totally 25,000 families. The kits comprised sanitizer bottle, three-ply facemasks and hand-wash soap. The volunteering employees also created awareness on the safety precautions vital to contain the viral outbreak with special emphasis on maintaining health and hygiene in these times. The intention behind involving the employees was to propagate important hygiene practices and the use of masks to as many people as possible in their neighbourhoods.

Commenting on the successful completion of the initiative, Mr. Vikram Gulati, Country Head & Senior Vice President, External Affairs, Public Relations, Corporate Social Responsibility & Corporate Governance, TKM, said, “Since the onset of the pandemic, TKM has been proactively responding to the crisis according to the needs of the community as well as by supporting the Government efforts. The distribution of the health and hygiene kits carried out over the last one month is another such program aimed at empowering the community we live in. The idea for distribution of the kits stemmed from the view of safeguarding not just our employees but also the other families residing in their neighbourhoods. In all, 25,000 families or about 1,00,000 people were benefited by the health and hygiene kits. As a responsible corporate citizen, we will continue with such endeavours in the battle against the coronavirus spread.”

In the recent past, TKM has contributed INR 2 Crore to the Karnataka Chief Minister’s Relief Fund followed by the handing over of 3,000 Hazmat suits to the Government Health Volunteers in the state. About 3,500 essential kits, benefitting over 15,000 members were given to daily wage workers. TKM deployed 14 buses to support the health department in the state in addition to the distribution of sanitizers and masks to the state police. TKM also supported its supplier partner, Stump Schuele and Somappa Springs to ramp up its production of face shields from 275 to over 17,000 units per day.

Further, TKM handed over a Mobile Medical Unit to the Indian Institute of Science to help scale up COVID-19 testing in the state. TKM has also provided 45 thermal scanners, 45,000 hand sanitizers, 100 beddings, consumables for 100 patients, 20 sets of equipment such as intravenous stands, blood pressure monitors and safety gear including 12,000 examination gloves, 70,000 three-ply face masks and 7,500 N95 masks to the Health Department, Government of Karnataka and Bangalore police personnel. The company handed over 10 fumigation equipment to Victoria Hospital through Bangalore Medical College and Research Institute and another 10 to the Town Municipal Corporation of Bidadi, Ramanagara District as per their requirements.

Toyota Kirloskar Motor Salutes the Indian Armed Forces Through their ICARE Initiative

In its pursuit to bring about a positive change to the community and enrich lives, Toyota Kirloskar Motor (TKM) concluded its 16th ICARE outreach initiative today, coinciding with the 74th Independence Day. ICARE, an employee volunteer initiative of TKM which is designed to bring the employees and their families together to make a difference in the community. 

Not allowing the current pandemic to dampen their spirits, over 100 TKM employees and their families came together virtually through an e-enabled platform this Independence Day to pay tribute to the indomitable spirit of the Indian soldiers guarding our borders across Leh and Ladakh. The e-enabled event was graced by the honourable guest speaker, Air Vice Marshal B K Murali [Retd], who was a part of the Kargil War in 1999. He shared insights on the current scenario and selfless contribution of warriors who are at the forefront to save our lives.

The core theme of this initiative was to send a message of gratitude, love and best wishes to our soldiers at Leh, Ladakh, who guard our borders day and night. Towards this end, as a part of this initiative, the employees and their families sent out handmade eco-friendly Rakhis and greeting cards that will be handed over to the soldiers posted in Leh, Ladakh via the Army Post Office (APO) Northern Command. In addition, a video message was also sent for the soldiers.

Expressing his thoughts on this occasion, Mr. Vikram Gulati, Country Head & Senior Vice President, Toyota Kirloskar Motor said, “The bravery, spirit and enthusiasm of the armed forces to protect their motherland India is unparalleled and any tribute to this valour and devotion is not enough. Through our ICARE initiative, we pay our tribute to the soldiers by honouring them with a token of gratitude.

ICARE program has created a platform for employees to come together and make a difference in the community. The initiative actively engages employees and strives to enhance their understanding on numerous societal issues, contributing to address vital needs within TKM’s CSR framework. We are happy to see such energetic participation of our employees and their family members who are emerging as ‘Social Transformers’ in each ICARE activity. With this, we intend to expand the horizon of serving the society with our holistic approach.”

‘ICARE’– an employee voluntary initiative, is an effort aligned with the company’s commitment to sustained community development.  TKM believes that it is important for the employees to align with our morals and principles to make key contributions to the nation and society at large. This drive actively involves the employees and strives to enhance their understanding on various societal issues, contributing to address vital needs within TKM’s CSR framework. Since its launch in 2017, ICARE has grown manifold and managed to create a large impact in the society which benefited more than 40,000 lives. Currently, more than 700 employees have been registered under TKM’s ICARE initiative. So far, TKM has implemented 15 ICARE activities in the area of Education, Environment, Road Safety, Skill Development, Disaster Management and supporting special children by creating massive transformation in the society and providing enriching experience to employees every time.

Toyota Kirloskar Motor will further continue its various CSR activities keeping the development perspective of socio-economic structure of the society, providing aids to many individual’s lives to make a difference in their livelihood.

Toyota Kirloskar Motor Forays into the Compact SUV Segment with its Youngest SUV “Toyota Urban Cruiser”

Forays Into Compact SUV 

* Slated to be launched in India this festive season 

* Aimed at fortifying the brand’s strong presence in the SUV segment

Toyota Kirloskar Motor (TKM) today announced its much awaited entry into the compact SUV segment in India with the all-new Toyota Urban Cruiser- Toyota’s youngest SUV. A unique offering from Toyota in India, the new Urban Cruiser exudes an ‘Urban Standout Appeal’ for those who love to ‘Travel in Style’. The Urban Cruiser would endear itself to the discerning customers who are seeking more from a compact SUV. The company will launch the compact SUV in its India line-up during the festive season to cater to the growing demand for compact SUVs in India.

Commenting on the foray into the compact SUV segment, Mr. Naveen Soni, Senior Vice President, Sales and Services, TKM, said, “We are very excited to announce our plans to launch the Toyota Urban Cruiser this festive season. With a customer-first approach, TKM has always endeavoured to fulfil the aspirations of its customers with timely introduction of new products and the Toyota Urban Cruiser is another such effort to satisfy the evolving customer needs.  Also, we hope that the Urban Cruiser gives us an opportunity to welcome a new set of customers who not only aspire to own a Toyota SUV early in life, but would also like to experience Toyota’s global standards of sales & after-sales services. We will share more details about the car and the launch in the days to come”.

Toyota Kirloskar Motor Announces Availability of Yaris on Government e Marketplace

Marketplace 

* Listing marks re-entry into B segment on the portal for TKM

* Testimony to the growing popularity of Yaris

* Premium and feature loaded, Yaris boasts of wide range of first-in segment features

* Safety is top Priority-Yaris is the first car in its class to offer 7 SRS airbags

* Yaris J Grade MT listed on GeM portal at  GeM price of Rs 912,382 (Freight charges & taxes extra basis location)

* Available in Super White (other available colors can be supplied based on request)

Toyota Kirloskar Motor (TKM) today announced the availability of its versatile and stylish sedan Yaris on Government e Marketplace (GeM). The GeM launched in 2016, is a dedicated e market for online procurement of goods and services by Government Organisations, Departments and Public Sector Units (PSUs). The Yaris, J Grade, Gasoline, 7 Airbag – Manual Transmission, is available on the GeM portal starting June, 2020.

Toyota Yaris is a versatile sedan that boasts of advanced and emotional design, comfort, superior ride quality and quietness, dynamic efficiency and class-leading safety and technology. Built on the Toyota philosophy of QDR, Yaris offers features such as the Alloy Wheel, Projector Headlamp, Two Tone Interiors with Water Design Instrument Panel, Superior Braking System which consist of ABS+EBD+BA, seven-SRS Airbags, High Solar Energy Absorbing Front Windshield with Infrared Cut Off and more.

Since its India launch in 2018, the locally manufactured Yaris, has been well received. The sedan has registered a growth of 64 per cent for the period of January to March 2020 when compared to the same period last year.

Commenting on the move, Mr. Naveen Soni, Senior Vice President, Sales and Services, TKM, said, “Toyota Yaris is a preferred choice in the segment for its world-class safety, quality, durability and reliability features. The listing of Yaris on the GeM will now ensure that car buyers from central and state governments will have a wider choice in the sedan category. We are cognizant that several Government undertakings are moving towards procurement from the GeM in the post-COVID world and we want to ease their buying experience. Also, the “Covid Warrior” special offer applicable on Yaris has received good response and also given us an opportunity to thank the Government employees and doctors for their unwavering services towards containing the Covid pandemic. We are hopeful that this move will help us capitalize on the new B segment opportunity and increase interest from various Government departments and PSUs besides. Overall, we aim to cater to the demand on the Government side.”

TKM always strives to match evolving customer demands with a customer-first approach and by constantly evaluating changing market dynamics and responding to it with product offerings and sales strategies. The latest move will help TKM to further enhance Government sales and provide more choice to discerning departments and PSUs across sedan, Multi-Purpose Vehicle segments. TKM already sells the Innova G Plus Diesel 7 and 8-seater, GX Petrol 7 and 8-seater, VX Petrol 7-seater models on the GeM platform.

Toyota Kirloskar Motor Enables Access to Clean Drinking in Mandya

CSR 

* Sets- up two water purification units in Maddur Taluk in Mandya District

* Two more water units’ expected in Magadi and Ramanagara

* Installed a total of 41units at villages in Karnataka includes, one each in Varanasi and Vaishali to cater to the drinking water requirement of villages in India.

* All the water purification units have a 1000 liter per hour capacity accompanied with a minimum 6-stage purification system

* Benefitting over 260,000 villagers covering 250 villages across India

In its mission to enrich lives in the communities, Toyota Kirloskar Motor today inaugurated two community-based water purification units in Maddur Taluk in Mandya District. In addition, two more units will be inaugurated by end of this month in Ramanagara District. With this, Toyota Kirloskar Motor has installed a total of 41 units in and around its manufacturing unit in Ramanagara in addition to two units set up at Vishali and Varansi. 

The center was inaugurated and handover to the village representatives by Mr. DC Thammanna, MLA and Ex -Transport Minister Government of Karnataka in the presence of TKM officials.

The newly set up unit has a 1000 liter per hour capacity accompanied with a minimum 6-stage purification system. The advanced machine is equipped with a real time water reporting system that will provide data on Total Dissolved Solids (TDS), PH value contents for delivering the high standards of purified water to the community members. The unit is also fitted with multiple water dispensing system to address congestion. In addition, the installed unit is equipped with solar system, power backup, wastewater management. TKM has also entered into a 15 years maintenance agreement with agency to ensure longevity of the project.

Commenting on the new unit launch, Mr. Vikram Gulati, Country Head & Senior Vice President, External Affairs, Public Relations, Corporate Social Responsibility & Corporate Governance, Toyota Kirloskar motor said, “At TKM, our guiding principle has always been to improve lives, and act on day-to-day life essential issues. We want to enrich the society with endeavors that are relevant, self-sustainable and meaningful. Therefore, our emphasis is to always secure the strong support of local communities so that each initiative can attain good sustainability. When we studied our neighboring community, the biggest threat was the access to treated water. Hence, in 2013 we harnessed our CSR program to invest in the creation of adequate infrastructure to increase access to safe and affordable drinking water. Today, we are humbled to announce, that we have touched over 2,60,000 in 250 villages.

It also gives us immense satisfaction that our CSR initiatives are meaningful and have so far touched the lives of more than 14,00,000 people with a commitment to bring in socio-economic development. With our continued commitment towards these causes we hope to continue to make a meaningful difference in the lives of people.”

Speaking on the occasion, Mr. DC Thammanna, MLA and Ex -Transport Minister Government of Karnataka said, “As responsible citizens, ensuring the health, safety and hygiene of the communities is of utmost importance. The Government, local authorities & Corporates must come together in understanding and catering to the critical needs of the neighboring community. Access to safe drinking water is a fundamental human right and a major cause of worry. By setting up these water units, Toyota has made a significant contribution to address this problem. I strongly believe that with the support of companies like Toyota, we will be able to make more and more villages free from such indispensable issues and aid them for a better tomorrow.”

Starting 2001, CSR has been an integral part of TKM’s philosophy. The voluntary initiatives taken up by TKM and our employees focus primarily on scalability and sustainability. The activities revolve around five main themes of Education, Environment, Health & Hygiene, Road Safety and Skill Development. These themes are aligned on the need of the community at large and national priorities with the aim to consistently work to adopt outcome and impact-oriented approach in all our social projects to ensure.

In the areas of Health & Hygiene, TKM has taken series of initiatives to counter the growing concerns around insufficient sanitation facilities in government schools and lack of adequate training among school children. TKM has pledged its support to the ‘Swachh Bharat campaign.’ Under this initiative, TKM has constructed 907 school sanitation units in Ramanagara district in Karnataka [includes 125 units are located in Varanasi and 125 units in Vaishali in Bihar].  Around 29,406 girl children are benefitted from this program.

Recognizing the need for a new approach, TKM also initiated the ABCD project with a focus on bringing in a behavioral change. The Project ABCD (A Behavioral Change Demonstration) not only aims at achieving 100% school sanitation by increasing awareness, it also promoters dignity and privacy for the girl child by upgrading existing unhygienic school toilets to usable condition as well as to promote learning and retention among school children, teachers as well as the community members.  Under this program, a special initiative of motivating community to construct individual household sanitation units was undertaken and more than 10,754 individual household units have been constructed and 92 villages were declared Open Defecation Free villages.

TALC Launches EQ-Based Mentoring Initiative “New Age Schooling” for the First Time in India

Key Points

* A first-of-its-kind initiative aims to impart academic curriculum along with the knowledge of Indian traditions and values of emotional sensitivity and stability

* A pioneering initiative for the academically inclined children

* A school which values emotional and intellectual safety of the child where parents are an integral part of the school

Child sensitised, well-trained, strong and intelligent teaching team with graduation and post-graduation from psychology and humanitarian science

* Takes new age schooling to unparalleled heights with its child sensitivity module

TALC (The Alternative Learning Community), India’s pioneering Child Centric initiative from an Indian entity founded by Latha Gangadharan, today announced the launch of country’s first-ever “EQ-based Mentoring Initiative – New Age Schooling”, a child centric & child sensitized education centre in Bengaluru. This unique program caters to children with both regular and special needs in the age group 4 to 18 years. Their “B-M-I” model (“Body- Mind-Intellect”) helps the child grow into a smart and happy individual with strong EQ & intellect. 

The admission of the child is based on the both the parent and the child’s abilities – the parents’ conviction and acceptance of their child’s uniqueness and desrie to be respected and understood and thereby mentored in a way that suits the child. 

At TALC, we respect and value human sentiments; we firmly believe that social and emotional involvement/engagement plays a vital role in the child’s overall development and learning. Comprising a team of experts in the area of child sensitivity, supplemented with strong research findings and a never-stop spirit, they’ve found the root of the problem to be emotional detachment from the process the child engages in, thereby negatively affecting his learning and academic progress. This is where our Child Centric education comes in, as the focus is ultimately on what matters the most – the child.

Identifying the gap in today’s education, TALC brings a new and innovative manner of delivering the NCERT curriculum and caters to the need of their children by developing their self-esteem, critical thinking and problem-solving skills. We Indians have found international success and are global leaders because of the high EQ and intellect inculcated from the early stages. Moreover, our tagline – “I am who I am! “ – reflects the very purpose of this initiative, that is to be emotionally available to each and every child and ensure they are personally understood, mentored and guided to evolve as a powerful individual with a diverse skillset. This includes certification from two boards – NIOS & IGCSE, for which they would appear for their certification exams as private candidates. TALC steps in to facilitate the child to be fully prepared for the exams with the required ground work and conceptual clarity at the highest level. 

Children with emotional difficulties tend to face challenges in learning. It is therefore TALC’s BMI model addresses this very issue. A first-of-its kind, TALC with its highly sensitized group of mentors and teachers, all from the field of humanities and psychology face only one challenge – their students never want the day to end!

Talking about the launch, Ms. Latha Gangadharan, Founder, TALC, said, “We are excited to officially launch this brand-new initiative which has been developed based on the current needs to create meaningful education that integrates not only the child and teacher but also parents and other experts who are deeply committed towards the child’s progress”.

She added, “Keeping the current situation in mind, we have taken an alternative step and introduced ‘Personalised Online Classes’ in order to provide need-based solutions to our children. Despite any obstacle that comes our way, we focus on the mission of delivering personalized, child-centric education to our students”

We understand the range of concerns that parents are facing in this pandemic situation and do not wish for the continuity of their child’s education and progress to be one of them, solidifying the mission in their hearts of delivering resourceful, quality and personalized education to their children. 

The regular classes are scheduled to commence in August 2020 and application and prospectus would be available in the TALC Administration Office until June 30th 2020. Admissions close by July 25, 2020.

Toyota Kirloskar Motor Announces Special Financing, Buy Backs and Other Offers for June 2020

Apart from announcing ‘Special Service Schemes’ for servicing a Toyota vehicle earlier this week, TKM today shared details of finance schemes available for new car purchase for the month of June 2020.

As a special offer, all Toyota BS6 models feature finance deals that come with deferred EMI payment for upto 90 days on all purchase made this month. Additionally, the company has also announced assured buybacks on Yaris and Glanza models.

TKM has also closely worked with its finance partners to offer payment relief plans to aspiring customers. All models now come with a zero down payment option. In addition, buyers can also avail EMI scheme which is as low as Rs. 899 per lac for first 6 months, across Toyota models.  

Speaking on the unique set of offerings, Mr. Naveen Soni, Senior Vice President, Sales and Services, Toyota Kirloskar Motor, said, “Our finance schemes are in-line with TKM’s endeavor to offer innovative solutions that match the evolving expectations of our customers. As the pressures of uncertainty continue, we want to ease and encourage all car buyers to fulfill the entire family's transportation needs. We hope the finance schemes enable customers to realise their dreams with Toyota’s promise of an assured peace of mind.”

GM, eBay to test online market to sell new cars

General Motors Co and eBay Inc are launching a test program in California that will allow consumers to negotiate with dealers and buy
new vehicles online, the companies said on Monday.

The car shopping website, gm.ebay.com, marks a departure from the way new vehicles have traditionally been sold in the United States and is aimed at helping GM recapture lost market share a month after it emerged from bankruptcy.

The online marketplace provides the No 1 US automaker with a new venue to sell new vehicles as it cuts the number of US dealerships by more than 40 percent to 3,600 by the end of 2010 as part of its efforts to return to profitability.

It also expands an existing partnership covering GM's certified used vehicles sold through eBay. Most of the vehicles sold on eBay Motors, a site that sells various types of vehicles and auto parts, have been used.

More than 225 GM dealers in California are participating in the program, which will run from Aug. 11 through Sept 8. GM said it intends to expand the program nationwide if the pilot helps it reach new customers and gain market share.

The website allows consumers to compare pricing across models and participating dealerships, negotiate prices, and arrange financing and payment. Consumers can agree to pay the advertised price or indicate the price they are willing to pay and can negotiate online with the dealer for the vehicle.

More than 20,000 new Chevrolet, Buick, GMC and Pontiac vehicles will be listed initially on the site.

California, which has been dominated by import brands over the past several years, is the most populous US state and the single largest market for new vehicles. Car sales have been hit harder in California than in other states over the past quarter because of the severity of the housing market slump there.

"It's a critical market for us and critical time for the company. Anything we can do to provide exposure to the products where we are underserved is clearly good news," GM US sales chief Mark LaNeve said on a conference call. "It's been incredibly hit by the recession. We think it really needs a shot in the arm," he said.

GM's market share in California is hovering in the 13 percent to 13.5 percent range, trailing its national average of 19.5 percent. GM, which lost $82 billion over the past four years, is trying to revamp its image and win back consumer trust after completing a bankruptcy restructuring steered by the Obama administration.

GM has lost market share for years to import brands led by Toyota Motor Corp, now No 2 in the US market with a 17 percent share. A recent J.D. Power & Associates study said more than 75 percent of new vehicle buyers in 2008 used the Internet during their shopping and research process, compared with 70 percent in 2007.

The decline in US auto sales to their lowest level in nearly three decades this year has hurt automakers, parts suppliers, dealers and virtually every company in the automotive sector, including eBay.

The online auction company's gross merchandise volume, a data point closely watched by analysts that measures the total value of goods sold on eBay, has been hit in recent years as the downturn in auto sales continued.

Agencies

Tech giants NEC, Hitachi announce 27,000 job cuts

High-tech giants NEC and Hitachi said on Friday they were cutting up to 27,000 jobs as Japan Inc. buckles under the strain of the global economic crisis.

NEC Corp. said it was slashing 20,000 jobs worldwide by March 2010 - half of them regular workers - as it sinks deeper into the red. About 40 percent will be in Japan and the rest overseas, NEC president Kaoru Yano told a press conference.

Hitachi Ltd. said it would shed up to 7,000 jobs as it forecast a net loss of 700 billion yen ($7.8 billion) in the current financial year to March. It will try to move full-time workers around within the company to minimise job losses, company president Kazuo Furukawa said.

"We will take various measures but may not be able to avoid cutting some regular workers," he said.

NEC announced the job losses after saying it expects a net loss of 290 billion yen ($3.2 billion) in the year to March as recessions in major economies from Japan to Europe and the United States hammer demand.

"It is regrettable that we have to announce such a big downgrade," Yano said. "We must cut waste."

Computer maker Fujitsu Ltd. said its net losses ballooned to 36.1 billion yen ($403 million) in the nine months to December, and forecast it would end the year to March in the red.

"I have absolutely no confidence in the fiscal year 2009," Fujitsu chief financial officer Kazuhiko Kato told reporters. "I have no clue what the outlook will be."

Japan is in the midst of its first recession in seven years as the global slowdown saps demand overseas for cars, computers, cameras and other key exports.

A slew of gloomy economic data released on Friday suggested the recession is deepening, with factory output falling a record 9.6 percent in December.

Japanese companies have also been hit hard by a strong yen, which recently soared to a 13-year high against the
Layoffs dollar.

There was more bad news from the car industry as Honda Motor Co. reported that its net profit dived 89 percent to 20.24 billion yen in the fiscal third quarter as car sales slumped.

All Nippon Airways meanwhile said it expects an annual net loss of nine billion yen -- its first in six years -- as travel to North America and Europe declines due to the global economic crisis.

There was also fresh misery in the banking sector as Mizuho Financial Group posted a net loss of 50.55 billion yen in the nine months to December due to the global financial crisis.

Mizuho has been badly hit by financial market turmoil and losses on toxic mortgage-backed securities. A year earlier it had made a net profit of 393.03 billion yen.

The group downgraded its outlook but still hopes to end the current financial year to March in the black. It expects a net profit of 100 billion yen, down from an earlier projection of 250 billion yen.

"The dislocation of the global financial markets stemming from US subprime issues has worsened with the failure of Lehman Brothers in September 2008 and has caused an economic downturn on a global scale," it said in a statement.

"As a result, the economic situation in and outside of Japan has been deteriorating rapidly."

Agencies

Honda Motor likely to layoff employees

Japan's Honda Motor Co. said on Friday it was cutting 3,100 jobs in Japan and reducing domestic production because of a slump in demand due to the economic downturn.

Toyota developing solar powered green car

Toyota Motor Corp is secretly developing a vehicle that will be powered solely by solar energy in an effort to turn around its struggling business with a futuristic ecological car, a top business daily reported.

The Nikkei newspaper, however, said it will be years before the planned vehicle will be available on the market. Toyota's offices were closed Thursday and officials were not immediately available for comment.

According to The Nikkei, Toyota is working on an electric vehicle that will get some of its power from solar cells equipped on the vehicle, and that can be recharged with electricity generated from solar panels on the roofs of homes. The automaker later hopes to develop a model totally powered by solar cells on the vehicle, the newspaper said without citing sources.

The solar car is part of efforts by Japan's top automaker to grow during hard times, The Nikkei said.

In December, Toyota stunned the nation by announcing it will slip into its first operating loss in 70 years, as it gets battered by a global slump, especially in the key U.S. market. The surging yen has also hurt the earnings of Japanese automakers.

Still, Toyota is a leader in green technology and executives have stressed they won't cut back on environmental research despite its troubles.

Toyota, the manufacturer of the Lexus luxury car and Camry sedan, has already begun using solar panels at its Tsutsumi plant in central Japan to produce some of its own electricity.

Source: Agencies

Will Japanese production plunge amid global slump?

Japanese production fell at the fastest rate on record in November as firms closed factories and cut jobs due to slumping demand brought on by the global economic crisis, according to data out Friday.

Industrial output in the world's second largest economy plunged a record 8.1 percent in November from the previous month, the ministry of economy, trade and industry said.

It was the biggest drop since the ministry began releasing output statistics in 1953 and was much worse than market forecasts of a 6.7% fall.

Production is likely to continue falling, with the ministry expecting an 8.0% drop in December and another 2.1% decline in January, as the auto industry feels the pinch.

"Overall, production is rapidly falling," the ministry said.

Unemployment meanwhile rose to 3.9% in November, worsening 0.2 percentage points from the previous month, the internal affairs ministry said.

The figure was slightly below average market forecasts of 4.0%.

The number of people out of work increased by 100,000 from a year earlier to a total of 2.56 million.

The data came as brand-name Japanese manufacturers, including Toyota Motor Corp., Sony Corp. and Canon Inc., lower production and eliminate jobs to adjust to the slump in overseas demand for their exports.

The job cuts have targeted mainly people on limited-term contracts or those who were dispatched from temp agencies.

The labour ministry said that a total of 85,012 temporary or dispatch workers have already lost their jobs or know they will be laid off by March.

The figure doubled in a month, reflecting the rapid deterioration of the employment environment for people without permanent contracts, a health ministry official said.

In other data, Japan said that core consumer prices rose 1.0 percent in November from a year earlier although they eased by 0.8 percent from the previous month.

Core consumer prices have been rising for more than a year, albeit at a slower pace than before as global energy prices come down.

Japan for a decade battled deflation, or falling prices, which sapped growth from the economy.

Source: Agencies

General Motors calls on UK Govt to rescue it

General Motors, which employs 5,500 people around the UK, is in talks with the British government to secure cash to allow it to continue operating in what the car maker admits are "critical" conditions.

A report in The Telegraph says that the talks follow a decision by the US Congress to vote down a 14 billion dollar loan package to support the American automotive industry on Friday.

The future of British workers at GM plants in Luton and on Merseyside is unclear, as does that of up to a further 5,500 people employed by parts suppliers.

The Gordon Brown Government is likely to take a cautious approach to requests to bail out the UK car industry. It is thought more likely to consider offering bridging loans.

GM said it was "very disappointed" with the US loan package's failure, but continued to "look at options to restructure and stabilize the business in this exceptionally difficult economic period." It claimed to be operating "as usual".

The car maker, which owns brands including Vauxhall, Saab and Opel, said it was in talks with unions and European governments in countries where it has big operations to "provide liquidity for sustaining operations".

Underlining the urgency of the situation, GM said it would seek liquidity "while the US team pursues its options".

GM is also in talks with the German government, where it has Opel production facilities, in a bid to secure a credit guarantee.

The Swedish government yesterday announced a 28 billion Kronor support package to help the car industry. The plan offers credit guarantees, emergency loans and research funds to companies from Volvo to Saab.

Volvo is owned by Ford, which faces similar problems as does GM and Chrsyler.

According to The Telegraph, the Spanish region of Aragon, where GM has an Opel plant, has offered its own 200 million Euros credit guarantee.


Source; Agencies

Slowing economy forces Tata Motors, M&M to shut plants

Indian auto makers Tata Motors Ltd and Mahindra & Mahindra Ltd are closing plants for up to 6 days in December as demand for vehicles is hit by tight financing in a slowing economy.

The country's top vehicle maker Tata Motors plans to shut its heavy vehicle plant in east India for six days, a spokesman said. It said earlier this week it would to shut a commercial vehicle plant in west India for three days.

Tata Motors', India's top bus and truck maker, November vehicle sales dropped 30 percent to 32,696 units. The country's biggest utility vehicle and tractor maker Mahindra said most of its automotive plants will be shut for up to 6 days in December due to easing demand.

"Taking into account the slowdown in demand for the company's products it has been decided to align the company's production plan with the expected demand for the month of December," Mahindra said in a statement.

Mahindra, which also makes the Logan sedan in a venture with Renault, earlier this week said vehicle sales in November fell 39 percent to 11,273 units. Carmakers in India have cut prices and are offering freebies to woo back buyers as sales slide after nearly five years of rapid growth.

Source: Agencies