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Toyota finds profit in Europe thanks to hybrid sales

In the land of diesel, Toyota appears to be making money its own way and thereby making more of it. The Japanese automaker is taking on Europe's diesel-centric ways by substantially boosting sales of hybrids on the continent. That, along with cost cutting measures, has increased the company's European profitability, Automotive News says, citing recent remarks by Toyota's European operations chief Didier Leroy. Toyota, which lost money in Europe between 2008 and 2011, started turning things around two years ago by cutting labor at places like UK factories while consolidating production of models such as the Auris and Yaris hybrid vehicles. During the most recently completed financial year, Toyota Europe reported earnings that were up 75 percent from the year before, despite revenue being up just five percent. The company also aims to sell at least 1 million vehicles in Europe by next year and is boosting sales in countries like Russia. Late last year, Didier told Bloomberg News that Toyota's European market share was rising about one percentage point a year, while production at Toyota's factories in countries like France, Turkey and the UK were running at full capacity. Toyota estimated at the time that hybrids accounted for about a fifth of Toyota's European sales.

Toyota will retrofit late-model cars with new technology

Toyota will inaugurate a service called Kinto Factory that will add modern features like electronic driving aids to select late-model cars. The program will launch in Japan in January 2022, and it aims to let motorists benefit from new technology without having to buy a new car. Kinto Factory will initially offer customers two basic services: upgrading and remodeling. Upgrading is defined as retrofitting safety and convenience functions, like emergency braking assist, a blind spot monitoring system with rear cross-traffic alert, and a hands-free tailgate or trunk lid. Remodeling involves replacing worn or damaged parts inside and out, such as the upholstery, the seat cushions, and the steering wheel. Personalization will join the list of services at a later date, partly because it involves gathering data on how drivers use their car. The list of cars eligible to receive a makeover from Kinto Factory include the Prius, the Prius c (which is called Aqua in Japan), the Prius V (known as the Prius ? in its home country), the Lexus UX (pictured), and the Lexus NX. Since the program is launching in Japan, Kinto Factory will also work on vehicles we've never seen on American roads, like the Vellfire (a big minivan) and its upscale Alphard derivative. Pricing information and availability will be announced closer to the program's launch. Toyota notes that each upgrade will be available individually, so customers will be able to select precisely what's added to their car, and that all of the parts will be backed by a warranty. As of writing, Toyota hasn't announced plans to bring the Kinto Factory program to the United States. However, it added that the upgrades detailed above represent the program's first step, and it clarified that it's open to the idea of expanding the service in overseas markets.

Japanese automakers welcome North American trade deal, fear what's next

TOKYO — Toyota, Nissan and Mazda welcomed on Tuesday the revised North America trade deal that left Japanese automakers unscathed, but they may face a bumpy ride when Washington and Tokyo hold new talks on over $40 billion of annual U.S. auto imports from Japan. The United States and Canada reached an agreement on Sunday to update the 1994 North American Free Trade Agreement after Washington had forged a separate trade deal with Mexico in August. The updated deal effectively maintains the auto industry's current footprint in North America, and spares Canada and Mexico from the prospect of U.S. national security tariffs on their vehicles. Mazda, which ships cars to the United States from Mexico and Japan, called the deal a "big step forward". Nissan, which makes the cars it sells in the United States locally as well as in Mexico, Japan and other countries, said it was "encouraged" by the agreement. Toyota, Japan's biggest automaker, said it was "pleased" that a basic deal was reached. Other automakers were not immediately available for comment. While the deal has removed the risk that the disintegration of the pact would have posed to automakers, bigger risks loom large for Japanese firms as a chunk of the roughly 7 million cars they sold in the U.S. last year were shipped from Japan, and a trade deal between Washington and Tokyo has yet to be agreed. The United States and Japan last week agreed to begin fresh trade talks, with U.S. President Donald Trump seeking to address Japan's $69 billion trade surplus, of which nearly two-thirds comes from auto exports. Washington is also investigating the possibility of slapping 25 percent tariffs on auto imports on national security grounds, although it has agreed with Japan to put any new tariffs on hold during the talks. Analysts say the United States may take a tougher stance on auto imports from Japan than from its neighbors. "If Japan requests an exemption from the 25 percent tariffs under consideration, Washington could propose a more strict cap on imports than it agreed to with Mexico and Canada," said Koji Endo, senior analyst at SBI Securities. "That would be a risk." This could be a big blow to Japan, as the United States is a key source of revenue for Japanese automakers including Toyota, Nissan and Honda. The U.S. market accounts for a quarter or more of their annual global vehicle sales, and of their total U.S.