Ultime notizie per Nissan Motor Co (OTC:NSANY) Azioni

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While Nissan sold 3.4 million vehicles last fiscal year, total calendar 2023 Renault-Nissan-Mitsubishi alliance sales volume of 6.4 million vehicles makes the group the fourth-largest vehicle seller in the world, behind Toyota at 11.2 million, Volkswagen at 9.2 million, and Hyundai/Kia with 7.3 million vehicles sold. Nissan's financial services subsidiary provides consumers with auto loans and leases but also finances Nissan's sales to its dealerships (known as floor-plan financing). Under a new alliance agreement, Nissan and Renault will have cross-shareholding capped at 15% voting rights for each company. Renault holds the remaining stake in Nissan through a French trust where the voting rights of such shares are "neutralized" for "most decisions" but retain the economic benefit.

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With all eyes on Tesla Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>) and its third quarter earnings that are scheduled for release after the bell, General Motors (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gm#NYSE">GM</a>) made quite an earnings appearance this week, smashing estimates and hiking its earnings guidance for the third time this year, fueled by the strength of trucks and crossovers in the U.S. market.
The unquestioned king of pickup trucks Ford Motor (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/f#NYSE">F</a>) is due to report it result on October 28th. But while General Motors continued to expand its EV lineup, Ford has been turning to hybrids to deal with mounting EV losses.
The last but not least of the Big Three in the U.S., Stellantis (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/stla#NYSE">STLA</a>), might have started with layoffs earlier in October, which are part of its broader cost cuts, but this week, it revealed its plans to launch an EV fleet with game changing technology.&nbsp;
Everyone is adapting differently to the evolving automotive landscape.
Stellantis to launch EV fleet fitted with factorial solid-state batteries
By 2026, Stellantis will be launching a demonstration fleet of EVs fitted with solid-state batteries from U.S. startup Factorial. This battery technology reduces fire risk and enables automakers to make lighter and lower-cost EVs while improving their range on a single charge.&nbsp;By integrating Factorial&#39;s innovative battery solution into the STLA Large platform, Stellantis is validating its potential to enhance its EV lineup, improving the experience for its EV buyers. Batteries will be fitted in a fleet of all-new Dodge Charger Daytona vehicles, with the STLA Large platforms also supporting large-sized models of other group brands, such as Jeep, Chrysler, Alfa Romeo and Maserati.&nbsp;
Meanwhile, Worksport Ltd (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/wksp#NASDAQ">WKSP</a>) continues to enhance the pickup experience with its innovative tonneau covers.
Established as an innovative&nbsp;U.S.-based manufacturer of hybrid and clean energy solutions for light trucks, Worksport&nbsp;just announced a targeted market release of its highly anticipated&nbsp;AL4 Premium Tonneau Cover has been scheduled for December 15th,&nbsp;with manufacturing of production-ready samples for testing and customer evaluation already in motion. With this launch, Worksports expects to further&nbsp;boost sales channels,&nbsp;improve profit margins, and enhance brand penetration considering that this is the&nbsp;highest-volume category of all hard tonneau covers in the&nbsp;$4 billion&nbsp;market. The initial offering will cover Ford Motor, Ram under the Stellantis umbrella and General Motors with Chevrolet and GMC brands, while the R&amp;D team works on developing variations to suit Toyota Motor (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tm#NYSE">TM</a>), Nissan Motor Co Ltd (OTC: <a class="ticker" href="https://www.benzinga.com/stock/nsany#OTC">NSANY</a>), and Honda Motor Co Ltd (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hmc#NYSE">HMC</a>).
Worksport already disrupted the market with its solar-power duo: the tonneau cover SOLIS and the&nbsp;portable battery system COR that are currently in the Alpha release phase.&nbsp;These portable&nbsp;nano-grid systems&nbsp;are set to revolutionize off-grid power solutions, bringing the pickup experience to a whole new level. In September, Worksport reported successful lab results of level 1 Tesla charging with the COR energy system, more precisely of the Model 3. Therefore, Worksport addressed range anxiety that has also been troubling owners of the Tesla Cybertruck, while already nearing completion of product engineering for its solar-powered ecosystem to fit the first electric pickup that has hit the road, the R1T from Rivian Automotive (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rivn#NASDAQ">RIVN</a>). In addition, Worksport also has an active partnership with Hyundai for the SOLIS that will also be available for General Motor and Ford pickups, among others.&nbsp;
Electric or powered by an internal combustion engine, pickups are as strong as it gets so no wonder their popularity is showing no signs of fading away even in the EV era that is changing the automotive industry for good.&nbsp;
DISCLAIMER: This content is for informational purposes only. It is not intended as investing advice.
This article is from an unpaid external contributor. It does not represent Benzinga&#39;s reporting and has not been edited for content or accuracy.

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The Power Of Pickups Shows No Signs Of Fading Away Even In The EV Era

Volkswagen's (OTCPK:VWAGY) chief marketing officer and head of product strategy for China, Jochen Sengpiehl, was deported from China after testing positive for cannabis during a mandatory customs drug test. The test was conducted after Sengpieh's return from a vacation in Koh Samui, Thailand.
After routine test results revealed traces of marijuana in his system, Chinese authorities detained Sengpiehl for questioning, reportedly holding him for more than 10 days, <a href="https://www.wardsauto.com/volkswagen-group/volkswagen-official-deported-from-china-for-cannabis-use">writes</a> wardsauto. Per the reports, Chinese President Xi Jinping ordered his deportation.
The creator of VW's famous slogan "Das Auto," Sengpiehl played a crucial role in positioning the company's electric-vehicle business in a highly competitive Chinese market. He previously worked for top brands like Nissan (OTCPK:NSANY), DaimlerChrysler and Hyundai (OTCPK:HYMTF). 
Thailand decriminalized cannabis in 2022 and <a href="https://www.benzinga.com/markets/cannabis/24/04/38023610/heres-what-you-need-to-know-about-weed-legalization-in-germany-that-just-took-effect">Germany partially legalized it this past April</a>, However, in China, cannabis consumption is treated with zero tolerance.
Following the liberalization of cannabis laws in Thailand, tourists primarily from Asian countries like Japan, Malaysia, China and the Philippines are viewed as <a href="https://www.benzinga.com/markets/cannabis/24/07/39922637/thailand-will-not-re-criminalize-cannabis-prime-minister-agrees-to-regulate-industry-instead-wha">common as cannabis customers</a>. Singapore&#8217;s Central Narcotics Bureau announced plans to randomly test people returning from Thailand. China&#8217;s embassy in Thailand also cautioned Chinese tourists that consuming cannabis abroad could lead to penalties upon their return, as such actions are considered domestic violations.
Read Also: <a href="https://www.benzinga.com/markets/asia/24/09/40832311/inside-the-thai-retreat-with-cannabis-infused-wellness-treatments-that-target-insomnia-and-more">Inside The Thai Retreat With Cannabis-Infused Wellness Treatments That Target Insomnia And More</a>
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<h2 class="wp-block-heading">VW In China</h2>
Volkswagen is under pressure from local manufacturers like BYD (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>), a publicly listed Chinese multinational manufacturing conglomerate. Last year, BYD overtook Volkswagen as China's best-selling car brand.
In September, Volkswagen partnered with the German start-up Revoltech GmbH to research and develop sustainable materials <a href="https://www.benzinga.com/markets/cannabis/24/09/40689578/volkswagen-considers-hemp-to-develop-sustainable-substitute-for-imitation-leather">based on industrial hemp.</a> These could be used as sustainable surface materials in Volkswagen models from 2028.
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Price Action
Volkswagen shares closed Monday's market session 0.10% lower at $10.20 per share.
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Volkswagen Executive Deported From China After Positive Cannabis Test

Tesla Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>) is having its Robotaxi Day this week. The &lsquo;We, Robot&rsquo; event will be held on October 10th&nbsp;in Hollywood as Tesla booked the massive&nbsp;Warner Bros. Discovery Inc. Studios to unveil its latest model. Considering the impressive venue and the fact&nbsp;that Tesla had delayed this&nbsp;event in order to make some important changes, expectations are high and there are many speculations of what the EV king plans to unveil, the day promises to be &quot;one&nbsp;for the history books&quot;.
Optimizing the charging process.&nbsp;
Yet, the week got kicked off by Nissan Motor Co Ltd (OTC: <a class="ticker" href="https://www.benzinga.com/stock/nsany#OTC">NSANY</a>)&nbsp;deciding to join Bayerische Motoren Werke Aktiengesellschaft (OTC: <a class="ticker" href="https://www.benzinga.com/stock/bmwyy#OTC">BMWYY</a>), Ford Motor (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/f#NYSE">F</a>), and Honda Motor Co (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hmc#NYSE">HMC</a>), or more precisely the trio&rsquo;s EV integration joint venture.&nbsp;Through its investment, Nissan revealed it will become an equal 25% investor&nbsp;in ChargeScape. BMW and Honda had presented ChargeScape&rsquo;s software that optimizes charging. Through ChargeScape, BMW, Honda, Ford and now Nissan, will provide bidirectional charging, allowing EVs to send power back to the grid when needed, while optimizing the charging process by coordinating with real-time grid demands. Also, BMW, Ford, Honda and Nissan will be providing financial incentives to EV owners to reduce energy use during peak times.&nbsp;
Bringing more clean energy to the EV table.
Having already established a reputation for its &lsquo;made-in-the-USA&rsquo; hybrid and clean energy solutions for light trucks, Worksport Ltd. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/wksp#NASDAQ">WKSP</a>) is preparing for a market release of its solar-powered tonneau cover, SOLIS&nbsp;&nbsp;and the COR portable energy system. This clean energy power duo that promises off-grid power on the go has the potential to propel Worksport&rsquo;s mid to long-term revenues. Worksport already has an ongoing collaboration with Hyundai who secured access to these groundbreaking accessories. Also, Worksport will be releasing one of the most in-demand tonneau cover models, AL4 premium tonneau Cover, in the fourth quarter, with innovative four-fold design that offers enhanced functionality and ease of the use. By launching three new product lines, Worksport is aiming to strengthen its positioning and expand market reach. In the fourth quarter, Worksport will also be implementing cost-saving measures to&nbsp;enhance margins and&nbsp;lower operational overhead&nbsp;without compromising growth. With these key strategic advances that will undoubtedly accelerate revenue growth and boost margings, Worksport is aiming for&nbsp;cash flow positivity un 2025.&nbsp;
While Tesla still holds the EV crown, long gone are the days it had the EV throne to itself. Besides already sharing the crown with BYD Company Limited (OTC: <a class="ticker" href="https://www.benzinga.com/stock/byddy#OTC">BYDDY</a>) on some fronts, both traditional automakers and newcomers are also shaping the EV landscape that is in the making, such as Worksport whose SOLIS and COR off-grid clean power duo promises to revolutionize the pickup experience altogether.&nbsp;
DISCLAIMER: This content is for informational purposes only. It is not intended as investing advice.
This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.

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The EV Evolution Goes On With New Developments

Ford Motor (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/f#NYSE">F</a>) is trying to revitalize the sagging EV demand by addressing range anxiety or more precisely, by providing&nbsp;easier&nbsp;access to charging. Specifically, Ford offered free chargers by the end of the year in hopes to boost EV sales and leases.
<h3>Ford&rsquo;s Attempt To Revive EV Demand</h3>
As of October 1st, all those who buy or lease a Ford Mustang Mach-E, F-150 Lightning pickup truck or E-Transit Cargo van&nbsp;receive the benefit of a free charger as well as of its installation. After its EV roadtrips across Europe and western U.S., Ford came to a realization that by focusing on the charging infrastructure on the road, automakers neglected that homes are the most reliable and consistent charging station for EV owners.&nbsp;
Additional charging help is also on the way.
This month, Worksport Ltd (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/wksp#NASDAQ">WKSP</a>), a well-established innovator and manufacturer of &ldquo;made-in-the-USA&rdquo; pickup accessories and off-grid power solutions, initiated the Alpha launch of its clean power duo, the solar-powered tonneau cover SOLIS and COR mobile battery power generator. Also in September, Worksport announced it conducted successful lab test results of its COR portable energy system as a range extender for Tesla EVs, including the Model 3 and the Cybertruck.&nbsp;&nbsp;
Moreover, Worksport also just revealed it is&nbsp;progressing towards&nbsp;gaining the&nbsp;ISO 9000&nbsp;certification at its state-of-the-art West Seneca, NY factory anticipated&nbsp;by early-mid 2025.
<h3>Worksport&rsquo;s ISO 9000 Certification Update</h3>
With the ISO 9000 certification, Worksport would pave the way for OEM relationships, which means the possibility of indirect and direct sales to global car makers that include EV pioneers like Tesla Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>) and Rivian Automotive (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rivn#NASDAQ">RIVN</a>), as well as traditional automakers like Ford, General Motors (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gm#NYSE">GM</a>), Hyundai Motor Company (OTC: <a class="ticker" href="https://www.benzinga.com/stock/hymtf#OTC">HYMTF</a>), Honda Motor Company (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hmc#NYSE">HMC</a>), Stellantis N.V. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/stla#NYSE">STLA</a>), Nissan Motor Co Ltd (OTC: <a class="ticker" href="https://www.benzinga.com/stock/nsany#OTC">NSANY</a>), and Toyota Motor Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tm#NYSE">TM</a>). While there are no guarantees, the ISO 9000 certification is a prerequisite for becoming a vendor and supply partner of the industry&rsquo;s greatest names like Toyota, GM, Ford, Toyota and others. For Worksport, this would be a major strategic milestone in terms of both quality and operational excellence. Considering that only less than 7% of the tonneau cover industry&nbsp;holds this&nbsp;certification, it would position Worksport as a leading manufacturer, especially with its patented solar tonneau covers.&nbsp;
No matter what, the EV revolution is happening.
While these initiatives and novelties won&rsquo;t fix the EV slowdown nor Ford&rsquo;s $5 billion loss from its unprofitable EV unit that is expected this year, it does show that despite challenges, the EV evolution continues.&nbsp;
DISCLAIMER: This content is for informational purposes only. It is not intended as investing advice.
This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.

Automakers Are Doing Their Best To Combat The EV Slowdown

On Thursday, General Motors (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gm#NYSE">GM</a>) and Hyundai Motor Company (OTC: <a class="ticker" href="https://www.benzinga.com/stock/hymtf#OTC">HYMTF</a>) announced that they signed a memorandum to&nbsp;explore joint product development, manufacturing, and clean energy technologies.&nbsp;Together, they will try to find ways to leverage their scale and complementary strengths to lower costs and bring a wider range of vehicles and technologies to customers faster.&nbsp;Yet, this agreement won&rsquo;t be limited ot EVs, as it will also explore hydrogen-powered and ICE vehicles, including both passenger and commercial vehicles. With combined expertise and innovative technologies, Hyundai and GM are hoping to enhance their competitiveness in key markets and vehicle segments.
<h3>GM And EVgo Partnership Also Gained A&nbsp;New Chapter</h3>
In addition, GM also disclosed in a separate note that it is expanding its partnership with&nbsp;EVgo Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/evgo#NASDAQ">EVGO</a>). As they continue to expand their charging network, EVgo and GM plan to install 400 fast charging stalls at key metropolitan locations across the US. GM and EVgo plan to install 2,850 DC fast charging stalls altogether, with funds redirected to enhance premium charging experiences at key sites.
Hyundai has an eye for emerging technologies. Back in 2022, Hyundai America Technical Center Inc entered into a formal agreement with a maker of clean energy-powered pickup accessories, Worksport Ltd (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/wksp#NASDAQ">WKSP</a>). Hyundai secured prototypes of a solar-powered tonneau cover SOLIS and a&nbsp;modified version of the COR portable energy storage system that Worksport made,&nbsp;modified for the bed geometry of the Hyundai Santa Cruz Pickup Truck. Worksport is expected to launch the alpha release of this groundbreaking duo this month. Earlier this month, Worksport also revealed it&nbsp;successfully lab&nbsp;tested the COR to extend the range of Tesla Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>) EVs,&nbsp;namely its&nbsp;Model 3 and Cybertruck.&nbsp;
General Motors and Hyundai followed the footsteps of&nbsp;Nissan Motor Co. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/nsany#OTC">NSANY</a>), Honda Motor Co. Ltd (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hmc#NYSE">HMC</a>), and Mitsubishi Motors Corporation.&nbsp;Back in August, Nissan, Honda and Mitsubishi announced they signed a memorandum to work together on a framework for further intelligence and electrification of automobiles. Last month, Nissan and Honda&nbsp;also announced they signed a second memorandum of understanding based on an agreement signed in March. Together, Nissan and Honda joined forces in research, development, and investment in various technologies to promote the spread and evolution of EVs&nbsp;and software-defined vehicles (SDVs).
<h3>The Automotive Market Is Not The Best Place To Be At Right Now</h3>
Even Europe&rsquo;s largest carmaker, Volkswagen (OTC: <a class="ticker" href="https://www.benzinga.com/stock/vwagy#OTC">VWAGY</a>) is considering shutting down factories for the first time in decades. But despite an alarming situaton, Volkswagen is not abandoning its home, Germany. It&rsquo;s becoming tougher and tougher to compete and this is not only the case in Europe. Volkswagen already suffered a sharp market loss in China thanks to BYD (OTC: <a class="ticker" href="https://www.benzinga.com/stock/byddy#OTC">BYDDY</a>) and BYD is now going for Europe. BYD has been giving headaches to many automakers across the globe, beginning with the EV pioneer, Tesla Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>) with whom it stands shoulder to shoulder on the EV front, with the two being the world&rsquo;s largest EV makers. Even with aggressive discounting, Tesla does not have the right formula to challenge&nbsp;BYD. From January to August, CPCA reported that BYD held 34.6% of the Chinese NEV market, leading the way, with Tesla taking third place with a market share of 6.5%. When it comes to the retail passenger car market in August alone, including both traditional internal combustion engine vehicles, BYD led with a market share of 19.9% while Tesla ranked 9th with a market share of 3.3%, being surpassed by joint&nbsp;ventures of Volkswagen and others.&nbsp;
<h3>A Future Built On Partnerships</h3>
As it continues to undergo its biggest transformation in a century, the automotive landscape is messy, to say the least. The electric revolution is underway but automakers are having a tough time to evolve. Only time will show who will make the cut in the new EV era and by the looks of it, no one is powerful enough to go at it alone.
DISCLAIMER: This content is for informational purposes only. It is not intended as investing advice.
This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.

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GM And Hyundai Join Forces To Boost Competitiveness And Improve Efficiency

With the eagerly anticipated Cybertruck, Tesla Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>) did more than just enter a lucrative segment that Ford Motor (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/f#NYSE">F</a>) used to dominate when it comes to the internal-combustion engine version of the pickup universe. But what happened with the Cybertruck is that the word &lsquo;truck&rsquo; just isn&rsquo;t as loud as &ldquo;cyber&rdquo;, representing Tesla&rsquo;s new reach with EV architecture, both outer and inner as EVs are more about software compared to their hardware ICE counterparts. Simply put, the Cybertruck is unlike anything else. By the looks of the second quarter, Tesla pulled out a major win in the electric pickup segment when it comes to popularity, but for a complete triumph, it takes more than that.
For better or worse, the Cybertruck is in its own category.&nbsp;
In a similar way like Ford did it with the Ford Ranchero and General Motors did with Chevrolet El Camino, Tesla created a segment of its own with this futuristic vehicle. Detroit automakers, including Ford and General Motors, have spent decades to refine their pickups to better suit the needs of consumers. Ford has been and still continues to be the leader of the ICE pickup universe with its F-150, yet it did not manage to replicate this success with the electric version of its best-seller with the F series being the best-selling truck in the U.S. for 47 years and the best-selling vehicle of any kind in the U.S. for 42 years. According to Edmunds.com, Ford F-150 Lightning is at fifth place of top vehicles being cross-shopped for the Cybertruck, with the other four places being taken by Tesla&rsquo;s other four models. In addition, Motor Intelligence&nbsp;reported that during the second quarter of 2024, Cybertruck was the top-selling electric truck, leaving behind Ford F-150 Lightning, Rivian Automotive (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rivn#NASDAQ">RIVN</a>) R1T, as well as General Motor-made Hummer EV and Chevy Silverado EV.
Detroit automakers&rsquo; trucks are in for a boost.&nbsp;
As it continues to aggressively expand its network that already counts more than 4,500 dealers, clean energy pickup accessory maker&nbsp;Worksport is growing its presence across the U.S. and Canada. This year, Worksport is planning to launch&nbsp;three more&nbsp;innovative products. The AL4 premium cover that whose launch is planned in the fourth quarter and will be joined by game-changing clean energy power duo: the solar-powered tonneau cover SOLIS and remote battery system COR. With the COR being entirely independent even of pickups and offering off-grid power on the go, Worksport announced the SOLIS will fit most major makes and models of trucks, including those of Ford and GM. This week, Worksport grew its market reach by announcing the release of as many as 19 new tonneau cover applications for various truck models, including those of General Motors, Ford, Toyota Motor (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tm#NYSE">TM</a>), Nissan Motor Co Ltd&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/nsany#OTC">NSANY</a>), and Honda Motor Co Ltd (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hmc#NYSE">HMC</a>).
For better or worse, Cybertruck stands alone in its uniqueness as Tesla made its own category. Now the question of duration is an entirely different story and it is a well known fact that the Cybertruck came with a new set of challenges for the EV pioneer.&nbsp;Afterall, GM and Ford pulled out several decades with the appeal of their Chevy El Camino and Ford Ranchero. While traditional automakers are struggling to evolve and adapt their businesses for the EV era, no one can question their history and legacy.
On the other hand, Tesla, as mighty as it is with its EV work that made history, still needs to pass the test of time.
DISCLAIMER: This content is for informational purposes only. It is not intended as investing advice.
This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.

For Better Or Worse, Tesla Carved Its Own Electric Pickup Category

Toyota Motor Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TM#NYSE">TM</a>) shares are trading lower on Friday after the company reportedly planned to cut its electric vehicle production target for 2026 to a million cars, 30% below its earlier forecast amid a&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/03/37688367/electric-vehicle-market-slows-down-prompts-major-automakers-to-shift-strategy" rel="noreferrer noopener">slowdown in global demand</a>.
Meanwhile, Japan is significantly expanding its support for electric vehicle (EV) battery production, pledging up to $2.4 billion to bolster the industry.
The government will provide support for 12 projects related to storage batteries, including their parts, materials, and production equipment, with funding of up to 350 billion yen, reported Reuters.
Toyota, among other major companies, will benefit from this substantial government backing.
The investment is part of Japan&#8217;s broader strategy to increase its annual storage battery production capacity by 50%, from 80 gigawatt-hours (GWh) to 120 GWh.
Also Read:<a target="_blank" href="https://www.benzinga.com/markets/asia/24/09/40745366/toyota-scales-back-2026-ev-production-plans-by-30-trims-target-to-1m-cars-as-global-demand-weakens-r" rel="noreferrer noopener"> Toyota Scales Back 2026 EV Production Plans By 30%, Trims Target To 1M Cars As Global Demand Weakens: Report</a>
Toyota plans to invest around 245 billion yen in its battery subsidiaries, Prime Planet Energy &amp; Solutions and Primearth EV Energy, to ramp up production of solid-state and prismatic batteries by 9 GWh. These batteries are expected to be supplied starting November 2026, with new plants planned for Hyogo and Fukuoka prefectures.
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, TM stock has lost over 29% in the six months. Investors can gain exposure to the stock via&nbsp;Trust for Professional Managers ActivePassive International Equity ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APIE#NYSE">APIE</a>) and&nbsp;Avantis International Large Cap Value ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AVIV#NYSE">AVIV</a>).
The Japanese government&#8217;s new support follows nearly $1 billion in subsidies announced in June last year and an earlier round of funding in April 2023.
Besides Toyota, the subsidies will also support investments by Nissan Motor Co., Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NSANY#OTC">NSANY</a>) and collaborative projects involving Panasonic Holdings with automakers Subaru and Mazda.
Minister of Economy, Trade and Industry Ken Saito emphasized that the funding aims to strengthen Japan&#8217;s storage battery supply chain and enhance the industry&#8217;s global competitiveness.
Price Action: TM shares are trading lower by 2.87% to $177.55 at last check Friday.
Photo by RYO Alexandre on Shutterstock
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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AVIV

What's Going On With Toyota Motor Stock Today?

Tesla Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>) had its best month of 2024, with surging&nbsp;EV sales in China during August. But, competition is going strong, with BYD&nbsp;Company Limited (OTC: <a class="ticker" href="https://www.benzinga.com/stock/byddy#OTC">BYDDY</a>) posting new records. Chinese competitors are scaring off even legacy automakers like Ford Motor (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/f#NYSE">F</a>). Ford has recently canceled its all-electric large SUV plans in the U.S., replacing it with a hybrid version due to pressure from Chinese comeptitors.
<h3>Tesla Sales In China Picked Up</h3>
According to the China Passenger Car Association, Tesla sold 86,697 EVs&nbsp;in China during August. Things are looking up according to data that the China Passenger Car Association released on Monday, showing that Tesla&rsquo;s Shanghai factory shipments rose about 3% YoY. At the moment, Tesla is making only Model Y and Model 3 in China.
<h3>BYD&nbsp;Defies The EV Slowdown With A&nbsp;New Record</h3>
Following a record-breaking August, BYD has hit the 1 milion EV sales mark. BYD is cementing its leadership with new models and tech features luring in buyers. In August alone, BYD reported that sales grew 30% YoY.&nbsp;This is the third consecutive month that&nbsp;BYD has set a new NEV sales record. Also, with August&rsquo;s performance, BYD&nbsp;marked an important milestone, having sold more than 1 million EVs this year.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Ford reflects the struggle of western automakers.
Due to its decision to cancel the large, all-electric SUV on account of profitability issues, Ford wrote off $1.9 billion. Like its western peers, Ford is struggling to make profitable EVs. Ford also delayed the launch of the successor of its F-150 Lightning electric pickup truck that planned for next year to 2027. Ford openly acknowledged it is struggling with competition from China on several levels:&nbsp;vertical integration, low-cost engineering, multi-energy advanced battery technology and digital experiences&nbsp;with which they are expanding their global presence, in addition to the price war.&nbsp;
Fortunately, there are players who raise the bar of the western front such as Worksport Ltd. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/wksp#NASDAQ">WKSP</a>)&nbsp;who is, among other things, a U.S.-based manufacturer and innovator of hybrid and clean energy solutions for light trucks. Worksport just announced it&nbsp;expanded its cover lineup with 19 new models,&nbsp;including covers that are compatible with Ford, as well as pickups from General Motors (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gm#NYSE">GM</a>), Toyota Motor (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tm#NYSE">TM</a>), Nissan Motor Co Ltd (OTC: <a class="ticker" href="https://www.benzinga.com/stock/nsany#OTC">NSANY</a>), and Honda Motor Co (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hmc#NYSE">HMC</a>).
Moreover, Worksport is promising the raise the performance bar when it comes to both automotive accessories and&nbsp;electric pickups with its clean energy power whose Alpha release is scheduled for this month. The SOLIS solar-powered tonneau and COR portable battery system promise off-grid clean power on the go, undoubtedly enhancing the electric pickup experience that Ford and other automakers&nbsp;are offering.
DISCLAIMER: This content is for informational purposes only. It is not intended as investing advice.
This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.

Things Are Beginning To Look Up For Tesla But Competition In China Is Daunting

EV giant Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) on Friday added Japanese automaker Nissan Motor (OTCPK: NSANY) to the list of companies who will &#8220;soon&#8221; gain access to its <a href="https://www.benzinga.com/news/24/06/39329186/elon-musk-debunks-rumors-of-death-of-tesla-supercharger-network-as-greatly-exaggerated-says-it-is-co" target="_blank" rel="noreferrer noopener">supercharger network in North America.</a>
What Happened: Tesla, on its website, now has five names in the list of companies it intends to open access to its supercharging network &#8220;soon,&#8221; including Nissan, General Motors, Volvo, Polestar, and Mercedes-Benz.
Nissan is the latest addition to the list. 
Layoffs Behind Delay? Ford Motor Co. and Rivian Automotive Inc. <a href="https://www.benzinga.com/news/24/06/39159541/really-an-incredible-person-jim-farley-says-theres-respectful-rivalry-with-tesla-ceo-elon-musk-outli" target="_blank" rel="noreferrer noopener">gained access to Tesla's supercharger network earlier this year</a>, giving their EV drivers the option to charge at over 15,000 Tesla supercharger stalls across North America. 
While Volvo, GM, and Polestar were expected to follow, Tesla announced layoffs of at least 10% of its global workforce in April.
The layoffs impacted&nbsp;<a href="https://www.benzinga.com/news/24/05/38846223/elon-musk-fired-supercharger-chief-rebecca-tinucci-and-her-entire-team-after-she-refused-to-lay-off" target="_blank" rel="noreferrer noopener">500 members of the supercharging team</a>. Tesla Senior Director of Charging Infrastructure&nbsp;Rebecca Tinucci&nbsp;also left the company, leaving the timeline for the opening of the supercharging network to more rivals in question.
However, during Tesla's annual shareholder meeting in June, Tesla CEO&nbsp;Elon Musk&nbsp;slammed rumors of the&nbsp;<a href="https://www.benzinga.com/news/24/05/38757383/elon-musk-announces-500m-investment-in-teslas-supercharger-network-expansion-in-2024" target="_blank" rel="noreferrer noopener">death of its supercharger network&nbsp;</a>as "greatly exaggerated."
"Our supercharger network is continuing to grow," Musk said.
The company continues to grow its supercharger network while keeping an eye on capital efficiency and the places they are deployed, Musk said while adding that it will deploy more "working" superchargers this year than the rest of the industry combined.
Tesla will invest $500 million in expanding the network this year, Musk said,&nbsp;<a href="https://www.benzinga.com/news/24/05/38757383/elon-musk-announces-500m-investment-in-teslas-supercharger-network-expansion-in-2024" target="_blank" rel="noreferrer noopener">reiterating his investment goal from May</a>.
Why It Matters:&nbsp;Tesla, in its second-quarter earnings report, said that the number of supercharger connectors around the globe at the end of the second quarter was 59,596, 24% higher than the corresponding quarter of 2023.
The growth rate, however, <a href="https://www.benzinga.com/news/24/07/39951183/tesla-supercharger-network-growth-slows-down-in-q2-after-exit-of-rebecca-tinucci-and-other-employees">has slowed significantly</a>. 
Superchargers grew only 3.5% from the end of the first quarter to the second, significantly lower than the quarter-on-quarter growth of 7.4% in the number of superchargers recorded through the fourth quarter of 2023.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read More:
<ul>
<li><a href="https://www.benzinga.com/news/24/08/40277885/tesla-offers-3-years-of-fsd-premium-connectivity-and-free-supercharging-for-5-000-but-is-it-worth-it">Tesla Offers 3 Years Of FSD, Premium Connectivity, And Free Supercharging For $5,000, But Is It Worth It?</a></li>
</ul>
Photo courtesy: Tesla

Tesla Adds Japanese Automaker Nissan To Supercharger Network Waitlist Along With Mercedes-Benz And GM

In response to weakening demand in the U.S., Nissan Motor Co., Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NSANY#OTC">NSANY</a>) has significantly curtailed production at its main Japanese plant, insiders reveal.
What Happened: Nissan has slashed its planned production by a third at its Kyushu plant in southwest Japan, Reuters reported on Monday. This reduction will affect the output of the Rogue crossover model, a key vehicle in the company&#8217;s lineup.
Unlike its rivals Toyota Motor Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TM#NYSE">TM</a>) and Honda Motor Co., Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HMC#NYSE">HMC</a>), Nissan does not offer hybrid models in the U.S. This has led to Nissan missing the recent uptick in demand for hybrid vehicles as U.S. consumers&#8217; enthusiasm for electric vehicles wanes.
Nissan now intends to produce just under 25,000 vehicles at its Kyushu plant this month, including about 10,000 Rogue crossovers for export, which is half of its original plan.
Nissan&#8217;s current inventory stands at 640,000 vehicles globally, the highest in over four years. The company&#8217;s struggles in the U.S. market add to its existing challenges of a shrinking market share in China.
See Also: <a href="https://www.benzinga.com/news/24/07/39981592/tesla-introduces-new-120-detailing-kit-for-all-of-its-lineup-but-cybertruck?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla Introduces New $120 Detailing Kit For All Of Its Lineup But Cybertruck</a>
Why It Matters: Nissan&#8217;s decision follows a near-total wipeout in its profits from April to June and a reduction in its full-year outlook. The company had to offer substantial discounts in the U.S. to clear out the 2023 model of the Rogue, which was becoming harder to sell with the introduction of the 2024 model. 
Earlier in July, <a href="https://www.benzinga.com/markets/asia/24/07/39628204/nissan-and-honda-play-tesla-catchup-considering-ev-charging-tie-up-to-boost-competitiveness">Nissan and Honda were contemplating</a> a collaboration to develop automotive software and EV charging infrastructure to enhance their competitiveness in the electric vehicle market. 
This move is intended to help the companies catch up in<a href="https://www.benzinga.com/markets/asia/24/07/39628204/nissan-and-honda-play-tesla-catchup-considering-ev-charging-tie-up-to-boost-competitiveness"> the EV market</a>, where they have lagged behind competitors like Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) and China&#8217;s BYD Co. Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>).
Despite selling two electric vehicles, Nissan&#8217;s lack of hybrid offerings in the U.S. market has been a significant setback. Goldman Sachs analysts noted a shift in demand towards hybrids in the overall U.S. market, with Nissan&#8217;s hybrid launch not expected until 2026. In May, Nissan<a href="https://www.benzinga.com/news/24/05/38956713/nissan-adjusts-us-electric-sedan-rollout-amid-changing-market-trends"> paused its plans </a>for two electric sedans in the U.S. while expanding its EV lineup to five vehicles.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/07/39932667/whats-going-on-with-rivian-automotive-stock-today?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">What&#8217;s Going On With Rivian Automotive Stock Today?</a></li>
</ul>
Image by KELENY via Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Pooja-Rajkumari" target="_blank" rel="noreferrer noopener">Pooja Rajkumari</a>

After Mulling Tesla Catchup Plan, Nissan Slashes Production In Japanese Plant Due To Falling US Demand

The Japan Fair Trade Commission (FTC) reportedly found that Toyota Motor Corp&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TM#NYSE">TM</a>) subsidiary, Toyota Customizing &amp; Development Co. (TCD), based in Yokohama, failed to compensate suppliers for storage fees of metal die casts and other items.
TCD violated the law by not paying storage fees to dozens of suppliers and forcing 65 suppliers to accept returns on products deemed defective without proper inspection, reported <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-07-05/toyota-unit-violated-subcontract-payment-law-says-japan-ftc?srnd=industries-consumer&amp;sref=TBDibEcD" rel="noreferrer noopener">Bloomberg</a>.
The total cost for these actions was around ¥54 million ($336,100). TCD reimbursed the suppliers last month and agreed to cover storage costs.
The Japanese government aims to ensure fair treatment of suppliers by large manufacturers to help boost wages and consumer spending.
Small companies face challenges from rising import costs and pressure to keep prices low, hindering economic growth. Authorities are addressing governance issues at Toyota following <a target="_blank" href="https://www.benzinga.com/news/24/07/39640788/toyota-says-it-has-not-found-any-further-wrongdoing-in-certification-applications-beyond-those-repor" rel="noreferrer noopener">previous safety certification scandals</a>.
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/07/39590828/insurers-to-sell-3-1b-in-honda-shares-in-wake-of-governance-push-report" rel="noreferrer noopener">Insurers To Sell $3.1B In Honda Shares In Wake Of Governance Push: Report</a>
The FTC also cautioned Nissan Motor Co. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NSANY#OTC">NSANY</a>) for illegally lowering payments to suppliers, prompting scrutiny on the automobile industry to adopt preventative measures.
Metal die casts, commonly used in vehicle production, should have their storage costs covered by clients, as per a 2019 trade ministry report.
Founded in 2018, TCD manufactures and sells ambulances and specialized vehicles both domestically and internationally. Toyota holds a 90.5% stake in TCD, with the remaining shares owned by Toyota Tsusho Corp. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TYHOF#OTC">TYHOF</a>).
Toyota stock has gained more than 27% in the last 12 months. Investors can gain exposure to the stock via ActivePassive International Equity ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APIE#NYSE">APIE</a>) and Avantis International Large Cap Value ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AVIV#NYSE">AVIV</a>).
Price Action: TM shares are trading lower by 0.08% at $206.08 at last check Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo by josefkubes on Shutterstock
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/06/39548819/toyota-to-launch-advanced-autonomous-electric-suv-in-china-next-year-report" target="_blank" rel="noreferrer noopener">Toyota To Launch Advanced Autonomous Electric SUV In China Next Year: Report</a></li>
</ul>

TYHOF

Toyota Subsidiary Violated Japan's Law Protecting Subcontractors: Report

Nissan Motor Co., Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NSANY#OTC">NSANY</a>) and Honda Motor Co., Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HMC#NYSE">HMC</a>) are <a href="https://www.benzinga.com/markets/equities/24/03/37630247/nissan-honda-weigh-china-production-cuts-amid-ev-market-strain-report">contemplating a collaboration</a> in the development of automotive software and EV charging infrastructure to enhance their competitiveness in the electric vehicle market.
What Happened: The two Japanese automakers are considering a partnership to jointly develop operating systems and other automotive software, which could potentially reduce related costs, <a href="https://asia.nikkei.com/Business/Automobiles/Electric-vehicles/Nissan-and-Honda-weigh-tie-up-on-software-and-EV-charging2">reported</a> Nikkei on Wednesday. 
This move is intended to help the companies catch up in the EV market, where they have lagged behind competitors like Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) and China&#8217;s BYD Co Ltd (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>).
Software plays a crucial role in enhancing a vehicle&#8217;s basic functions and can be updated to continuously improve capabilities. The partnership could also extend to the development of EV charging infrastructure, a critical factor in the EV market.
See Also: <a href="https://www.benzinga.com/news/24/07/39594005/spacex-developing-tools-to-remove-heat-shield-tiles-on-starship-rather-than-manually-breaking-them-a?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">SpaceX Developing Tools To Remove Heat Shield Tiles On Starship Rather Than Manually Breaking Them Away, Says CEO Elon Musk</a>
Earlier in March, Nissan and Honda announced that they were considering a comprehensive strategic partnership, which could include cooperation in six fields, including EV batteries. This potential collaboration in automotive software and EV charging infrastructure is a further step in this direction.
Why It Matters: The potential tie-up between Nissan and Honda comes at a time when Japanese automakers are facing increased competition in the EV market, particularly from Chinese manufacturers like BYD. In response, Nissan and Honda have been exploring various strategies to boost their EV capabilities.
In March, the two companies <a href="https://www.benzinga.com/news/24/03/37744148/honda-and-nissan-forge-alliance-to-boost-electric-car-tech">entered into a memorandum of understanding</a> for a strategic partnership in vehicle electrification and intelligence, including automotive software platforms and core components related to EVs. 
Nissan recently <a href="https://www.benzinga.com/news/24/04/38427099/japanese-automakers-toyota-nissan-partner-with-tencent-baidu-to-boost-ai-capabilities-in-china">teamed up with Chinese tech giants</a> Tencent and Baidu to enhance their AI capabilities in China, a crucial market for EVs.
Despite these efforts, the Japanese automakers have been facing challenges in the EV market. In March, it was reported that Nissan and Honda were considering <a href="https://www.benzinga.com/markets/equities/24/03/37630247/nissan-honda-weigh-china-production-cuts-amid-ev-market-strain-report">reducing production in China</a> due to increased competition from EV manufacturers like BYD. 
Read Next: 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"><a href="https://www.benzinga.com/trading-ideas/24/07/39609895/ford-ceo-farley-says-company-needs-to-move-past-monster-vehicles-to-be-profitable-in-ev-space-start?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Ford CEO Farley Says Company Needs To Move Past &#8216;Monster Vehicles&#8217; To Be Profitable In EV Space: &#8216;Start To Get Back In Love With Smaller Vehicles&#8217;</a>
</blockquote>
Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Global

Nissan And Honda Play Tesla Catchup — Considering EV Charging Tie-Up To Boost Competitiveness

TDK Corporation (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TTDKY#OTC">TTDKY</a>), a major supplier of batteries to Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) and Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), has announced a significant breakthrough in <a href="https://www.benzinga.com/money/best-solid-state-battery-stocks">solid-state battery technology</a>.
What Happened: TDK, a leading supplier of smartphone batteries, has made a major breakthrough in the materials used in its small solid-state batteries. The company predicts a substantial increase in the performance of devices ranging from wireless headphones to smartwatches, the Financial Times <a href="https://www.ft.com/content/e33cb565-6d44-4f9a-9105-f3afc03aa732">reported</a> on Monday.
"We believe that our newly developed material for solid-state batteries can make a significant contribution to the energy transformation of society. We will continue the development towards early commercialization," said TDK's CEO Noboru Saito.
The new material offers an energy density of 1,000 watt-hours per liter, a significant improvement over TDK&#8217;s current battery in mass production. The batteries, which are set to be made of an all-ceramic material, are expected to enable smaller device sizes and longer operating times.
Despite the promising breakthrough, TDK acknowledges that larger-sized batteries made from ceramic material may be more fragile. This presents a technical challenge for the mass production of batteries for cars or even smartphones soon.
Kevin Shang, senior research analyst at Wood Mackenzie, a data and analytics firm, stated that the &#8220;unfavorable mechanical properties&#8221; and the challenges and costs associated with mass production are significant hurdles for incorporating solid-state oxide-based batteries into smartphones.
Earlier this year, TDK&#8217;s new line of smartphone batteries <a href="https://www.benzinga.com/news/24/01/36504381/apple-supplier-tdk-takes-a-leap-with-groundbreaking-battery-tech-set-to-transform-smartphones">garnered widespread attention</a>. The company&#8217;s goal was to revolutionize the smartphone market by offering greater power in increasingly thinner devices. 
TDK&#8217;s latest breakthrough in solid-state battery technology is a significant step forward for an industry that experts believe can revolutionize energy storage. 
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39347341/rich-dad-poor-dad-author-says-bitcoin-simplest-way-to-become-millionaire-gamestop-implemen?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">&#8216;Rich Dad Poor Dad&#8217; Author Says Bitcoin Simplest Way To Become Millionaire, GameStop Implementing Bitcoin</a>
However, the mass production of larger batteries still presents significant challenges, according to industry experts. Despite this, TDK, with its extensive experience in battery materials and technology, is aiming to lead the medium-capacity market, which includes energy storage devices and larger electronics such as drones.
Why It Matters: TDK plans to start shipping samples of its new battery prototype to clients next year and hopes to move into mass production after that.
The company&#8217;s progress in solid-state battery technology is closely watched, with industry experts believing that the most significant use case for solid-state batteries could be in electric cars by enabling greater driving range, according to the report. 
Japanese companies are at the forefront of a push to commercialize this technology, with Toyota Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TM#NYSE">TM</a>) aiming for as early as 2027, Nissan Motor Co Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NSANY#OTC">NSANY</a>) the year after, and Honda Motor Co Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HMC#NYSE">HMC</a>) by the end of the decade.
Founded in 1935 and renowned as a top cassette tape brand in the 1960s and 1970s, TDK has extensive experience in battery materials and technology. It holds a 50 to 60% global market share in small-capacity batteries for smartphones and aims to lead in the medium-capacity market, which includes energy storage devices and larger electronics like drones.
Read Next: <a href="https://www.benzinga.com/news/earnings/24/06/39330313/us-stocks-to-end-record-clinching-week-on-subdued-note-gamestop-slides-adobe-soars-fed-speeches-and?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Nasdaq, S&amp;P 500 Rally Set To Stall: What&#8217;s Going On In Futures Market</a>
Photo courtesy: Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

AAPL

TTDKY

Apple Supplier Says It Has Made Tech Breakthrough That Could Improve Performance Of Watches, Earbuds

Benchmark analyst Michael Legg initiated coverage on the shares of EVgo Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EVGO#NASDAQ">EVGO</a>) with a <a target="_blank" href="https://www.benzinga.com/quote/EVGO/analyst-ratings" rel="noreferrer noopener">Buy rating and announced a price target of $3.</a>
EVgo is an electric vehicle (EV) charging site operator focused on fast chargers for high traffic, high-density locations.
It owns and operates 3,240 stalls in 35 states strategically positioned to leverage its charging base as the EV industry matures.
The analyst expects continued financial progress through 2024, with 2025 expected to be a breakout year as the company achieves positive EBITDA by year-end.
The analyst has modeled the company adding 800 stalls per year. Cash at the end of 1Q24 totaled $175 million, which is sufficient in the analyst&#8217;s view to fund the business to 2H25.
Also See: <a href="https://www.benzinga.com//node/39177443">Elon Musk Reveals How Tesla May Split $10B AI Budget: Nvidia To Get Billions, But In-House Efforts Take Center Stage</a>
Any additional government funding would provide an additional financial cushion for EVgo to reach profitability, added the analyst.
Based on industry estimates, the EV market opportunity suggests a 30% CAGR for DC charging ports through 2030, said the analyst.
In the analyst&#8217;s view, EVgo is focused on a high potential market segment, enabling public fast charging in under penetrated urban and suburban locations such as airports, hotels, restaurants, schools, supermarkets, and office buildings.
EVgo&#8217;s strong market position is demonstrated by its 11 OEM and brand partnerships that include General Motors Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>), Nissan Motor Co Ltd (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NSANY#OTC">NSANY</a>), Toyota Motor Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TM#NYSE">TM</a>), and the Pilot Flying J Company.&nbsp;
The analyst believes the partnerships to be a recognition of the market position of EVgo&#8217;s network and growth opportunities.
The analyst noted that EVgo&#8217;s owned and operated model could prove to be a long-term recurring cash machine.
According to the analyst, the $3 price target, which is a premium to the median valuation of both the overall EV sector and the charging segment, is justified by EVgo&#8217;s strategic position in DC fast charging and emerging market leadership. 
Related Read: <a href="https://www.benzinga.com//node/39106350">GM Sticks To Spring Timeline For Tesla Supercharger Access Despite Musk&#8217;s Layoffs, Polestar Delays It To Summer</a>
Price Action: EVGO shares are trading higher by 6.19% at $2.06 at the last check Wednesday.
Photo via Wikimedia Commons

Analyst Color

Price Target

Initiation

Analyst Ratings

Trading Ideas

EVgo's Focus On High-Traffic Locations Positions It As An Attractive Charging Operator, Says analyst

Nissan Motor Co (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NSANY#OTC">NSANY</a>) reportedly paid its former Chief Operating Officer (COO) Ashwani Gupta a sum of 582 million yen ($3.7 million) to leave the company <a href="https://www.benzinga.com/government/24/05/38931131/fdic-chairman-martin-gruenberg-to-step-down-amid-widespread-sexual-harassment-allegations-at-the-age">following allegations of misconduct.</a>
What Happened: Gupta left Nissan in June last year amid allegations of misconduct the company considered sexual harassment, <a href="https://www.bloomberg.com/news/articles/2024-05-31/nissan-pays-ex-coo-3-7-million-to-leave-after-sexual-harassment-allegations">Bloomberg</a> reported, citing people familiar with the matter. The company paid Gupta a significant sum to leave.
The amount was made public in a notice of the company&#8217;s upcoming shareholder meeting. The notice does not mention Gupta by name or the allegations against him but says that the amount was paid as &#8220;compensation&#8221; to an executive who left the company in the business year 2023. 
Why It Matters: Gupta&#8217;s departure in June 2023 came as a surprise to investors who had seen him as a potential candidate for the next CEO at Nissan, Bloomberg said. He is currently chief executive officer at India&#8217;s Adani Ports and Special Economic Zone.
Gupta reportedly played a key role in bringing <a href="https://www.benzinga.com/news/24/05/38956713/nissan-adjusts-us-electric-sedan-rollout-amid-changing-market-trends">Nissan back to profitability </a>following the arrest of former Chairman Carlos Ghosn in 2018. The executive&#8217;s annual remuneration through March 2023 was 726 million yen, surpassing company CEO Makoto Uchida who was paid 673 million yen, the report added. 
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="http://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read More:&nbsp;<a href="https://www.benzinga.com/news/24/05/39123548/teslas-humanoid-bot-optimus-guides-shareholders-on-voting-process-ahead-of-key-june-meeting">Tesla&#8217;s Humanoid Bot Optimus Guides Shareholders On Voting Process Ahead Of Key June Meeting</a>
Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo by michelmond on Shutterstock

Nissan Pays Ex-COO Ashwani Gupta $3.7M As Compensation For Leaving Amid Sexual Harassment Allegations

Nissan Motor Co (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NSANY#OTC">NSANY</a>) has paused its plans for two electric sedans in the U.S. while expanding its EV lineup to five vehicles.
What Happened: Nissan&#8217;s electric sedans remain in the production plan, but the company expects the SUVs to be available sooner, Reuters reported on Thursday. The Canton, Mississippi factory will support the manufacturing of these next-generation vehicles.
This decision comes as global automakers, facing weaker-than-expected EV demand, shift focus to hybrids and gas-powered models. Additionally, crossover SUVs and pickup trucks have seen higher demand than sedans in recent years.
&#8220;We are adjusting the timeline for the introduction of these five new models to ensure we bring the vehicles to the market at the right time,&#8221; a Nissan spokesperson said. The new lineup includes battery-powered crossover SUVs.
In March, Nissan announced plans to accelerate its global EV transition, including seven new models for the U.S. by 2026 and an EV manufacturing hub in the country. Automotive News first reported the pause in U.S. production plans for Nissan&#8217;s next-generation electric vehicles.
See Also: <a href="https://www.benzinga.com/top-stories/24/05/38920503/tesla-starts-releasing-self-driving-update-that-allows-drivers-to-keep-hands-off-wheel?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla Starts Releasing Self-Driving Update That Allows Drivers To Keep Hands Off Wheel</a>
Why It Matters: In March, Nissan revealed<a href="https://www.benzinga.com/markets/equities/24/03/37909805/electrifying-ambitions-nissan-unveils-plan-for-30-new-models-and-electrification-surge"> its ambitious plan to introduce 30 new models</a> by 2026, with 16 of these being electrified. This initiative aims to boost global sales by 1 million vehicles, enhance profitability, and reduce EV costs by 30% by 2030. The company also targets an operating profit margin exceeding 6% and total shareholder returns surpassing 30% by the same period. 
Furthermore, Nissan was c<a href="https://www.benzinga.com/news/24/03/37563742/nissan-eyes-in-house-production-of-ultra-compact-ev-from-2028-report">ontemplating shifting the production </a>of its ultra-compact electric cars in-house, currently built by partner Mitsubishi Motors Corp (OTC:). This move could see production relocated to Nissan&#8217;s Kyushu factory by April 2028. 
Price Action: On Tuesday, Nissan&#8217;s stock was trading 1.39% lower at $7.110 in the OTC, as per Benzinga Pro. The stock&#8217;s 52-week high stands at $9.65, while the low is $6.85. Nissan reported fourth-quarter earnings on May 9, 2024, with an EPS of $0.36 and revenue of $23.68 billion.
Read Next: <a href="https://www.benzinga.com/markets/equities/24/05/38910114/elon-musk-counts-amazing-president-joe-biden-among-tesla-naysayers-who-wish-to-see-the-ev-maker-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Counts &#8216;Amazing&#8217; President Joe Biden Among Tesla &#8216;Naysayers&#8217; Who Wish To See The EV Maker Go Bankrupt</a>
Photo by michelmond on Shutterstock
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Nissan Adjusts US Electric Sedan Rollout Amid Changing Market Trends

Volkswagen AG&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/VWAGY#OTC">VWAGY</a>) has reportedly exited discussions with&nbsp;Renault SA&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/RNSDF#OTC">RNSDF</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/RNLSY#OTC">RNLSY</a>) about collaborating on an affordable electric version of the Twingo car.
This development represents a challenge for European car manufacturers as they strive to compete with more cost-effective Chinese alternatives, reported Reuters.
<a target="_blank" href="https://www.benzinga.com/markets/equities/23/12/36157108/volkswagen-explores-affordable-ev-market-reportedly-discusses-potential-20-000-electric-car-with" rel="noreferrer noopener">Despite several months of negotiations</a>, the two companies could not&nbsp;reach an agreement. Reuters said one source mentioned that a deal was close, but ultimately, Volkswagen decided to proceed independently.
The report further noted Renault would continue to develop its electric Twingo, slated for release in 2026, without Volkswagen&#8217;s involvement, but also remained open to other partners, including those within its alliance, such as&nbsp;Nissan Motor Co Ltd&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/NSANY#OTC">NSANY</a>) and&nbsp;Mitsubishi Motors Corp&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/MMTOF#OTC">MMTOF</a>).
On the other hand, Volkswagen&nbsp;is expected&nbsp;to finalize its&nbsp;own&nbsp;strategy for a low-cost electric vehicle soon, with a target launch by 2027.
Related Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/05/38875858/honda-commits-65b-to-electrification-by-2030" rel="noreferrer noopener">Honda Commits $65B To Electrification By 2030</a>
This setback is a blow to Renault CEO Luca de Meo&#8217;s vision of fostering more collaboration among European car manufacturers to better compete against Chinese competitors, the report mentioned.
Chinese automakers, the world&#8217;s leading producers of electric vehicles, are rapidly gaining market share in Europe.&nbsp;
This competition pressures established European companies like Renault and Volkswagen to reduce costs and accelerate the development of new models.&nbsp;
European manufacturers aim to offer smaller EVs priced under €20,000 to better compete with Chinese brands such as&nbsp;BYD Company&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>).
Price Action: VWAGY shares are trading lower by 1.48% at $15.09 at the last check Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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Volkswagen Abandons Renault Partnership On Affordable EV Project: Report

Brett Garrard, a Mercedes worker, emphasized the need for better work-life balance and a more predictable schedule as part of the ongoing unionization efforts at a Mercedes plant in Alabama.
What Happened: Garrard&#8217;s statement, made on Last Call CNBC, comes amid a vote by over 5,000 workers at the Mercedes-Benz plant in Alabama on whether to join the United Auto Workers (UAW) union. The vote began on Monday, May 13, 2024, in the face of a strong anti-union campaign.
&#8220;The things that we are reaching for in this campaign are more work-home life balance [and] a more stable and standard schedule so that we can participate in family activities,&#8221; Gerrard said.
However, he also revealed that not everyone in the Alabama plant is ready for unionization. The biggest fear is the management would shift the plant out of Alabama to Mexico if the unionization campaign continues. Workers are also concerned that others plants would be preferred over Alabama when new car designs arrive. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&quot;The things that we are reaching for in this campaign are more work-home life balance [and] a more stable and standard schedule so that we can participate in family activities,&quot; says Mercedes worker Brett Garrard on unionization efforts at a Mercedes plant in Alabama. <a href="https://t.co/ane9O8PEeI">pic.twitter.com/ane9O8PEeI</a>
&mdash; Last Call (@LastCallCNBC) <a href="https://twitter.com/LastCallCNBC/status/1790165906376593821?ref_src=twsrc%5Etfw">May 13, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/markets/equities/24/05/38805961/elon-musks-tesla-faces-fsd-uptake-challenge-as-only-2-of-free-trial-users-subscribe-gary-black-t?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk&#8217;s Tesla Faces FSD Uptake Challenge As Only 2% Of Free Trial Users Subscribe, Gary Black Terms T</a>
Why It Matters: The unionization efforts at the Mercedes plant are part of a larger campaign by the UAW. Following a significant victory at a <a href="https://www.benzinga.com/news/24/04/38363664/after-uaw-wins-big-in-tennessee-40m-campaign-continues-35-car-plants-are-next">Volkswagen plant in Tennessee</a>, UAW President Shawn Fain announced plans to organize more nonunion automaker factories. 
The UAW&#8217;s<a href="https://www.benzinga.com/news/24/04/38363664/after-uaw-wins-big-in-tennessee-40m-campaign-continues-35-car-plants-are-next"> $40-million campaign aims </a>to unionize autoworkers in at least 35 non-union U.S. plants currently under the banner of major manufacturers such as Mercedes-Benz Group, Tesla Inc, BMW, Toyota Motor Corp, Nissan Motor Co Ltd and Hyundai Motor Company.
Read Next: <a href="https://www.benzinga.com/markets/asia/24/05/38786554/nio-ceo-william-li-breaks-8-year-brand-loyalty-streak-as-he-takes-delivery-from-rival-chinese-ev-sta?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Nio CEO William Li Breaks 8-Year Brand Loyalty Streak As He Takes Delivery From Rival Chinese EV Startup</a>
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Mercedes Worker Advocates For Better Work-Life Balance Amid Unionization Efforts in Alabama Plant: '...So That We Can Participate In Family Activities'

In a significant development, Japanese automakers Toyota Motor Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TM#NYSE">TM</a>) and Nissan Motor Co (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NSANY#OTC">NSANY</a>) have teamed up with Chinese tech behemoths Tencent Holdings Ltd (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCEHY#OTC">TCEHY</a>) and Baidu Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIDU#NASDAQ">BIDU</a>) respectively. The goal of these partnerships is to enhance their artificial intelligence (AI) capabilities in China.
What Happened: Toyota plans to incorporate Tencent&#8217;s technology into a passenger vehicle manufactured in China, set to be launched this year, CNBC <a href="https://www.cnbc.com/2024/04/25/toyota-and-nissan-pair-up-with-tencent-and-baidu-for-china-ai-arms-race.html">reported</a> on Thursday. The alliance aims to capitalize on Tencent&#8217;s expertise in big data, AI, and cloud computing, according to Yiming Xu, a director for brand and communications for Toyota in China.
In a parallel move, Nissan and Baidu have inked a memorandum of understanding to research AI and &#8220;smart cars.&#8221; Nissan intends to utilize Baidu&#8217;s generative AI on its platform to investigate potential tech development opportunities. The automaker also plans to outfit its Chinese vehicles with Baidu&#8217;s AI products.
See Also: <a href="https://www.benzinga.com/news/24/04/38373389/tesla-ceo-elon-musk-takes-swipe-at-waymo-says-cybertruck-might-be-needed-for-robotaxis-in-san-franci?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla CEO Elon Musk Takes Swipe At Waymo, Says Cybertruck Might Be Needed For Robotaxis In San Francisco Amid Vandalism Frenzy</a>
Why It Matters: These partnerships highlight the critical role of AI for automakers and the competitive dynamics of China&#8217;s automotive market. Japanese auto manufacturers, once leaders in China, have been contending with technological changes that have upset their market standings. The alliances with Tencent and Baidu represent strategic efforts to regain traction and maintain relevance in the face of rising domestic brands, the transition to electric vehicles, and an ongoing price war.
In 2023, <a href="https://www.benzinga.com/23/06/32969046/toyota-turns-to-ai-in-an-effort-to-catch-up-in-the-ev-race">Toyota turned to AI</a> to expedite the development of its electric vehicles. Similarly, in March, <a href="https://www.benzinga.com/news/24/03/37744148/honda-and-nissan-forge-alliance-to-boost-electric-car-tech">Nissan partnered with Honda</a> to enhance electric car technology. 
The recent partnership with Baidu, which <a href="https://www.benzinga.com/news/24/04/38263639/chatgpts-china-rival-ernie-bot-by-baidu-surpasses-200m-users-amid-fierce-competition">surpassed 200 million users with its AI chatbot Ernie Bot</a> in April 2024, is a testament to Nissan&#8217;s commitment to AI and smart car technology.
Read Next: <a href="https://www.benzinga.com/markets/equities/24/04/38350014/elon-musk-reacts-to-teslas-pricing-debate-only-a-fool-thinks?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Reacts To Tesla&#8217;s Pricing Debate: &#8216;Only A Fool Thinks ….&#8217;</a>
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Japanese Automakers Toyota, Nissan Partner With Tencent, Baidu To Boost AI Capabilities In China

United Auto Workers (UAW) President Shawn Fain is gearing up to organize more nonunion automaker factories on the heels of a major victory at a Volkswagen (OTC:<a class="ticker" href="https://www.benzinga.com/stock/VWAGY#OTC">VWAGY</a>) <a href="https://www.benzinga.com/topic/mobility">plant in Tennessee</a>.
What Happened: Fain <a href="https://www.theguardian.com/us-news/2024/apr/22/united-auto-workers-auw-shawn-fain">told</a> multiple media outlets on Monday and over the weekend that the UAW&#8217;s $40-million campaign to get more union votes will proceed.
The goal is to unionize autoworkers in at least 35 non-union U.S. plants currently under the banner of major manufacturers such as Mercedes-Benz Group (OTC:<a class="ticker" href="https://www.benzinga.com/stock/MBGYY#OTC">MBGYY</a>), Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), BMW (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BMWYY#OTC">BMWYY</a>), Toyota Motor Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TM#NYSE">TM</a>), Nissan Motor Co Ltd (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NSANY#OTC">NSANY</a>) and Hyundai Motor Company (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HYMTF#OTC">HYMTF</a>). 
The UAW won an election victory Friday at a Volkswagen plant in Chattanooga, Tennessee. Seventy-three percent of the vote favored unionizing. Previous elections in 2014 and 2019 were unsuccessful. 
According to the <a href="https://apnews.com/article/uaw-union-election-vw-chattanooga-tennessee-alabama-74ac19f72cd334050df96ffdccf7425f">Associated Press</a>, Fain said pundits bet against the UAW in the South where roughly 150,000 workers&nbsp;are at non-union factories. 
"But you all said, ‘Watch this,' " he told a group of Volkswagen organizers on Friday night. "You guys are leading the way. We're going to carry this fight on to Mercedes and everywhere else." 
See Also: <a href="https://www.benzinga.com/markets/equities/24/04/38238276/elon-musk-is-epitome-of-everything-thats-wrong-with-this-world-says-uaw-chief-shawn-fain-while-d">Elon Musk Is &#8216;Epitome Of Everything That&#8217;s Wrong With This World,&#8217; Says UAW Chief Shawn Fain</a>
Why It Matters: The Chattanooga victory is the union's first win in a Southern car facility owned by a foreign auto manufacturer. 
Volkswagen is based in Wolfsburg, Germany. 
Previous losses at the Volkswagen facility&nbsp;were blamed on a federal investigation into bribery and embezzlement under previous leaders.
But unions credit new leadership for their favorable contracts that came about on the heels of 2023&#8217;s strike <a href="https://www.benzinga.com/topic/uaw-strike">among Detroit automakers</a>.
The successful union vote in Tennessee also underscores a changing tone across the South during an election year. President Joe Biden <a href="https://www.benzinga.com/news/24/01/36859917/biden-heads-to-michigan-to-strengthen-auto-union-ties-teamsters-to-meet-with-trump-for-roundtable-di">joined a UAW picket line</a> in Michigan, and expressed support for the Volkswagen <a href="https://www.benzinga.com/news/24/03/37811190/joe-biden-bernie-sanders-voice-support-for-volkswagen-workers-looking-to-join-uaw-american-workers-t">workers who voted on Friday</a>.
"Together, these union wins have helped raise wages and demonstrate once again that the middle-class built America and that unions are still building and expanding the middle class for all workers," Biden said, according to a White House statement.
What&#8217;s Next: A five-day election is scheduled to start May 13. Two Mercedes-Benz plants in Tuscaloosa, Alabama <a href="https://www.benzinga.com/news/24/04/38113676/mercedes-alabama-workers-gear-up-for-uaw-union-election-report">will vote next</a>.
The UAW also accused Mercedes of violating global supply chain law, which the Stuttgart, Germany-based company denied, <a href="https://uaw-newsroom.prgloo.com/press-release/uaw-files-charges-in-germany-against-mercedes-benz-companys-anti-union-campaign-against-u-s-autoworkers-violates-new-german-law-on-global-supply-chain-practices" target="_blank" rel="noreferrer noopener">stating its recognition of employees' rights to organize</a>.
Now Read: <a href="https://www.benzinga.com/24/04/38359538/autostreets-in-the-drivers-seat-as-china-gets-set-for-used-car-trading-boom">Autostreets In The Driver&#8217;s Seat As China Gets Set For Used Car Trading Boom</a>
Image: Shutterstock

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After UAW Wins Big In Tennessee, $40M Campaign Continues: 35 Car Plants Are Next

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