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Toyota, Nissan, other companies offer large pay hikes, fuel hope of beating deflation Major Japanese companies, including Toyota Motor Corp and Nissan Motor Co, on Wednesday offered their largest pay hikes in decades at annual wage negotiations that could determine whether the country can finally overcome its chronic deflation. The development will likely pave the way for the Bank of Japan to phase out its unprecedented monetary easing. The central bank has indicated its policy decisions would depend on the outcomes of the negotiations. The government of Prime Minister Fumio Kishida has repeatedly asked business leaders to increase wages at a pace that exceeds inflation. Rising prices for everyday goods as a result of higher raw material costs and the weak yen have weighed on households. ©SHIRSENDU KARMAKAR #Toyota #Nissan

Toyota, Nissan, other companies offer large pay hikes, fuel hope of beating deflation Major Japanese companies, including Toyota Motor Corp and Nissan Motor Co, on Wednesday offered their largest pay hikes in decades at annual wage negotiations that could determine whether the country can finally overcome its chronic deflation. The development will likely pave the way for the Bank of Japan to phase out its unprecedented monetary easing. The central bank has indicated its policy decisions would depend on the outcomes of the negotiations. The government of Prime Minister Fumio Kishida has repeatedly asked business leaders to increase wages at a pace that exceeds inflation. Rising prices for everyday goods as a result of higher raw material costs and the weak yen have weighed on households. ©SHIRSENDU KARMAKAR #Toyota #Nissan

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Toyota sets new global record for annual vehicle sales Toyota said Tuesday that it sold a record 11.2 million vehicles in 2023, cementing its position as the world's top-selling automaker for the fourth successive year thanks to a recovery in demand in all regions and easing semiconductor shortages. The figure, which represents units shifted by the firm and its subsidiaries, represented a jump of 7.2 percent on-year and compares with 9.2 million for Germany's Volkswagen Group, whose unit sales soared 12 percent. South Korea's Hyundai-Kia retained third place in 2023 with 7.3 million units sold, up 6.7 percent. ©SHIRSENDU KARMAKAR #TOYOTA

Toyota sets new global record for annual vehicle sales Toyota said Tuesday that it sold a record 11.2 million vehicles in 2023, cementing its position as the world's top-selling automaker for the fourth successive year thanks to a recovery in demand in all regions and easing semiconductor shortages. The figure, which represents units shifted by the firm and its subsidiaries, represented a jump of 7.2 percent on-year and compares with 9.2 million for Germany's Volkswagen Group, whose unit sales soared 12 percent. South Korea's Hyundai-Kia retained third place in 2023 with 7.3 million units sold, up 6.7 percent. ©SHIRSENDU KARMAKAR #TOYOTA

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Toyota teaming with Cirba Solutions to expand battery recycling network Toyota Motor North America is teaming with battery recycling materials and management company Cirba Solutions to expanding its battery recycling network. Toyota said that its battery collection efforts will include those from hybrid, plug-in hybrid and battery electric vehicles. Toyota’s collaboration with Cirba Solutions will focus on the collection, transportation, dismantling and processing of end-of-life lithium-ion electrified vehicle batteries from the Midwest and East Coast regions. Processing will take place at Cirba Solutions’ Lancaster, Ohio facility. The plant will use advanced technology to extract critical minerals from scrap and end-of-life batteries with an up to 95% recovery rate, then supply battery-grade metals back into the supply chain. ©SHIRSENDU KARMAKAR #Toyota

Toyota teaming with Cirba Solutions to expand battery recycling network Toyota Motor North America is teaming with battery recycling materials and management company Cirba Solutions to expanding its battery recycling network. Toyota said that its battery collection efforts will include those from hybrid, plug-in hybrid and battery electric vehicles. Toyota’s collaboration with Cirba Solutions will focus on the collection, transportation, dismantling and processing of end-of-life lithium-ion electrified vehicle batteries from the Midwest and East Coast regions. Processing will take place at Cirba Solutions’ Lancaster, Ohio facility. The plant will use advanced technology to extract critical minerals from scrap and end-of-life batteries with an up to 95% recovery rate, then supply battery-grade metals back into the supply chain. ©SHIRSENDU KARMAKAR #Toyota