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Mitsubishi Motors (OTC:MMTOF) Stock, Option Chain

Mitsubishi Motors is a Japanese automobile manufacturer. The company principally produces small passenger vehicles, electric and hybrid vehicles, and sport utility vehicles, or SUVs. Mitsubishi Motors is organised into two business segments: automobile business and automobile financing business. The company derives the vast majority of company revenue from the automotive business. Geographically, the company is separated into five regions: Japan, North America, Europe, Asia (excluding Japan), and other. With more than half of its products manufactures in Japan where it also generates the majority of its consolidated revenue, followed by Asia, and North America.

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Circuit breakers were triggered for Japan&#39;s TOPIX index and government bond futures, halting trading until 9:26:13 AM JST. This intervention came as the TOPIX index extended its drop to over 6%, prompting urgent measures to stabilize the market.

Global Sell-Off Shows No Sign Of Stopping, Japanese Stocks Fall Sharply, Nikkei Drops Over 5% — Dow Futures Down By Over 300 Points

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VWAGY

Volkswagen has reportedly ended talks with Renault regarding a joint venture to create an affordable electric Twingo. Despite months of negotiations, they couldn&#39;t reach an agreement, leaving Renault to continue the project independently, aiming for a 2026 release. 

Volkswagen Abandons Renault Partnership On Affordable EV Project: Report

Nissan EV Charging

Japan&#39;s Nissan Motor reportedly  considers bringing ultra-compact electric car production in-house The move is aimed at bolstering profit margins.

Nissan Eyes In-House Production Of Ultra-Compact EV From 2028: Report

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Circuit breakers were triggered for Japan&#8217;s TOPIX index and government bond futures, halting trading until 9:26:13 a.m. local time (8:26 p.m. EST). This intervention came as the TOPIX index extended its drop to over 6%, prompting urgent <a href="https://www.benzinga.com/money/how-to-buy-japanese-stock">measures to stabilize the market</a>.
What Happened: The broader impact was felt across the Asia-Pacific region, with the MSCI AC Asia Pacific Index falling 2% to 173.20. Japan&#8217;s Nikkei 225 stock average plummeted 5.60% on Monday and 20% from its July peak, highlighting severe market distress. South Korea&#8217;s KOSPI index also suffered, falling 4% to 2,568.70, while NASDAQ 100 futures in the U.S. dropped as much as 2%.
Heavyweight trading houses such as Mitsubishi Motors (OTC:<a class="ticker" href="https://www.benzinga.com/stock/MMTOF#OTC">MMTOF</a>), Mitsui &amp; Co (OTC:<a class="ticker" href="https://www.benzinga.com/stock/MITSF#OTC">MITSF</a>), Sumitomo (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SSUMY#OTC">SSUMY</a>), and Marubeni (OTC:<a class="ticker" href="https://www.benzinga.com/stock/MARUY#OTC">MARUY</a>) all plunged more than 10%.
See Also:&nbsp;<a href="https://www.benzinga.com/money/best-tech-stocks" target="_blank" rel="noreferrer noopener">Best Tech Stocks Right Now</a>
The sell-off continues a worrying trend from Friday, when Japan&#8217;s Nikkei 225 and TOPIX both fell over 5% and 6%, respectively.
U.S. markets also faced <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40151107/tech-sell-off-takes-qqq-to-correction-territory-nvidia-sheds-over-5-for-week-analys">significant losses on Friday</a>, sparked by a much weaker-than-expected jobs report for July. The Nasdaq led the decline, entering correction territory with a drop of more than 10% from its record high, while the S&amp;P 500 and Dow were down 5.7% and 3.9% from their all-time highs, respectively.
Dow Jones Industrial Average futures fell by 383 points, or 0.96%, while S&amp;P 500 futures and Nasdaq-100 futures dipped 1.6% and 2.5%.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40151107/tech-sell-off-takes-qqq-to-correction-territory-nvidia-sheds-over-5-for-week-analys">Tech Sell-Off Takes Q To Correction Territory, Nvidia Sheds Over 5% For Week: Analyst Says &#8216;Just A White Knuckle Moment In A Multi-year Bull Run&#8217;</a></li>
</ul>
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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>

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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Japan&#8217;s&nbsp;Nissan Motor&nbsp;Co Ltd&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/NSANY#OTC">NSANY</a>) reportedly could shift production of its ultra-compact electric cars in-house, currently built by partner&nbsp;Mitsubishi Motors Corp&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/MMTOF#OTC">MMTOF</a>).
Nissan is contemplating relocating production to its Kyushu factory in the fiscal year commencing April 2028, according to a report from Reuters.
The Nissan Sakura was Japan&#8217;s best-selling vehicle in the passenger EV market in 2023, with a 42% share, the report noted.
Nissan reportedly views Sakura&#8217;s success as an opportunity to boost production efficiency and reduce costs, potentially capitalizing on the growing demand for kei electric vehicles.
The plan, if realized, aims to enhance profit margins for Nissan, which currently lags behind competitors like&nbsp;Toyota Motor&nbsp;Corp&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TM#NYSE">TM</a>) and&nbsp;Honda Motor Company, Ltd.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HMC#NYSE">HMC</a>) in this segment, as per the report.
The automaker&#8217;s Kyushu plant, with an annual capacity of 500,000 vehicles, is poised to play a central role in this strategic shift, freeing up capacity for producing kei EVs.
The Sakura, known as a &#8220;kei car,&#8221; is specifically designed for the Japanese market.
The report further noted that Nissan and Mitsubishi would continue to handle the planning and development of kei EVs through the joint venture NMKV.
The parties established NMKV on June 1, 2011, as a 50/50 joint venture engaged in product planning and project management for minivehicles sold in the Japan market.
Price Action: NSANY shares traded lower by 0.80% at $7.45 on the 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 michelmond on Shutterstock

Major Japanese automakers have committed to investing THB150 billion ($4.34 billion) over the next five years in a boost to Thailand&#39;s electric vehicle (EV) industry, aligning with the country&#39;s strategic shift towards EV production.
Toyota Motor&nbsp;Corp&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tm#NYSE">TM</a>) and&nbsp;Honda Motor Co Ltd&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hmc#NYSE">HMC</a>) are each set to invest approximately THB50 billion Additionally,&nbsp;Isuzu Motors&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/isuzy#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">ISUZY</a>) and&nbsp;Mitsubishi Motors&nbsp;Corp&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/mmtof#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">MMTOF</a>) plan to contribute THB30 billion and 20 billion, respectively.&nbsp;
The investment will include the production of electric pickup trucks, reported Reuters.
Thailand, known as the largest car producer and exporter in Southeast Asia, has long been dominated by Japanese manufacturers in the automotive sector.
However, Chinese EV makers have recently started making substantial regional investments.&nbsp;
Carmakers like&nbsp;BYD&nbsp;Company&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/byddy#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">BYDDY</a>) and&nbsp;Great Wall Motor Company&nbsp;have committed $1.44 billion in new production facilities.
Aiming to transform a third of its annual vehicle production of 2.5 million into EVs by 2030, Thailand is rolling out various incentives, including tax cuts and subsidies, to foster more investments into EV manufacturing.
Furthermore, Thailand&#39;s Prime Minister Srettha Thavisin is hopeful of an investment from the U.S. EV giant&nbsp;Tesla Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>).
Price Action: TM shares closed lower by 1.29% at $178.53 on Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.&nbsp;
Also Read:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/12/36341563/honda-recalls-millions-free-fuel-pump-replacement-for-2-6m-vehicles-in-safety-move" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Honda Recalls Millions: Free Fuel Pump Replacement For 2.6M Vehicles In Safety Move</a>
Photo via Wikimedia Commons

Penny Stocks

ISUZY

TSLA

Japanese Auto Giants Invest Billions in Thailand's Electric Future - Report

EV giant Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) witnessed the biggest jump in new vehicle registrations in October as compared to any other automaker, including major German players in the European Union (EU). 
What Happened: According to data published by the European Automobile Manufacturers' Association (ACEA),&nbsp;14,183 Tesla vehicles were registered last month as compared to merely 5,716 vehicles in October last year. This marks a jump of 148% in new registrations for the American car marker in the geography. 
Interestingly, no other automaker has managed to double registrations. 
However, October was a good month for many automakers in the union, with most reporting a 2 digit year-on-year increase in new registrations. Ford Motor Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) and Mitsubishi Motors Corp (OTCPK: MMTOF), however, saw their registration numbers fall.
Volkswagen continues to be the most preferred car brand in the geography, with 210,251 new vehicles of the German automaker registered last month. Volkswagen AG (OTCPK: VWAGY) is followed at a distance by Chrysler parent Stellantis NV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STLA#NYSE">STLA</a>). 
Why It Matters: The car market in the EU is expanding rapidly, with 855,484 vehicles registered last month in what is its fifteenth consecutive month of growth
Battery electric vehicles also saw their popularity rise, with 121,808 new EVs registered as compared to the 89,383 vehicles registered in Oct. 2022. Gas, however, continues to be the most popular fuel choice amongst new car buyers. 
Image via Shutterstock
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 Next:&nbsp;<a href="https://www.benzinga.com/news/23/11/35887177/rivian-ceo-rj-scaringe-expands-role-takes-charge-of-all-product-segments">Rivian CEO RJ Scaringe Expands Role, Takes Charge Of All Product Segments</a>

Tech

STLA

Tesla Marks Biggest Jump In New Vehicle Registrations In October Amongst Automakers In EU

Renault SA&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/rnlsy#OTC">RNLSY</a>) has&nbsp;<a class="editor-rtfLink" href="https://www.globenewswire.com/news-release/2023/11/08/2775829/0/en/Renault-Group-and-Nissan-announce-the-completion-of-their-agreements-framing-the-foundations-of-the-new-chapter-of-the-Alliance.html" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">reduced&nbsp;</a>its stake in&nbsp;Nissan Motor Co., Ltd.&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/nsany#OTC">NSANY</a>) from 43.4% to 15%, transferring the<a class="editor-rtfLink" href="https://benzinga.com/topic/auto" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">&nbsp;remaining 28.4% shares into a French trust.&nbsp;</a>
As a result, Renault Group and Nissan now have a cross-shareholding of 15% with lock-up and standstill obligations.
Renault Group continues to fully benefit from the economic rights (dividends and proceeds of share sales) from the entrusted Nissan shares until such shares are sold, according to a statement.
Read Also:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/10/35388488/mitsubishi-plans-to-invest-up-to-200m-in-renaults-ev-unit-ampere" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">Mitsubishi Plans To Invest Up To &euro;200M In Renault&#39;s EV Unit Ampere</a>
Japan&#39;s&nbsp;Mitsubishi Motors(OTC: <a class="ticker" href="https://www.benzinga.com/stock/mmtof#OTC">MMTOF</a>) is also a member of the Alliance with Renault and Nissan Motor.&nbsp;
&quot;Our joint projects in Europe, Latin America and India will strengthen our partnership and generate hundreds of millions of euros in value for each partner while being mutually beneficial in the field of innovation,&quot; said Luca de Meo, CEO of Renault Group.
This next chapter of the alliance will build on the foundations of the long-standing partnership and will maximize value creation for each alliance member, the statement read.
The alliance will continue to identify key projects across markets that aim to deliver win-win, large-scale and actionable benefits.&nbsp;
&quot;We are also very proud to welcome Nissan and Mitsubishi Motors as strong partners in Ampere, our EV and software business, confirming the attractiveness of our assets,&quot; Meo added.
Also See:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/09/34225602/renaults-electrifying-leap-ampere-ipo-could-hit-10-8b-valuation-report" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">Renault&#39;s Electrifying Leap - Ampere IPO Could Hit $10.8B Valuation: Report</a>
Price Action:&nbsp;NSANY shares closed higher by 1.74% to $8.17 on Tuesday.

French Automobile Manufacturer Renault Trims Holding In Nissan To 15% After Transferring Shares To French Trust

Contrary to the global trend, the top-selling electric vehicle (EV) in Japan is not a Tesla, but a much more modest option &#8211; the Sakura, a kei (Japanese for &#8220;light&#8221;) car co-developed by&nbsp;Nissan Motor Co.&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>).
According to&nbsp;a Bloomberg <a href="https://www.bloomberg.com/news/articles/2023-10-23/the-top-selling-ev-in-japan-isn-t-a-tesla-but-a-13-000-kei-car">report</a>, the Sakura, introduced last year,&nbsp;is the best-selling EV in&nbsp;Japan this year. This small, boxy, light vehicle is ideally suited to Japan&#8217;s narrow roads and everyday commuting needs, said&nbsp;Keiko Kondo, Nissan's chief marketing&nbsp;manager for Sakura's domestic business.
The Sakura and its Mitsubishi counterpart, the eK X, account for nearly&nbsp;half of all EV sales&nbsp;in Japan this year. Despite the overall subdued EV market in Japan, these models have found favor with consumers for their affordability and practicality, particularly among those living outside major cities&nbsp;where public transportation is sparse.
See Also:&nbsp;<a href="https://www.benzinga.com/news/23/10/35386646/lucids-new-referral-program-takes-a-page-from-teslas-playbook-details-here?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Lucid&#8217;s New Referral Program Takes A Page From Tesla&#8217;s Playbook: Details Here</a>
With a price tag of around 2 million Yen ($13,300) including government subsidies, these kei cars are making EVs accessible to all, according to Kondo. Furthermore, the&nbsp;decline in the number of&nbsp;gas stations in suburbs and&nbsp;rural areas is&nbsp;contributing to the spread of&nbsp;EVs, as&nbsp;they can be easily charged&nbsp;at home.
However, success in Japan doesn&#8217;t translate into overseas sales due to stricter collision standards and regulations in other countries. Still,&nbsp;Nissan plans to launch 19&nbsp;EV models by 2030 and continue leading Japan&#8217;s EV industry.
Read Next:&nbsp;<a href="https://www.benzinga.com/news/23/10/35367045/how-chrysler-ram-parent-stellantis-plans-to-overtake-ford-as-top-ev-pickup-maker?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">How Chrysler, Ram Parent Stellantis Plans To Overtake Ford As Top Pickup Maker</a>
Photo Courtesy: buffaloboy on Shutterstock.com
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Japan's Top-Selling EV Not A Tesla, But A $13K Kei Car Co-Developed By Nissan And Mitsubishi

Japan&#39;s&nbsp;Mitsubishi Motors&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/mmtof#OTC">MMTOF</a>) plans to&nbsp;<a class="editor-rtfLink" href="https://www.mitsubishi-motors.com/en/newsrelease/2023/detail1454.html" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">invest&nbsp;</a>in Ampere,&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/electric-vehicles" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">an EV and software company</a>&nbsp;to be established by&nbsp;Renault SA&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/rnlsy#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">RNLSY</a>).
The maximum investment in Ampere will be&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/topic/japan" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">&euro;200 million ($212.91 million).</a>
As a first step of this collaboration, Ampere will supply an EV on&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/02/30724469/renault-nissan-mitsubishi-alliance-lists-new-initiatives-to-ramp-up-partnership" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">an OEM basis in the European market.</a>
For Mitsubishi Motors, the investment is a bold stride in its mid-term management plan unveiled in March 2023, focusing on electric vehicle development.&nbsp;
Mitsubishi Motors Corporation is a member of the Alliance with Renault and&nbsp;Nissan Motor Co.&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/nsanf#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">NSANF</a>).&nbsp;
Also Read:<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/02/30724469/renault-nissan-mitsubishi-alliance-lists-new-initiatives-to-ramp-up-partnership" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">&nbsp;Renault-Nissan-Mitsubishi Alliance Lists New Initiatives To Ramp-Up Partnership</a>
The company is also intensifying collaboration with Alliance members as part of their commitment to the electrification acceleration phase.
Through this initiative, Mitsubishi Motors aims to improve its EV development technology further and expand its EV line-up.
Renault Chairman&nbsp;Jean-Dominique Senard&nbsp;told Reuters on the sidelines of an event in Paris that he welcomed Mitsubishi&#39;s investment and had always been convinced the company would participate in Ampere.
Senard added that he plans to talk in more detail with Mitsubishi during an upcoming trip to Japan, a note by Reuters said.
Price Action:&nbsp;MMTOF shares closed lower by 4.29% to $3.35 on Monday.

NSANF

Mitsubishi Plans To Invest Up To €200M In Renault's EV Unit Ampere

Mitsubishi Motors&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/mmtof#OTC">MMTOF</a>) has reportedly decided to cease automobile production in China.
Mitsubishi&#39;s China sales lag was due to rising EV popularity and strong local brands, and other Japanese automakers may also reassess their strategies, reported&nbsp;<a class="editor-rtfLink" href="https://asia.nikkei.com/Business/Automobiles/Japan-s-Mitsubishi-Motors-to-end-production-in-China" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">Nikkei Asia</a>.
The report added that the company has started final withdrawal talks with China&#39;s Guangzhou Automobile Group (GAC), with which Mitsubishi has a joint venture.
GAC Mitsubishi Motors owns a manufacturing plant in Hunan province, which ceased production in March and will remain inactive. This facility is Mitsubishi&#39;s sole production site in China, the report noted.
In 2022, Mitsubishi&#39;s car sales in China plummeted approximately 60% YoY, with 38,550 units sold.
GAC reportedly plans to convert the Hunan plant for EV manufacturing. GAC owns 50%, Mitsubishi Motors 30%, and&nbsp;Mitsubishi Corp.&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/mtsuy#OTC">MTSUY</a>) 20% of GAC Mitsubishi. The entity will persist, but the latter two are pulling their investments, added the report.
GAC Mitsubishi Motors was established in 2012 and sold 140,000 vehicles in 2018, the report noted.

MTSUY

Mitsubishi Motors Ends Production In China Amid Industry Evolution: Report

Europe and the U.S. have kicked into high EV gear but a &quot;Chinese cloud&quot; is looming over the EV sector. Last Saturday, Renault (OTC: <a class="ticker" href="https://www.benzinga.com/stock/rnlsy#OTC">RNLSY</a>) Chairman Jean-Dominique Senard expressed his concerns to Reuters&nbsp;regarding Europe&rsquo;s over-reliance on China, emphasizing the need for building a costly supply chain. Meanwhile, in the U.S., Worksport Ltd (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/wksp#NASDAQ">WKSP</a>) has just announced it has made significant progress at its 220,000 square feet U.S. facility, continuing its way towards delivering its revolutionary Solis solar-powered tonneau cover and COR remote power storage system. Meanwhile, EV king Tesla Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>) told the Environmental Protection Agency (EPA) that the United States could go all-electric by the end of the decade, but it would settle for 69% of new car sales.
<h3>Toyota And Stellantis Believe The EPA Is Overly Optimistic</h3>
Toyota Motor (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tm#NYSE">TM</a>) finds the&nbsp;EPA has underestimated key EV challenges, such as scarcity of raw materials out of which batteries are made, as well as the fact that that the U.S. is not either the mining or refining home to these minerals. There&rsquo;s also the issue of the high cost of making EVs along with a developing infrastructure that is, at its current state, unable to support a wide EV adoption.
Stellantis (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/stla#NYSE">STLA</a>) also believes that EPA&rsquo;s expection of EV market growth is too optimistic while assuming a &lsquo;perfect&rsquo; transition and underestimating challenges such as lagging manufacturing capacity and the support for EV drivers.
<h3>Tesla Is Still Running The Show Although GM Promises To Catch Up</h3>
While US is still lagging behind other major markets in the contribution of EVs in total car sales, it&rsquo;s certainly picking up pace going from 3% in 2021 to 5% in 2022, while expecting 8 to 10% this year. Without exaggeration, this was achieved mainly by Tesla who makes the most of EVs in the U.S. However, General Motors (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gm#NYSE">GM</a>) CEO Mary Barra is confident&nbsp;the automaker would catch up to and surpass Tesla to become the top EV seller in the US, but after producing just over 39,000 all-electric vehicles last year compared to Tesla&rsquo;s 1.4 million, GM seems to be aiming too high. But GM is going for the &ldquo;EVs for everyone&rdquo; strategy and not by going through the struggle of replicating of the company&rsquo;s internal combustion engine portfolio. Rather, GM is going strategic with its EV approach by offering both affordable and luxury models, along with pickups and SUVs and therefore, covering every EV front. After adopting Tesla charging technology, or more precisely NACS chargers, GM provided its EV drivers with enhanced durability and reliability at across 25,000 stations across the U.S. instead of the current 13,000, making good on its promise.
The US is in great need for intense EV programs, and with the initiatives of the Biden administration, they are finally underway, coinciding with a wider consumer mindset shift in favor of an all-electric transportation future.
<h3>Renault&rsquo;s Concern Due To China&rsquo;s Recent Decision To Restrict Exports Of Metals</h3>
Asia has undoubtedly a superpower when it comes to essential raw materials that are used to build EV batteries. Renault Chairman Jean-Dominique Senard expressed his concern as China decided at the beginning of July to restrict export metals, more precisely, gallium and germanium, that are used in both EVs and semiconductors. However, empowered by its alliance with Nissan Motor Co Ltd (OTC: <a class="ticker" href="https://www.benzinga.com/stock/nsany#OTC">NSANY</a>), as well as Mitsubishi Motors Corporation (OTC: <a class="ticker" href="https://www.benzinga.com/stock/mmtof#OTC">MMTOF</a>), and supported by its electrification expertise, Renault Group upgraded its full year 2023 outlook as it continues aiming for carbon neutrality by the end of the decade. But the bigger picture does seem scary as the China-U.S. technology war continues to escalate, possibly resulting in massive disruptions across global supply chains and therefore, hampering EV progress.
<h3>Worksport Transitions From Preparation Phase To Scaling Of Production</h3>
With production expected to start in the upcoming weeks, Worksport announced this week it has made significant progress in its operational developments as its skilled and diligently selected staff undergoes the final phase of training with validation processes kicking off with its new U.S. tonneau manufacturing line. Over the following few weeks, a pivotal moment of Worksport&rsquo;s growth journey is on the horizon as its&nbsp;cutting-edge hard folding tonneau covers go into production.&nbsp;Its U.S.&nbsp;state of art facility is a testament of Worksport&rsquo;s commitment to U.S. home-grown innovation, product quality and excellence. Worksport&#39;s&nbsp;innovative portfolio holds big promises for both automotive and the EV industry, with Hyundai Motor Company (OTC: <a class="ticker" href="https://www.benzinga.com/stock/hymtf#OTC">HYMTF</a>) being among the first to equip its Santa Cruz pickup with its customized Solis solar-powered tonneau cover. In other words, Worksport is setting the stage for a strategic leap in its business operations, marching on towards boosting revenue growth and increasing shareholder value along the way.
DISCLAIMER: This content is for informational purposes only. It is not intended as investing advice.

Asia

HYMTF

WKSP

Renault Worries About China's Metal Export Curb While Worksport Makes A Strategic Leap At Its U.S. Base

Mitsubishi Motors Corp&#39;s (OTC: <a class="ticker" href="https://www.benzinga.com/stock/mmtof#OTC">MMTOF</a>) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/mmtoy#OTC">MMTOY</a>) joint venture with China-based&nbsp;Guangzhou Automobile Group Co., Ltd.&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/gnzuf#OTC">GNZUF</a>) is reportedly planning to slash staff costs following sharp sales declines for sport utility vehicles (SUV).
Guangzhou Automobile is focussing on optimizing its employment to transform the venture, Reuters&nbsp;<a class="editor-rtfLink" href="https://www.reuters.com/business/autos-transportation/mitsubishis-china-jv-optimise-personnel-structure-2023-07-13/" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">reported</a>.
The joint venture, GAC Mitsubishi Motors, was founded on September 25, 2012.
Also Read:<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/02/30724469/renault-nissan-mitsubishi-alliance-lists-new-initiatives-to-ramp-up-partnership" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">&nbsp;Renault-Nissan-Mitsubishi Alliance Lists New Initiatives To Ramp-Up Partnership</a>
However, the report noted that the number of employees affected by the move had not been disclosed.&nbsp;
The report added that the restructuring will be done following laws and regulations in China.

GNZUF

MMTOY

Mitsubishi Motors' China-Based JV Plans Optimization Of Staff Costs: Report

<ul>
<li>Renault-Nissan-Mitsubishi Alliance has proposed new&nbsp;<a class="editor-rtfLink" href="https://global.nissannews.com/en/releases/230206-01-e" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">initiatives&nbsp;</a>following the approval of&nbsp;Renault ADR&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/rnlsy#OTC">RNLSY</a>) and&nbsp;Nissan Motor Co Ltd&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/nsany#OTC">NSANY</a>) Boards.</li>
<li>The alliance will have a&nbsp;three-dimension program to maximize value creation for stakeholders, including high-value-creation operational projects in Latin America, India and Europe, enhanced strategic agility with new initiatives that partners can join and a rebalanced cross-shareholding and reinforced Alliance governance.</li>
<li>Renault Group and Nissan have entered into a binding framework agreement regarding the abovementioned transactions, with a view of reaching definitive agreements by the end of the first quarter of 2023.</li>
<li>The program is expected to pave the way for a renewal and strengthening of the 24-year partnership.</li>
<li>Also Read:<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/01/30346713/renault-signs-mou-with-punch-torino-for-low-emission-diesel-engines" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">&nbsp;Renault Signs MOU With PUNCH Torino For Low-Emission Diesel Engines</a></li>
<li>Renault Group and Mitsubishi Motors would leverage the assets of Renault Captur and Clio to develop 2 new vehicles with the next-gen ASX and Colt based on the CMF-B platform in Europe.</li>
<li>In Europe, the scope of collaboration would go beyond the vehicles to cover the lifecycle from distribution to usage, to recycling and end-of-life, including electric vehicle (EV) charging infrastructure and circular economy.</li>
<li>As part of the collaboration, Nissan intends to invest up to 15% in Ampere, Renault Group&rsquo;s EV &amp; Software entity in Europe, with the aim to become a strategic investor.</li>
<li>Mitsubishi Motors&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/mmtof#OTC">MMTOF</a>) would also consider investing in Ampere.</li>
<li>As a result of the new arrangements, the governance agreement entered into on February 4, 2016, between Renault Group and the French State related to its shareholding in Renault Group would be terminated.</li>
<li>Also Read:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/12/30170754/renault-raises-210b-via-retail-bond" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">Renault Raises &yen;210B Via Retail Bond</a></li>
</ul>

Renault-Nissan-Mitsubishi Alliance Lists New Initiatives To Ramp-Up Partnership

<ul>
<li>Indonesia weighed earmarking 5 trillion rupiah ($320.41 million) from next year&#39;s budget to boost electric vehicle (EV) purchases.</li>
<li>Last week, Industry Minister Agus Gumiwang Kartasasmita said buyers could gain a discount of 80 million rupiah for EVs made by firms with factories in the country and other incentives for hybrid cars and electric motorcycles, Reuters&nbsp;<a class="editor-rtfLink" href="https://www.reuters.com/markets/asia/indonesia-considers-320-mln-incentives-boost-ev-sales-2023-2022-12-21/" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">reports</a>.</li>
<li>The government plans to offer subsidies to sellers to cover the costs.</li>
<li>The report cited Airlangga Hartarto, Indonesia&#39;s chief economics minister, who said at a news conference that authorities explored discounts per sale based on the budget allocation.</li>
<li>The government also weighed subsidizing electric bus sales, he said.</li>
<li>The report further quoted President Joko Widodo, saying, &quot;We hope with these incentives, the electric motorcycle and electric car industry will grow.&quot;</li>
<li>Indonesia targeted 20% of&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/06/27787639/indonesian-president-says-in-talks-with-tesla-ford-other-ev-makers-to-set-up-plant-in-country-report" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">overall car sales in 2025</a>&nbsp;to be EVs, Airlangga said.</li>
<li>Toyota Motor Corp&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tm#NYSE">TM</a>),&nbsp;Mitsubishi Motors&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/mmtof#OTC">MMTOF</a>) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/mmtoy#OTC">MMTOY</a>), and&nbsp;Hyundai Motor Co, Ltd&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/hymtf#OTC">HYMTF</a>) announced&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/markets/asia/22/07/28218243/toyota-announces-1-8-billion-investment-in-indonesia-for-ev-production-as-the-country-looks-to-becom" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">planned investments in EV manufacturing in Indonesia</a>.</li>
<li>SGMW Motor Indonesia, part of a joint venture of&nbsp;SAIC Motor Corp Ltd,&nbsp;General Motors Co&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gm#NYSE">GM</a>), and&nbsp;Wuling Motors Holdings Ltd&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/wlmtf#OTC">WLMTF</a>), has an EV assembly facility in Indonesia.</li>
<li>Indonesia also tried to coax U.S. firm&nbsp;Tesla Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>) to&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/markets/asia/22/08/28561462/indonesian-president-joko-widodo-says-he-wants-tesla-to-build-cars-in-indonesia-and-not-just-batteri" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">invest in producing EV batteries and cars</a>.</li>
<li>The report noted that Japanese brands currently dominate sales in the world&#39;s fourth most populous nation, with Toyota as the market leader.&nbsp;</li>
<li>Price Action:&nbsp;TSLA shares traded higher by 1.34% at $139.63 in the premarket on the last check Wednesday.</li>
<li>Photo Via Company</li>
</ul>

Government

Regulations

WLMTF

This South Asian Nation Eyes $320M Investment To Attract More EV Buyers

<ul>
<li>Renault SA&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/rnsdf#OTC">RNSDF</a>) aims to cut the cost of its batteries by 60% this decade to drive the electric vehicles market,&nbsp;<a class="editor-rtfLink" href="https://www.bloomberg.com/news/articles/2021-06-30/renault-pledges-to-lower-battery-costs-in-electric-car-push?srnd=technology-vp&amp;sref=TBDibEcD" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Bloomberg reports</a>.</li>
<li>Renault also plans to lower the cost of its electric motors by 30%, make them more compact and extend their range. It plans to launch multiple EVs in the coming years, including a revival of the iconic and affordable &lsquo;4L&rsquo; model.</li>
<li>The automaker&rsquo;s plan of converting its Renault 5 into an EV will cost a third less than its compact Zoe EV.</li>
<li>EVs will account for up to 90% of Renault-branded cars by the end of this decade, CEO Luca de Meo said.</li>
<li>Earlier this week, Renault disclosed plans to secure batteries for its future vehicles produced in France. China&rsquo;s Envision Group&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/21/06/21747542/chinas-envision-group-to-construct-2-4b-renault-battery-plant-in-france-bloomberg" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">agreed to construct a</a>&nbsp;$2.4 billion Renault battery factory near Renault&rsquo;s auto plant in Douai.</li>
<li>Renault, which had a record loss last year, also plans to acquire a stake of slightly over 20% in a year-old French startup called Verkor for higher-performance power packs. The automaker could join&nbsp;Stellantis NV&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/stla#NYSE">STLA</a>), and&nbsp;TotalEnergies SE&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tte#NYSE">TTE</a>) formed joint venture.</li>
<li>Renault&rsquo;s push into affordable EVs is a pledge to lower battery-pack costs to less than $100 per kilowatt-hour in 2025 and below $80 per kilowatt-hour in 2030.</li>
<li>Renault also plans to boost battery recycling and collaborate with its Japanese partners&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 battery technology and EV platforms.</li>
<li>The Douai vehicle assembly plant is one of three sites Renault plans to combine and turn into an EV hub called ElectriCity capable of churning out 400,000 cars annually.</li>
</ul>

Renault Strives To Decrease EV Battery Costs 60% This Decade: Bloomberg

<ul>
<li>Volkswagen AG&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/vlkaf#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">VLKAF</a>) (OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/vwagy#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">VWAGY</a>) expect a production hit for three segments of its Mexican unit from June onward due to the semiconductor chip crisis joining the likes of&nbsp;General Motors Co&nbsp;(NYSE:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/gm#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">GM</a>),&nbsp;Ford Motor Co&nbsp;(NYSE:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/f#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">F</a>) and&nbsp;Toyota Motor Corp&nbsp;(NYSE:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/tm#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">TM</a>),&nbsp;<a class="editor-rtfLink" href="https://www.reuters.com/business/autos-transportation/volkswagens-mexico-unit-sees-new-output-tweaks-june-chip-shortage-2021-05-21/" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Reuters reports</a>.</li>
<li>Nissan Motor Co Ltd&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/nsany#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">NSANY</a>),&nbsp;Suzuki Motor Corp&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/szkmy#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">SZKMY</a>), and&nbsp;Mitsubishi Motors Corp&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/mmtof#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">MMTOF</a>) have also&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/21/05/21236850/semiconductor-crisis-compel-nissan-suzuki-mitsubishi-to-cut-june-production-reuters" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">met with a similar fate</a>.</li>
<li>Volkswagen will initiate maintenance work at its installations during the slack period.</li>
<li>The German automaker expects the crisis to ensue in the upcoming months.&nbsp;</li>
<li>Price action:&nbsp;VWAGY shares closed at $33.55 on Friday.</li>
</ul>

SZKMY

VLKAF

Semiconductor Chip Crisis Will Hit Volkswagen's June Production At Mexican Unit: Reuters

<ul>
<li>The Japanese automaker,&nbsp;Mitsubishi Motors Corp&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/mmtof#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">MMTOF</a>) (OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/mmtoy#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">MMTOY</a>), will reduce global production by roughly 16,000 cars in May due to the semiconductor chip crisis,&nbsp;<a class="editor-rtfLink" href="https://www.bloomberg.com/news/articles/2021-04-23/mitsubishi-to-cut-16-000-units-globally-in-may-on-chip-shortage?sref=TBDibEcD" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Bloomberg reports</a>.</li>
<li>In March, Mitsubishi aimed to reduce the domestic vehicle output by 4,000 to 5,000 units at its Okazaki and Mizushima plants due to the crisis. The automaker was reviewing its production plans for April at that time.</li>
<li>Mitsubishi produced 90,745 units globally in January and 88,754 cars in February.</li>
<li>The semiconductor crisis was intensified by the Texas winter storm and fire at auto-chip maker&nbsp;Renesas Electronics Corp&rsquo;s&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/rnecf#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">RNECF</a>) Japanese chip plant and could&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/21/03/20427975/global-chip-crisis-estimated-to-jeopardize-1-3m-vehicle-production-bloomberg" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">jeopardize the production</a>&nbsp;of 1.3 million vehicles. Major&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/21/04/20543752/general-motors-extend-production-holidays-to-counter-global-semiconductor-crunch-cnbc" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">automakers</a>, including&nbsp;General Motors Co&nbsp;(NYSE:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/gm#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">GM</a>) and&nbsp;Ford Motor Co&nbsp;(NYSE:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/f#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">F</a>),&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/21/04/20740283/chip-shortage-prolongs-ford-production-halt-at-5-north-american-factories" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">have extended</a>&nbsp;production cuts.</li>
<li>Price action:&nbsp;MMTOF shares closed higher by 0.75% at $2.67 on Thursday.</li>
</ul>

RNECF

Mitsubishi To Cut Global Production By 16,000 Units For May To Counter Chip Crisis: Bloomberg

Tesla Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>) has seen a further year-over-year&nbsp;loss in its&nbsp;share of the European electric-vehicle market as of January, Marketwatch <a href="http://www.marketwatch.com/story/teslas-market-share-in-europe-keeps-crumbling-as-china-reclaims-top-spot-in-global-ev-race-11614621780">reported,</a> citing new research by automotive analyst Matthias Schmidt.
What Happened: The U.S. electric vehicle maker saw 1,619 registrations of its battery-electric vehicles in 18 key European markets in January this year, representing a market share of 3.5%, according to the report. This marks a decline from Tesla&rsquo;s 1,977 registrations in January 2020 and a market share of more than 5%.
Tesla&rsquo;s 12-mont rollout volumes also fell behind South Korean automakers Hyundai Motor Co. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/hymtf#OTC">HYMTF</a>) and its affiliate Kia, which have now emerged as the third most popular EV group in Europe.
Volkswagen AG (OTC: <a class="ticker" href="https://www.benzinga.com/stock/vlkaf#OTC">VLKAF</a>) remains the most popular battery-electric vehicle group in Europe, with 22 percent of the market share as 10,193 of its vehicles were registered.
Why It Matters: The European market continues to see strong adoption of battery-powered electric vehicles and plug-in hybrid electric vehicles. European automakers are also increasingly shifting to the production of electric vehicles.
Tesla had remained at the top of the European EV charts in 2019 by delivering more than 109,000 vehicles and claiming a 31 percent share of the region&rsquo;s electric vehicle market.
But last year, Tesla fell behind the brands of Volkswagen Group as well as the alliance between Renault SA (OTC: RNSLY), Nissan Motor Co. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/nsany#OTC">NSANY</a>) and Mitsubishi Motors Corp. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/mmtof#OTC">MMTOF</a>). The company&rsquo;s market share fell sharply to 13 percent.
See Also: <a href="http://www.benzinga.com/news/21/03/19930620/musk-says-tesla-fsd-subscriptions-to-launch-by-june-but-buying-would-still-be-better">Musk Says Tesla FSD Subscriptions To Launch By June But Buying Would Still Be Better</a>
Price Movement: Tesla shares closed 6.3% higher on Monday at $718.43.

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Tesla's Share Of European EV Market Reduced To 3.5%

The EV world is filled with a lot of news and happenings, and that is without mentioning Tesla&nbsp;Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>). Elon&nbsp;Musk will not just sit down and let other producers take the wheel, but competitors are raising their bets as the EV race is about to intensify.
<h4>Worksport</h4>
Worksport Ltd (OTC: <a class="ticker" href="https://www.benzinga.com/stock/wksp#OTC">WKSP</a>) has made another important step forward with its ground-breaking TerraVis&nbsp;system, a fusion of cutting-edge solar power,&nbsp;power storage, and delivery, for pickup trucks. The innovative tonneau cover manufacturer <a href="https://www.nasdaq.com/press-release/worksport-launches-regulation-a-investment-opportunity-to-public-2020-11-24">announced</a> today that it has qualified for a Regulation A offering with the U.S. Securities &amp; Exchange Commission, which enables the company to issue securities and raise investment as of today. Despite the global crisis, this has been a remarkable year for Worksport that sealed exclusive deals for its TerraVis to be integrated within the upcoming Hercules&#39;s Alpha and Atlis&#39; XT electric pickups. The proceeds that come from Regulation A qualification will be used for further developments and product inventory as Worksport continues to grow exponentially.
<h3>Arrival Of Arrival</h3>
British startup Arrival, producer of electric vehicles, announced on November 18th its decision to go public. To do so, the company must merge with CIIG Merger Corp, a special purpose acquisition company set up by U.S. businessman Peter Cuneo, former CEO of Remington Products, a subsidiary of Spectrum Brands Holdings&nbsp;Inc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/spb#NYSE">SPB</a>) and Marvel Comics, owned by Marvel Entertainment, a subsidiary of Walt Disney Co&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/dis#NYSE">DIS</a>), as well as president of Black &amp; Decker of Stanley Black &amp; Decker, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/swk#NYSE">SWK</a>). Cuneo will join Arrival&#39;s team, as non-executive chairman, while Denis Sverdlov, the founder of Arrival, will remain&nbsp;as CEO. Cuneo&#39;s arrival to Arrival raises the seriousness to a higher level as the company reached an enterprise value of $5.4 billion. It is expected that the company will raise $660 million in gross cash proceeds. The deal should be completed in early 2021.
<h3>Rivian</h3>
Arrival will be a direct competitor to the upcoming Rivian, an electric van, SUV, and truck producer that has emerged&nbsp;as one of the more promising challengers to Tesla. As of Monday, the company opened its&nbsp;order pages to the public Monday and the first batch is already gone from preorders.&nbsp;This startup has support from Amazon.com, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/amzn#NASDAQ">AMZN</a>), which led the financing party by leading a $700 million investment round in 2019, followed by Ford Motor Company (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/f#NYSE">F</a>) with $500 million. Altogether, Rivian managed to raise $6 billion without selling a single SUV or truck. Amazon&#39;s main interest in Rivian is the production of a purpose-built electric van that will be used for delivery.
On its website, Rivian currently offers R1T (truck) and R1S (SUV) electric vehicles, with expected delivery dates in June for the truck and August for the SUV next year. Both models are currently in pilot production in the plant in Normal, Illinois, formerly owned by MITSUBISHI MOTORS CORPORATION (OTC: <a class="ticker" href="https://www.benzinga.com/stock/mmtof#OTC">MMTOF</a>).&nbsp;However, after Monday&#39;s developments, most buyers probably won&#39;t receive their R1S or R1T before the first quarter of 2022, as the Rivian founder and CEO RJ Scaringe revealed to Bloomberg the company will be supply-supply-contraints.&nbsp;The company also has new electric models in mind, tailored specially for European and Chinese markets.
<h3>&quot;Old-school&quot; Automakers Are Going All In</h3>
Last week, General Motors Company (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gm#NYSE">GM</a>) announced its plan to increase its number of offered electric vehicles by 2025, to a total of 30 models. To do so, the company stated that it will increase the financial portion of the EV and autonomous vehicles development to $27 billion&nbsp;during this period. Comparing to the prior plans, this is an increase of 35%. The company&#39;s current task is to cut the cost of the manufacturing of battery packs by an incredible 60%. If GM succeeds in this, it will reach the cost parity with gasoline vehicles by 2025, meaning that some of those 30 models will be priced lower than $35,000. GM has confirmed that aims to position itself as the number 1 producer in the EV industry.
Let the race begin.
This article is not a press release and is contributed by a verified independent journalist for IAMNewswire. It should not be construed as investment advice at any time please read the full <a href="https://iamnewswire.com/disclaimer-disclosure/">disclosure</a> . IAM Newswire does not hold any position in the mentioned companies. Press Releases &ndash; If you are looking for full Press release distribution contact: <a href="mailto:press@iamnewswire.com">press@iamnewswire.com</a> Contributors &ndash; IAM Newswire accepts pitches. If you&#39;re interested in becoming an IAM journalist contact: <a href="mailto:contributors@iamnewswire.com">contributors@iamnewswire.com</a>
The post <a href="https://iamnewswire.com/2020/11/24/weekly-ev-updates/" rel="nofollow">Weekly EV Updates</a> appeared first on <a href="https://iamnewswire.com" rel="nofollow">IAM Newswire</a>.
Photo by <a href="https://unsplash.com/@markusspiske?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText">Markus Spiske</a> on <a href="https://unsplash.com/s/photos/electric-vehicle?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText">Unsplash</a>
*A previous version of this article stated Rivan had raised $1.7 billion in funding, it has been updated to reflect the correct figure of $6 billion.

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