Core Insights - TRD U.S.A. has announced a multi-year expanded partnership with Endava, designating them as the Official IT Consulting Partner starting in 2026 [1][2] - The partnership aims to enhance TRD's branding presence in SRO Motorsports America and expand into IMSA in 2026 [1] Company Overview - Endava is a leading provider of next-generation technology services, focusing on enabling customers to accelerate growth and tackle complex challenges through innovative technologies and deep industry expertise [4] - As of September 30, 2025, Endava employs 11,636 individuals across various regions, including Europe, the Americas, Asia Pacific, and the Middle East [5] Partnership Details - The partnership is built on shared values of excellence, innovation, and collaboration, with Endava providing digital technology solutions to help TRD improve performance both on and off the racetrack [2][3] - Endava will utilize AI-enabled accelerators and frameworks to modernize TRD's core production systems and facilitate digital transformation [2][3] Strategic Goals - TRD emphasizes innovation as a core principle, aiming to leverage technology to unlock performance and drive long-term success [3] - The collaboration is expected to deliver data-driven solutions that enhance Toyota's competitive edge in motorsports [3]

Group 1 - Toyota Motor's acquisition plan for Toyota Industries is facing obstacles due to Elliott Investment Management's significant shareholding and concerns over undervaluation and governance standards [1][2] - Elliott has communicated its views to the management and board of Toyota Industries, claiming to be one of its largest shareholders, with a reported holding of 3.26% as of September 30, and close to 5% currently [1][3] - The proposed acquisition price of 16,300 JPY per share represents a 23% premium over the price before the announcement in April but is an 11% discount compared to the closing price on the announcement day in June [3] Group 2 - Toyota Motor holds approximately 25% of Toyota Industries, while Toyota Real Estate owns 5.42%, both companies are committed to advancing the delisting transaction while considering all stakeholders [2] - Toyota Industries has maintained constructive dialogue with shareholders and plans to continue this communication approach [3] - Elliott has been active in Japan and South Korea, previously pressuring Kansai Electric Power and engaging in notable campaigns with Samsung Electronics and Hyundai Motor [4][5]

Core Insights - Toyota has launched a comprehensive update of the HiLux pickup truck, its first in 10 years, focusing on expanding sales and production in emerging markets, particularly Thailand [2][3] - The new HiLux features improved fuel efficiency, with a maximum enhancement of 8%, and complies with European emission standards "Euro 5" [3] - The introduction of an electric version of the HiLux marks Toyota's first true EV produced in Thailand, with a planned launch in 2024 and commercial production aimed for the end of 2025 [3] Market Strategy - The new HiLux will be produced in Thailand, which serves as the main manufacturing base, with plans to expand production to Argentina and South Africa [3] - The local procurement rate for parts in Thailand is 95%, which supports higher profit margins due to shared chassis with other models [3] - Toyota aims to increase the sales and production of the new HiLux in other emerging markets to enhance profitability [3] Sales Performance - The HiLux has been a significant model under Toyota's IMV strategy, contributing to nearly 70% of the IMV series global sales, which are projected to reach 830,000 units in 2024 [5] - The pickup market in Thailand is experiencing a sharp decline, with projected sales dropping by 56% from 2022 to 2024 [6] - Japanese cars' market share in Thailand has decreased to 68% as of August, down from around 90% in 2020, while Chinese cars have increased their market share to 23% [9] Competitive Landscape - The competition from Chinese automakers like BYD, which are expanding low-cost EV and PHEV sales in emerging markets, poses a significant challenge for Toyota [2][9] - The ability to capture demand in emerging markets, particularly among the expanding middle class, is crucial for future competitiveness [9] - Toyota is also planning to strengthen its business in emerging markets, including a new factory in India by 2026 [9]

Core Viewpoint - The recent advancements in solid-state batteries have reignited market interest, with multiple companies announcing their progress and collaborations in this field [2]. Group 1: Recent Developments - On October 31, Samsung SDI announced a tripartite agreement with BMW and Solid Power to collaborate on a solid-state battery verification project [3]. - Chery Automobile showcased its self-developed Rhino S solid-state battery module with an energy density of 600 Wh/kg, aiming for a range of 1200-1300 km, with initial vehicle testing planned for 2027 [5][7]. - Enjie Co. reported the completion of small-scale production for high-purity lithium sulfide for solid-state applications, while Sunwoda unveiled a polymer solid-state battery with an energy density of 400 Wh/kg, expected to have a pilot line by the end of 2025 [8]. - Toyota and Sumitomo Metal Mining signed a joint development agreement focusing on mass production technology for solid-state battery cathode materials, with plans to launch a solid-state battery electric vehicle by 2027-2028 [8]. Group 2: Technical Routes - Solid-state batteries utilize solid electrolytes to replace liquid electrolytes, enhancing energy density and safety. The main technical routes include polymer, oxide, and sulfide [11]. - The polymer route offers flexibility and higher ignition points but has lower ionic conductivity compared to liquid electrolytes [12]. - The oxide route provides better safety and stability but faces challenges in manufacturing due to its hardness [13]. - The sulfide route has the highest ionic conductivity, comparable to liquid electrolytes, but is sensitive to air and moisture, complicating production and increasing costs [13]. Group 3: Challenges and Bottlenecks - The sulfide route faces three main challenges: high environmental sensitivity, severe interfacial reactions, and high costs of lithium sulfide [16]. - Environmental sensitivity requires production in inert, low-humidity environments, increasing costs and affecting yield [17]. - Interfacial reactions lead to the formation of insulating byproducts and increased impedance, impacting battery efficiency and lifespan [20]. - The high cost of lithium sulfide, which can reach around 3 million CNY per ton, poses a significant barrier compared to traditional liquid electrolytes [21]. Group 4: Commercialization Timeline - The commercialization of solid-state batteries is expected to progress through several stages, with current efforts primarily in the pilot phase [25]. - A reasonable expectation is for demonstration-level applications in electric vehicles within the next 2-3 years, while consumer electronics may be the first to adopt this technology due to lower cost sensitivity [25].

Core Viewpoint - Toyota has launched a comprehensive update of its HiLux pickup truck for the first time in 10 years, focusing on expanding sales and production in emerging markets, particularly Thailand, amid fierce competition from Chinese automakers like BYD [2][4]. Group 1: Product Launch and Features - The new HiLux was unveiled on November 10 in Bangkok, Thailand, receiving enthusiastic applause from attendees [4]. - The vehicle has been upgraded based on global user feedback, featuring improved engine performance and interior/exterior design, with fuel efficiency increased by up to 8% compared to the previous model [4]. - The starting price for the diesel version in Thailand is 774,000 Thai Baht (approximately 170,000 RMB), and sales commenced on the same day [4]. - An electric version of the HiLux will also be introduced, with a planned launch in 2024 and commercial production aimed for the end of 2025, offering a range of over 300 kilometers per charge at a starting price of 1,490,000 Thai Baht (approximately 330,000 RMB) [4]. Group 2: Production and Market Strategy - Toyota plans to use its Thailand facility as a base for producing the new HiLux, with production also set to begin in Argentina and South Africa [5]. - The factory in Thailand is the largest for HiLux, with a production target exceeding 300,000 units in 2024, of which approximately 71% will be exported to over 130 countries [5]. - The local procurement rate for parts in Thailand is 95%, which supports higher profit margins due to shared chassis with other models [5]. - The HiLux is part of Toyota's IMV (Innovative International Multi-purpose Vehicle) project, which aims to cater to emerging markets, with the HiLux accounting for nearly 70% of the IMV series sales [5]. Group 3: Market Challenges and Competition - The pickup truck market in Thailand is experiencing a significant decline, with projected sales dropping to 200,000 units in 2024, a 56% decrease from 2022 [8]. - High loan rejection rates for car purchases in Thailand are affecting consumer access to pickups, and similar trends are observed in Indonesia due to declining purchasing power [10]. - Japanese automakers are losing market share in Thailand, with their new car sales dropping to 68% in August, down from around 90% in 2020, while Chinese brands have increased their market share to 23% [10]. - Toyota is enhancing its business strategies in emerging markets, including plans to establish a new factory in India by 2026, emphasizing the importance of localizing sales and production to capture demand from the expanding middle class [10].

Core Insights - Toyota Motor has postponed its planned electric vehicle (EV) battery factory in Fukuoka prefecture for the second time due to softer EV demand, with the project now pushed back from an original 2028 start date [1][2] - The company is reviewing the project and may redirect some capacity at the site to vehicle or component production [2] - Toyota's global EV sales forecast for the fiscal year ending March 2026 has been reduced to 277,000 units, which is 10% lower than its previous projection [3] Group 1: Project Delays and Adjustments - The planned EV battery factory in Fukuoka has been deferred as Toyota reassesses the project in light of declining EV demand [1] - The company acquired land worth approximately Y6 billion ($39 million) in an industrial park, with plans to meet construction obligations within three years [2] - A location agreement with the prefecture was intended for April but has been delayed until autumn due to the weakening demand for EVs [2] Group 2: Sales Forecast and Market Strategy - Toyota's forecast for global EV sales, including Lexus, has been adjusted to 277,000 units for the fiscal year ending March 2026, down from earlier estimates [3] - The automaker is considering revising its target of 1.5 million global EV sales by 2026 [3] - In response to stronger EV uptake in China, Toyota is increasing its development and sales efforts in that market, launching a lower-priced model in March [3] Group 3: Regional Performance and Industry Trends - Overall sales in China for Toyota declined to 860,000 vehicles between April and September last year but recovered to 910,000 in the same period of 2025 [4] - The company's EV strategy is being tailored by region, with a Lexus plant in Shanghai set to begin operations in 2027 [4] - Other automakers, such as Nissan and Honda, are also revisiting their battery investment plans amid slower EV sales [5]

Core Viewpoint - Toyota has shifted its theme from "Future Mobility Society" to "Global, More China," reflecting its commitment to integrating global reputation, quality, and safety into local R&D and supply chains in China [1] Group 1 - At the 8th China International Import Expo, Toyota showcased its transformation from a market participant to an industry co-builder [1] - The company presented various products, including pure electric vehicles equipped with Harmony cockpit, a storage system in collaboration with China Minmetals, and an L4 level autonomous Robotaxi developed with Pony.ai [1] - The exhibits at Toyota's booth symbolize a commitment and response to the Chinese market rather than just products [1]

Group 1: Nissan's Financial Performance - Nissan reported a net loss of 221.92 billion yen (approximately 10.3 billion RMB) for the first half of the fiscal year 2025 (April to September) [1] - The company plans to sell its global headquarters building in Yokohama for 97 billion yen (approximately 4.5 billion RMB) as part of its restructuring efforts [1] - Nissan has announced layoffs of over 10,000 employees globally, aiming for a total workforce reduction of about 15%, which translates to around 20,000 employees [1] Group 2: Toyota's Financial Performance - Toyota reported a net profit of 932.08 billion yen for the second quarter, marking a 62% year-on-year increase [1] - The company's net sales for the second quarter reached 12.38 trillion yen, reflecting an 8.2% year-on-year growth [1] Group 3: Comparative Analysis - Despite both companies facing high tariff policies, Nissan is experiencing losses while Toyota is seeing growth, suggesting differences in operational efficiency [1] - The principles outlined in Taiichi Ohno's "Toyota Production System" may provide insights into how reducing waste can lead to increased profits [1]

Group 1 - The 8th China International Import Expo (CIIE) is being held from November 5 to 10 in Shanghai, showcasing the commitment of participating companies to tap into the Chinese market [2] - Honeywell's exhibition space has expanded tenfold over the past seven years, showcasing approximately 170 innovative technologies and products, with a focus on local R&D [2] - Schneider Electric introduced several new products at the expo, signing contracts with over 40 key clients, representing a 26% increase in the number of signed companies compared to last year [3] Group 2 - SYR Hanshil's exhibition space has grown from 36 square meters to 180 square meters, emphasizing the company's growth alongside the expo and its focus on cross-industry expansion [5] - Toyota showcased its latest developments in China, highlighting the commercialization of its "future mobility society" concept, reinforcing its commitment to the Chinese market [7] - The "World Open Report 2025" indicates that China's openness index has increased by nearly 30% from 1990 to 2024, attracting numerous foreign enterprises to share market opportunities [8]

Core Viewpoint - Toyota showcased its latest developments and localized product technologies at the China International Import Expo, emphasizing its commitment to the Chinese market and diverse mobility solutions [1] Group 1: Product Innovations - Toyota introduced three new products under the ONE R&D and Chief Engineer system during the expo, including the bZ5, a smart electric SUV named Platinum 3X, and the D-class sedan Platinum 7 featuring HarmonyOS [3] - Lexus displayed the current ES model and the new GX OVERTRAIL version, with the ES achieving cumulative sales of over 1 million units in China [5] Group 2: Hydrogen Fuel Technology - Toyota presented its hydrogen fuel cell technology, including a 49-ton hydrogen fuel cell tractor developed with China National Heavy Duty Truck Group, which has been deployed in regions like Shandong and Hubei [8] - The company plans to conduct trials for a "hydrogen exchange model" in Shandong by early 2026, aimed at reducing hydrogen costs and logistics operational expenses [10] Group 3: Energy Solutions - Toyota introduced the Sweep energy storage system to address the challenges of recycling retired batteries, which can stabilize renewable energy generation [10] - The Sweep energy cabinet, developed in collaboration with China Minmetals, was unveiled and is expected to launch in the second half of 2026 [10] Group 4: Autonomous Driving - The L4-level autonomous driving model, Platinum 4X Robotaxi, was showcased and is set to begin road testing, with plans for 1,000 units to be deployed in major Chinese cities by 2026 [11] Group 5: Accessibility Innovations - Toyota's welfare vehicles, including the luxury welfare version of the Alphard and the RAV4 welfare prototype, are designed to provide accessible transportation for individuals with mobility challenges [13] - The Welwalk rehabilitation support robot, aimed at assisting stroke patients, is expected to be available after 2026 [13]