📖 Your Q2 Earnings Guide: Discover the Stocks ProPicks AI Highlights to Jump Post-EarningsRead more

Japan and ASEAN plan joint strategy on auto production, Nikkei reports

Published 05/19/2024, 06:49 PM
Updated 05/19/2024, 07:21 PM
© Reuters. File photo: Workers install a battery for a new electric vehicle model at Mitsubishi Motor Corp's factory in Kurashiki, Japan May 19, 2022.  REUTERS/Satoshi Sugiyama/File photo
HMC
-

(Reuters) - Japan and the Association of Southeast Asian Nations (ASEAN) plan to create their first joint strategy on automobile production and sales within the Southeast Asian bloc to counter China's increasing presence in the electric vehicle market, Nikkei newspaper reported on Monday.

The aim is to draw up an interim joint strategy through around 2035 when the economic ministers of Japan and ASEAN members meet as early as next September, Nikkei reported, without citing any source.

The joint strategy is expected to entail cooperation in personnel training, decarbonization in production, mineral resource procurement, and investment in next-generation fields such as biofuels, Nikkei said.

Japan intends to tap the 140 billion yen ($899.51 million) that its Ministry of Economy, Trade and Industry secured in the budget for assistance to the Global South, for personnel training, the report said.

© Reuters. File photo: Workers install a battery for a new electric vehicle model at Mitsubishi Motor Corp's factory in Kurashiki, Japan May 19, 2022.  REUTERS/Satoshi Sugiyama/File photo

Last week, Japan's Honda (NYSE:HMC) Motor pledged to double its electrification and software investment to about $65 billion through fiscal 2030, as it faces growing competition from a raft of Chinese automakers, including BYD (SZ:002594).

($1 = 155.6400 yen)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.