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Daihatsu Faces Potential RM3.2 billion Loss Amid Safety Test Scandal

Daihatsu Motor, a unit of Toyota Motor, is expected to incur losses exceeding 100 billion yen (around RM3.2 billion) due to the safety test scandal that recently surfaced. The estimate includes potential costs from a factory shutdown, compensation to suppliers, and additional expenses related to investigations and safety tests. Daihatsu has temporarily halted production in Japan, and although shipments in Indonesia and Malaysia have resumed, the company faces challenges in negotiating compensation with suppliers and supporting affected dealerships. If the scandal’s impact leads to consolidated losses, it would mark Daihatsu’s first such losses in 30 years.

Japan accounted for about 60% of Daihatsu’s 1.42 million vehicles manufactured in the last fiscal year, playing a crucial role in Toyota’s strategy for minicars in Japan and compacts in emerging markets. Although Daihatsu contributes approximately 3% to Toyota’s total operating profit, a hit of over 100 billion yen could impact Toyota’s earnings. The scandal adds uncertainty to Toyota’s group governance, and Daihatsu may face further penalties, including the revocation of production certifications.

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Tesla Plans Model Y Facelift For 2024

Tesla’s Gigafactory in Shanghai is reportedly gearing up to produce the 2024 refresh of the Model Y, with mass production expected to commence by mid-2024. The new units are set to be manufactured in the upcoming phase of Gigafactory Shanghai, with production temporarily halted for upgrades during the New Year period. Notably, the 2024 Model Y is anticipated to feature substantial changes compared to the October 2023 update, encompassing noticeable alterations to both the exterior and interior. Tesla aims to introduce a fresh wheel design complemented by ambient lighting.

This move aligns with Tesla’s strategy to stay competitive in China’s rapidly evolving electric vehicle market, where rivals such as BYD and Xpeng plan to unveil multiple new models across different segments in 2024. November 2023 witnessed a 40% surge in new energy vehicle sales in China, encompassing pure electric cars and hybrids, according to China’s Passenger Car Association. Despite the intensifying competition, Tesla’s demand in both China and the United States appears robust, with minor price adjustments made leading up to Christmas, suggesting sustained demand.

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Potential Diesel Shortages in Malaysia

The Petroleum Dealers Association of Malaysia (PDAM) has issued a cautionary statement to consumers, signalling the possibility of diesel supply shortages. According to NST, this comes after Petronas Dagangan revealed that some of its stations might face diesel shortages until Sunday. The issue is attributed to heightened demand, driven by the popularity of low diesel prices, leading to a strain on available supplies. PDAM President Datuk Khairul Annuar Abdul Aziz predicts broader supply challenges for the petroleum industry, affecting more companies from early January 2024.

Petronas Dagangan, in its recent disclosure, cited the exhaustion of the government’s subsidised diesel quota to petroleum companies as a contributing factor to the supply problem. The surge in diesel usage has been unprecedented, prompting concerns about an industry-wide shortage. Government data indicates a 37.7% increase in diesel consumption from 6.1 billion litres in 2019 to 8.4 billion litres in the past year. The number of registered vehicles using only diesel stands at 2.13 million.

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Ferrari 296 GTB Assetto Fiorano: A Tribute To The F2004

Ferrari Atelier unveils a limited edition of the 296 GTB Assetto Fiorano, paying tribute to Scuderia Ferrari’s 2004 Hungarian Grand Prix victory with the F2004. Limited to just five units, this special edition features a striking livery combining the metallic Rosso F1 shade with Bianco King White accents.

The design includes the iconic number 1 on the bonnet, reminiscent of Ferrari’s dominance in Formula 1 during that era.

Built on the 296 GTB platform with the Assetto Fiorano package, the special edition maintains the electrified powertrain’s formidable performance. The mid-mounted twin-turbo 2.9-litre V6, combined with an electric motor, delivers an impressive 819hp and 740Nm of torque.

Additional features include carbon fibre elements, Multimatic shock absorbers, optional carbon fibre wheels with Michelin Pilot Sport Cup 2 R tires, and distinctive interior details like embroidered headrests depicting the Hungaroring track and the Hungarian flag.

This limited-edition Ferrari serves as a nostalgic celebration of the brand’s historic achievements in Formula 1, offering an exclusive and visually stunning tribute to the F2004’s triumph.

Ferrari has maintained its tradition of exclusivity, limiting the production to just five units. The Italian automaker confirmed that all five of these special editions have been sold to customers in Hungary but did not reveal the pricing.

Reviewed: New Honda CRV 1.5 Turbo – For Those Who Don’t Want a Hybrid!

A recent survey by a global consumer think tank placed Honda as one of the top five most reliable brands in the world. And among all the models under the Japanese marque’s wing, the CRV was hailed as one of the most practical on a global level.

There is no surprise there though as the CRV is one of the most popular Honda’s not only on Malaysian roads, but around the world as well.

The Honda CRV has been locally assembled since 2003 and close to 130,000 units have found a home. And with the launch of the sixth-generation model just around the corner, we think more homes will be welcoming the CRV.

We recently drove the new model prior to its highly anticipated local launch and can say that owners of the current model will not recognize the new CRV except for the badge. Nothing except its practicality has been carried over to the new model.

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Toyota, Honda, Isuzu and Mitsubishi Set To Invest US$5 billion in Thailand

A spokesperson for the Thai government announced recently that major Japanese automakers are set to invest a total of 150 billion baht ($4.34 billion or over RM20 billion) in Thailand over the next five years, bolstering the country’s shift towards electric vehicle (EV) production.

Toyota Motor and Honda Motor are each contributing around 50 billion baht, while Isuzu Motors is investing 30 billion baht, and Mitsubishi Motors is committing 20 billion baht. This investment encompasses the manufacturing of electric pickup trucks.

During a recent trip to Japan by Thailand’s Prime Minister Srettha Thavisin, agreements with these Japanese automakers were solidified. Although Japanese manufacturers have long dominated Thailand’s automotive sector, the rise of Chinese EV makers has introduced new dynamics, with notable investments being made in recent times.

The spokesperson, Chai Wacharoke, highlighted that the Japanese automakers’ investment aligns with the Thai government’s strategy to transition from traditional combustion engine vehicles to electric alternatives.

Despite requests for comment by Reuters, Toyota, Honda, Isuzu, and Mitsubishi had not responded at the time of reporting.

Thailand, Southeast Asia’s second-largest economy, currently holds the position of the region’s leading car producer and exporter. The government aims to convert approximately one-third of its annual vehicle production, totaling 2.5 million units, into electric vehicles by 2030. To facilitate this transition, Thailand is introducing incentives, including tax cuts and subsidies, to attract more investment in EV manufacturing.

This move by Japanese automakers comes at a time when Chinese car manufacturers, such as BYD and Great Wall Motor, have already committed to substantial investments of $1.44 billion in new production facilities in Thailand, attracted by the favorable business environment.

In a noteworthy development, Prime Minister Srettha recently showcased industrial estates in Thailand to executives from the U.S. electric vehicle giant Tesla, signaling the country’s eagerness to attract further investments in the burgeoning EV sector.