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![]() Nicholas TakahashiFortune |
Honda will now only invest 7 trillion yen in EVs and software in the long term, a sizable drop from the 10 trillion yen promised last year.
While Toyota has increased US production to more than half of sales in the country, it still relies on imports of key vehicle parts and models.
Elon Musk responded, "The Tesla factory IS the product. The Cybercab production line is like nothing else in the automotive industry."
Honda’s shares rose as much as 12%, while Nissan fell as much as 6.4%.
Honda’s global motorcycle sales are forecast to reach 20.2 million for the fiscal year ending March, which would give the firm a 40% market share.
Honda threatened to end its strategic software partnership with Nissan if it looks to join hands with Foxconn, according to an earlier Nikkei report.
The rally was fueled by speculation that Nissan may now embark on structural reforms to fix its ailing business.
Japan’s Foreign Minister Yoko Kamikawa confirmed the death of the 10-year-old, who was stabbed in Shenzhen during his commute to school.