Japan And ASEAN Plan Joint Strategy On Auto Production, Nikkei Reports By Reuters | Old North State Wealth News
Connect with us

Investing

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

Published

on

(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, 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.

Last week, Japan’s Honda (NYSE:) 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:).

($1 = 155.6400 yen)



Read the full article here

Trending

Copyright © 2022 ONSWM News. Content posted on the Old North State Wealth News page was developed and produced by a third party news aggregation service. Old North State Wealth Management is not affiliated with the news aggregation service. The information presented is believed to be current. It should not be viewed as personalized investment advice. All expressions of opinion reflect the judgment of the authors on the date the articles were published. The information presented is not an offer to buy or sell, or a solicitation of any offer to buy or sell, any of the securities discussed.