Welcome to the Daily 5 report for Monday, Jan. 6
The latest chapter of Toyota's Woven City development emerged at the CES tech expo today in Las Vegas.
The long-term project in Japan — a key component in the automaker's grand vision of reinventing itself as a mobility company — is preparing to welcome its first residents as early as this fall, as our story by Omari Gardner explains.
Eventually, Phase 1 is expected to have around 360 residents. After Phase 2 and subsequent phases are completed, it is expected to have 2,000 employees and their families, retired couples, retailers, visiting scientists and industry partners.
There was a plethora of other news from CES the last two days for the automotive supply chain, retail and technology segments. Every year, we see more and more auto-related news from CES and this year isn't going to disappoint.
In Canada today, the auto industry was grappling with the resignation of Prime Minister Justin Trudeau — just two weeks before U.S. President-elect Donald Trump takes office with plans for a 25 percent tariff on Canadian goods. The Detroit 3 own eight factories, including five assembly plants, in Canada. Eighty percent of automobiles assembled in Canada are shipped to the U.S., Greg Layson reports for Automotive News Canada. Japanese automakers Honda and Toyota operate four assembly plants in Ontario.
Back in the U.S., luxury EV maker Lucid Motors said it posted a fourth-quarter global sales record, delivering 3,099 vehicles, a 79 percent increase compared with a year earlier. The company also said it met its full-year 2024 production guidance of 9,000 vehicles. We'll find out Feb. 25 if Lucid made any progress getting out of the red. It hemorrhaged $950 million in the third quarter.
Finally, as expected, U.S. Steel and Nippon Steel Corp. filed lawsuits today in response to the Biden administration's move to block Nippon's long planned $14.1 billion acquisition of the iconic U.S. steelmaker. The deal, or lack of one, has potentially major implications for the U.S. auto industry.
"Both Nippon Steel and U.S. Steel have engaged in good faith with all parties to underscore how the transaction will enhance, not threaten, United States national security," the companies said in a statement. "Today's legal actions demonstrate Nippon Steel's and U.S. Steel's continued commitment to completing the transaction."
Looking ahead, we'll have more of our comprehensive coverage from CES tomorrow. Until then, have a great rest of your day.
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— Philip Nussel, online editor
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