Consumer Cyclical

Toyota launched a public transportation pilot program in Pattaya, Thailand, utilizing nine fully electric Hilux Revo pickup trucks that have been repurposed for public transit. This initiative comes as Chinese electric vehicle companies are starting to challenge the dominance of traditional Japanese automakers in Thailand's auto sector, which has seen significant investments in EV technology.

Members of unions under the Rengo (Japanese Trade Union Confederation) umbrella gathered for a rally in Tokyo's Yoyogi Park, led by Rengo President Tomoko Yoshino to celebrate wage hikes and address the decline in union membership. Despite the recent wage increases, union membership in Japan is at an all-time low, especially among younger workers who lack awareness of their union affiliation.

Honda is planning to invest $11 billion, in collaboration with joint venture partners, to establish electric vehicle manufacturing facilities in Canada, including an EV plant and an EV battery plant in Ontario. The company expects to create over 1,000 new jobs with the expansion and aims to begin EV production by 2028.

In the upcoming Andhra Pradesh elections, the battle lines are drawn between former Chief Minister Chandrababu Naidu and incumbent Chief Minister YS Jagan Mohan Reddy. Naidu, campaigning on a platform of freebies for women and youth, promises monthly stipends, free gas cylinders, and free bus travel.

Tesla's sales fell by almost 9% in the last quarter compared to the previous year, with factors such as global competition in the electric vehicle market and operational challenges contributing to the decline. The company's price cuts, including lowering some models by up to $20,000, impacted profit margins and failed to attract more buyers as anticipated.