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Recharge Wrap-up: Toyota HQ goes solar, CARB fights methane

Opel denies allegations about illegal emissions software as the German transport ministry begins its review. Opel has turned documents over to German authorities, and promises to hold a "constructive dialogue" while answering any lingering questions, says the automaker. Opel says that "the allegations reflect a wrong understanding of how diesel engines work." As German magazine Der Spiegel renewed questions about a cheat device similar to those used by Volkswagen, Opel reiterates, "We do not have any software that recognizes whether a vehicle is undergoing an exhaust emissions test." Read more at Automotive News Europe. South Korean President Park Geun-hye suggests that Seoul and Paris work together on the promotion of fuel cell technology. French industrial gases company Air Liquide manufactures liquid hydrogen, while Korean automaker Hyundai has already deployed its Tucson Fuel Cell crossover in select markets around the world. The two companies have signed a deal to cooperate on hydrogen technology. President Park visited an Air Liquide research center during a trip to Europe, where she said that a partnership between Hyundai and Air Liquide can help their countries stay ahead in the fuel cell vehicle market. Read more from Green Car Congress. CARB is proposing new rules for oil and gas facilities that would reduce methane emissions by more than 50 percent. The system, treatment, operation, and device standards would apply to onshore and offshore oil and gas production, storage, processing, and transmission facilities, covering procedures for leak detection and repair, equipment replacement, record keeping, and data reporting. "Methane emissions from the oil and gas industry contribute to California's [greenhouse gas] emissions and cost-effective reduction opportunities already exist and are available for use in the sector," CARB says. "In addition, reducing methane emissions from this sector will help slow the rate of climate change in the near-term and have an immediate beneficial impact on climate change." A hearing is scheduled for July 21 to discuss the proposal. Read more from SNL. Toyota's new Plano, Texas campus will get 25 percent of its energy from the sun. As Toyota plans to move into its new North American headquarters next year, it is building a 7.75-megawatt solar system to provide renewable energy for its operations. The solar arrays will be built atop three parking structures by the end of 2017.

The next steps automakers could take after sales drop again in April

DETROIT (Reuters) - Major automakers on Tuesday posted declines in U.S. new vehicle sales for April in a sign the long boom cycle that lifted the American auto industry to record sales last year is losing steam, sending carmaker stocks down. The drop in sales versus April 2016 came on the heels of a disappointing March, which automakers had shrugged off as just a bad month. But two straight weak months has heightened Wall Street worries the cyclical industry is on a downward swing after a nearly uninterrupted boom since the Great Recession's end in 2010. Auto sales were a drag on U.S. first-quarter gross domestic product, with the economy growing at an annual rate of just 0.7 percent according to an advance estimate published by the Commerce Department last Friday. Excluding the auto sector the GDP growth rate would have been 1.2 percent. Industry consultant Autodata put the industry's seasonally adjusted annualized rate of sales at 16.88 million units for April, below the average of 17.2 million units predicted by analysts polled by Reuters. General Motors Co shares fell 2.9 percent while Ford Motor Co slid 4.3 percent and Fiat Chrysler Automobiles NV's U.S.-traded shares tumbled 4.2 percent. The U.S. auto industry faces multiple challenges. Sales are slipping and vehicle inventory levels have risen even as carmakers have hiked discounts to lure customers. A flood of used vehicles from the boom cycle are increasingly competing with new cars. The question for automakers: How much and for how long to curtail production this summer, which will result in worker layoffs? To bring down stocks of unsold vehicles, the Detroit automakers need to cut production, and offer more discounts without creating "an incentives war," said Mark Wakefield, head of the North American automotive practice for AlixPartners in Southfield, Michigan. "We see multiple weeks (of production) being taken out on the car side," he said, "and some softness on the truck side." Rival automakers will be watching each other to see if one is cutting prices to gain market share from another, he said, instead of just clearing inventory. INVESTORS DIGEST BAD NEWS Just last week GM reported a record first-quarter profit, but that had almost zero impact on the automaker's stock. The iconic carmaker, whose own interest was once conflated with that of America's, has slipped behind luxury carmaker Tesla Inc in terms of valuation.

Toyota plans biggest stock buyback in over a decade

At the end of December, 2013 Toyota had a cash stockpile of 1.8 trillion yen ($17.5B US). As of March 31, at the end of its current financial year, company coffers are expected to swallow another 1.9 trillion yen ($18.4B US) in net profit - said to be a record sum for the Japanese automaker. In a gesture signaling a turnaround from the horrors of the global recession, Bloomberg reports that Toyota will buy back 60 million shares of its stock, as much as 1.89 percent of the company, for something like 360 billion yen ($3.5B US). It's the first buyback since 2009 and the largest buyback since 2003, when it spent roughly 390 billion yen ($3.8B US) repurchasing shares.
Company president Akio Toyoda founded the Toyota Mobility Foundation (TMF), a non-profit that will support international groups working on transportation issues in emerging markets. Half of the stock that Toyota buys, 30 million shares, will be sold to the foundation via the Japanese Trustee Services Bank for one yen per share, the dividend providing the foundation's initial funding. The other 30 million shares will be canceled, a company spokesman telling Reuters that the company wants to reward shareholders.
Industry analysts have been asking Toyota to either return money to shareholders or invest in new factories, but Toyota has ruled out the latter. After getting burned with excess capacity when the financial crisis came, the company is focused on extracting efficiencies from the plants it already has. Toyota has said it plans to complete the buyback by June of this year.