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MarketScreener Homepage  >  Equities  >  Tokyo  >  Nippon Light Metal Holdings Co Ltd    5703   JP3700200003

NIPPON LIGHT METAL HOLDINGS CO LTD

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U.S. waives tariffs on Japanese aluminum for Tesla battery cells

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06/24/2019 | 03:38pm EDT
FILE PHOTO: A driver recharges the battery of his Tesla car at a Tesla Super Charging station in a petrol station on the highway in Sailly-Flibeaucourt

WASHINGTON (Reuters) - The U.S. Commerce Department has agreed to Tesla Inc's request to waive 10 percent tariffs on imported aluminum from Japan used in the manufacture of battery cells at Tesla's Nevada Gigafactory, government documents show.

The Palo Alto, California-based company made the request in documents posted in April and said the aluminum is produced by Nippon Light Metal Co Ltd and was seeking a tariff exclusion for 10,000 tonnes annually.

The Commerce Department said in a document dated June 5 and posted on a government website in recent days that the aluminum "is not produced in the United States in a sufficient and reasonably available amount or of a satisfactory quality." The waiver is good for one year. Tesla did not immediately comment.

The battery cells are assembled into packs which are the energy source for the Tesla Model 3 vehicle as well as energy storage products, Tesla said in its request. "Tesla is the only US manufacturer of these battery types and planned production of these batteries will increase exponentially over the next few years," the company's request said.

Tesla's exclusion request specified several different width and thickness for aluminum sheets. Tesla said U.S. manufacturers cannot "meet the alloy composition or thickness requirements. Domestic producers also cannot meet the annual volume requirement."

No objections were filed to Tesla's request.

Tesla previously sought other tariff exemptions from the U.S. Trade Representative's Office for Chinese-made parts, including the Model 3 car computer and the Autopilot "brain" that were rejected.

(Reporting by David Shepardson; Editing by Chizu Nomiyama and Sandra Maler)

By David Shepardson

Stocks mentioned in the article
ChangeLast1st jan.
LME ALUMINIUM CASH 0.44% 1818 End-of-day quote.-2.15%
NIPPON LIGHT METAL HOLDINGS CO LTD -0.17% 595 End-of-day quote.0.00%
TESLA INC. 1.00% 254.58 Delayed Quote.-24.16%
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Financials (JPY)
Sales 2020 509 B
EBIT 2020 31 504 M
Net income 2020 19 677 M
Debt 2020 81 262 M
Yield 2020 4,18%
P/E ratio 2020 7,27x
P/E ratio 2021 6,90x
EV / Sales2020 0,44x
EV / Sales2021 0,42x
Capitalization 143 B
Chart NIPPON LIGHT METAL HOLDINGS CO LTD
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Nippon Light Metal Holdings Co Ltd Technical Analysis Chart | MarketScreener
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Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 4
Average target price 281,25  JPY
Last Close Price 231,00  JPY
Spread / Highest target 34,2%
Spread / Average Target 21,8%
Spread / Lowest Target 8,23%
EPS Revisions
Managers
NameTitle
Ichiro Okamoto President & Representative Director
Toshihide Murakami Director, Senior Manager-Technology & Development
Hiroshi Yamamoto Director & Head-Toyo Aluminum Business Group
Masato Ono Outside Director
Yasunori Okamoto Director & Senior Manager-Personnel
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1st jan.Capitalization (M$)
NIPPON LIGHT METAL HOLDINGS CO LTD0.00%1 315
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