Toyota Motor Corp, the biggest carmaker by sales, told a Chinese court that a Chinese rival stole its logo, seeking US$1.7 million of compensation in the first legal dispute over vehicle trademarks in the world's fastest-growing car market.
Geely Group (吉利控股), China's sole privately-owned carmaker, also misled its customers by falsely claiming its Merrie cars used Toyota's engines, Shi Yusheng, the Japanese company's lawyer, said at Beijing Intermediate Court. Geely has denied wrongdoing.
Geely, based in eastern China's Zhejiang Province, "has used the commercial value in Toyota's brand name to raise the profile of its own products," Shi said. "These are unfair tactics."
Toyota is among several carmakers concerned that Chinese companies are adapting foreign technology or designs to make cheaper cars in China, where sales are forecast to rise 25 percent this year. General Motors Corp says Chery Automobile Co's QQ model resembles its Spark, produced at a venture with two Chinese partners. Phil Murtaugh, General Motors' China chairman, said in April the world's biggest carmaker is "investigating" how Chery developed the QQ.
"There will be more and more such lawsuits between foreign automakers and local assemblers," said Paul Gao, a principal at McKinsey & Co in Shanghai. "Accusations like these are common in China's car industry. Toyota is aiming to win the case and set an example for the future."
After today's hearing, Toyota's lawyers offered to withdraw the company's demand for compensation if Geely agreed to stop using its disputed logo and to stop mentioning Toyota's name in its sales and marketing brochures. Geely's lawyers rejected the offer and declined the court's offer for mediation.
"We are confident we will win the court case," said Geely's vice president Chen Wenming.
The three-member legal panel will make its decision in two to three months, said Chief Magistrate Shao Mingyan, who declined to comment further.
Geely, a 17-year old company that started out as a maker of refrigerator parts, switched to making cars in 1999.
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) halted shipments to a customer this month after its semiconductors were sent to China’s Huawei Technologies Co (華為), potentially breaching US sanctions, a government official said. The US slapped sanctions on Huawei in 2019, and expanded them the following year, over fears its technology could be used for Beijing’s espionage operations. The restrictions prevent TSMC from selling semiconductors to Huawei. However, TSMC discovered on Oct. 11 that chips made for a “specific customer” had ended up with the Chinese company, a Taiwanese official with knowledge of the incident said on the condition of anonymity. TSMC “immediately activated
US SANCTIONS: The Taiwan tech giant has ended all shipments to China-based Sophgo Technologies after one of their chips was discovered in a Huawei phone Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) suspended shipments to China-based chip designer Sophgo Technologies Ltd (算能科技) after a chip it made was found on a Huawei Technologies Co (華為) artificial intelligence (AI) processor, according to two people familiar with the matter. Sophgo had ordered chips from TSMC that matched the one found on Huawei’s Ascend 910B, the people said. Huawei is restricted from buying the technology to protect US national security. Reuters could not determine how the chip ended up on the Huawei product. Sophgo said in a statement on its Web site yesterday that it was in compliance with all laws
TECH TITANS: Nvidia briefly overtook Apple again on Friday after becoming the world’s largest company for a short period in June, as Microsoft fell to third place Nvidia Corp dethroned Apple Inc as the world’s most valuable company on Friday following a record-setting rally in the stock, powered by insatiable demand for its specialized artificial intelligence (AI) chips. Nvidia’s stock market value briefly touched US$3.53 trillion, slightly above Apple’s US$3.52 trillion, London Stock Exchange Group data showed. Nvidia ended the day up 0.8 percent, with a market value of US$3.47 trillion, while Apple’s shares rose 0.4 percent, valuing the iPhone maker at US$3.52 trillion. In June, Nvidia briefly became the world’s most valuable company before it was overtaken by Microsoft Corp and Apple. The tech trio’s market capitalizations have been
Shares of Starlux Airlines Co (星宇航空) surged more than 53 percent on its debut on the Taiwan stock exchange yesterday. Starlux shares closed up 53.75 percent at NT$30.75 from its initial public offering price of NT$20 after retreating in late trading from a 60 percent rise. China Airlines Ltd (CAL, 中華航空) rose 0.90 percent to close at NT$22.35, while EVA Airways Corp (長榮航空) gained 0.40 percent to close at NT$37.70. In Taiwan, a newly listed stock is allowed to go beyond the 10 percent maximum increase or decline in its first five trading sessions. At the listing ceremony, Starlux chairman Chang Kuo-wei (張國煒) said