Category: 3. Business

Finance leaders worldwide are reimagining how they run with Cloud ERP—and this week, Gartner recognized SAP (SAP Cloud ERP) as a Leader in the 2025 Magic Quadrant for Cloud ERP Finance.

We believe this recognition reflects SAP’s completeness of vision and ability to execute in the Cloud ERP Finance market.

Why we believe SAP Cloud ERP is recognized as a Leader

At the core of this recognition is SAP Cloud ERP, built on a unified, dimension-driven architecture that provides real-time planning and decision-making across global entities. With localization for 60 countries, embedded analytics to enhance compliance and controls, and advanced capabilities including treasury, subscription billing, and joint venture accounting, SAP Cloud ERP equips organizations to operate with confidence and scale with agility.
 
This recognition comes to life in the stories of our customers.

Customer spotlight: Bain & Company

One example is Bain & Company, a global consultancy that implemented SAP Cloud ERP to standardize and future-proof its finance foundation across 40 countries. By unifying core financial processes and adopting a “clean core” approach with minimal customizations, Bain accelerated its global close, strengthened governance with transparent KPIs, and simplified the integration of acquisitions.

As Stephen Mackey, EVP of Global Finance at Bain, explained that SAP Cloud ERP “was the best fit for Bain. It future-proofed our technology stack, enabled us to get the data we needed to make business decisions, and positioned us to grow.”

And from a CIO perspective, Ramesh Razdan added: “We wanted a platform that solves the problems of today and sets us up for the future. With SAP, we’ve built a strong foundation, and this is just the beginning.”

A key differentiator is the integration with SAP Build Process Automation, which enables customers to automate critical finance processes such as validating account balances, processing invoices, and reconciling payments. With prebuilt bots and no-code tools, CFOs can accelerate the financial close and improve efficiency, while laying the foundation for SAP’s next wave of AI-driven financial analysis and automation planned for 2026.

When we speak to customers about SAP Cloud ERP, they appreciate the seamless integration with SAP Business Technology Platform (SAP BTP), which allows them to extend, customize, and connect finance processes without disrupting their core. They highlight the leading capabilities delivered with Joule, enabling finance teams to gain natural language interaction, contextual financial insights, and task automation that reduce manual work and support faster, smarter decision-making.

Looking ahead

We believe being named a Leader in the Gartner Magic Quadrant for Cloud ERP Finance highlights SAP’s commitment to continuous innovation. From enhanced localization and compliance support to intuitive Fiori-based user experiences and embedded AI, SAP Cloud ERP is designed to help finance leaders stay ahead of regulatory, technological, and business change.

With SAP, CFOs can streamline operations, strengthen controls, and drive resilience — leading finance into the future with confidence.

Read the full Gartner report here.

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David Imbert is head of Product Marketing for Finance at SAP.
Lawrence Martin is chief product officer for Finance at SAP.

Gartner does not endorse any vendor, product or service depicted in its research publications and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
GARTNER is a registered trademark and service mark of Gartner and Magic Quadrant is a registered trademark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and are used herein with permission. All rights reserved.
This graphic was published by Gartner, Inc. as part of a larger research document and should be evaluated in the context of the entire document. The Gartner document is available upon request from SAP.

The top four winning teams received a grant of INR 1 crore for incubation support at IIT Delhi

Top 20 teams also won INR 1 lakh each and Samsung Galaxy Z Flip smartphones

The programme inked multi-year partnerships with Startup India, Startup Hub and Atal Innovation Mission

 

Samsung, India’s largest consumer electronics brand, today announced the winners of Samsung Solve for Tomorrow 2025, the fourth edition of its national education programme that challenges school students to use technology to create real-world solutions for pressing challenges in their local communities.

 

The Top Four winning teams — Percevia (Bengaluru), NextPlay.AI (Aurangabad), Paraspeak (Gurugram), and Prithvi Rakshak (Palamu) — received INR 1 crore in incubation grants and will continue to develop their prototypes into scalable real-world solutions with mentorship support at IIT Delhi’s FITT Labs.

 

The jury panel brought together Samsung leadership and experts from across academia, government, and industry to evaluate the finalists’ solutions across four thematic tracks — AI for a Safer, Smarter, and Inclusive Bharat; Future of Health, Hygiene, and Well-being in India; Environmental Sustainability via Technology; and Social Change through Sport and Tech.

 

This year’s Samsung Solve for Tomorrow witnessed thousands of participants from across India presenting bold, human-centered ideas that blended innovation with purpose. For the first time, finalists also gained hands-on access to FITT’s advanced R&D infrastructure, refining their concepts before the Grand Finale.

 

Winning Innovations That Redefine Possibility

Percevia (Bengaluru): An AI-powered wearable glasses system that identifies objects, announces their location through a 33-grid voice and vibration feedback, providing real-time spatial awareness for the visually impaired.

 

NextPlay.AI (Aurangabad): A mobile-first AI platform for sports that integrates an AI Virtual Coach, AI Referee, and Neuro-Inclusive Tracker, ensuring fairness, access, and inclusion for athletes — anytime, anywhere.

 

Paraspeak (Gurugram): A real-time, speaker-independent speech enhancement device that converts slurred speech (dysarthria) into clear communication using deep-learning algorithms, helping individuals communicate confidently.

 

Prithvi Rakshak (Palamu): A community-driven green app that encourages sustainable living through tree adoption, recycling, and gamified eco-actions — promoting environmental awareness across India.

 

Empowering India’s Young Innovators

At the Grand Finale in New Delhi, winners were chosen after a rigorous six-month journey that included multiple mentorship rounds, prototype development, and bootcamps. The Top 20 finalist teams also received INR 1 lakh each and the latest Samsung Galaxy Z Flip smartphones for their creativity and commitment to building a better world.

 

Additionally, the event presented five special awards:

• Goodwill Awards (2) – INR 1,00,000 each
• Young Innovator Awards (2) – INR 1,00,000 each
• Social Media Champion Award – INR 50,000

 

Building India’s Innovation Ecosystem

Through multi-year partnerships with Startup India (DPIIT), MeitY Startup Hub, and Atal Innovation Mission (NITI Aayog), Samsung continues to strengthen India’s youth innovation pipeline — creating opportunities for young changemakers from every corner of Bharat.

 

“Over the years, Samsung Solve for Tomorrow has built an innovation architecture that democratizes technology and celebrates creativity from every part of India. This year, too, we witnessed extraordinary ideas emerging from small towns and rural communities — reaffirming that talent knows no boundaries. Our vision is to keep using technology for good — mentoring, resourcing, and empowering these young innovators to build a more inclusive and future-ready India in line with the government’s pathbreaking initiatives such as Digital India and Startup India,” said Mr JB Park, President and CEO, Samsung Southwest Asia.

 

The jury included experts from Samsung leadership, academia, and government — such as Mr Mohan Rao Goli (MD, SRI-B), Mr Pankaj Mishra (CTO, SRI-D), Mr Yuran Kim (MD, SDD), Mr KY Roo (MD, SRI-N).

 

Other jury members brought cross-domain expertise and diverse perspectives to the evaluation process. The panel included Dr. P.S. Madanagopal, CEO of MeitY Startup Hub; Dr. Srinivasan Venkatrama, Assistant Professor of Design at IIT Delhi; Dr. Rakesh Kaur, Scientist ‘G’, Office of Principal Scientific Adviser to the Govt. of India, Mamtha Venkatesh, Head, Startup India, and Himanshu Joshi, Director of Atal Innovation Mission, NITI Aayog, each of whom evaluated entries across all four themes. They were joined by Dr. Rand Harrington, Director of the American Embassy School, who served on the jury for the theme Social Change through Sport and Tech: For Education & Better Futures along with Dr. Sumeet K. Jarangal, Director, DPIIT.

 

Distinguished guests at the Awards Ceremony included Professor Ajay K Sood, Principal Scientific Adviser to the Government of India, Shombi Sharp, United Nations Resident Coordinator in India, Dr. Nikhil Agarwal, Managing Director, FITT, IIT Delhi and Pragnya Mohan, International Olympic Committee Young Leader.

 

“This generation of young innovators is exactly what India needs. They are capable of designing with purpose, not just imitating what is being done globally. When ideas emerge from the ground up, rooted in local challenges, they have the power to transform our trajectory as a product nation,” said Prof. Ajay K Sood, Principal Scientific Adviser to the Government of India.

 

Driving Innovation for Bharat’s Future

This year’s edition saw participation from every Indian state, with strong representation from Tier 2 and Tier 3 cities, reaffirming Samsung’s mission to make innovation inclusive and accessible. From AI-powered accessibility tools to sustainability apps, these projects reflect the power of youth-led technology in transforming communities.

 

Through sustained mentorship, access to Samsung’s R&D expertise, and incubation at IIT Delhi, Samsung Solve for Tomorrow 2025 continues to nurture India’s next generation of innovators — shaping the future of technology, for Bharat and beyond.

Italians are addicted to their cars. In fact, the bel paese has among the highest car ownership in Europe, ranking just behind Poland and Luxembourg, according to the European Automobile Manufacturers’ Association. All of which makes it difficult for a new mobility player to break into a market so attached to their precious vehicles. 

But that’s not the only problem. Italy hasn’t always welcomed mobility upstarts with open arms. With taxi licenses tightly controlled, Euractiv has described the country’s taxi lobby as “mafia-like”. Foreign players such as Uber and Bolt have struggled to gain ground due to stringent regulations. The former only operates its premium Black service in Milan and Rome, and it costs more than a conventional taxi.

Despite the challenging environment, it’s clear that Italy needs more services that provide affordable, viable alternatives to private cars. A flexible service that arrives directly to a user could be key in a nation with a rapidly ageing, less mobile population. That’s where Wayla, a point-to-point van ridesharing service, comes in.

Operating in Milan since 2024, the €1.2m that Wayla recently raised through crowdfunding might be small change compared to global mobility giants. But it shows solid proof of public interest. Could this be the start of an Italian mobility revolution? Monocle spoke to Wayla’s co-founder and chief strategy officer, Mario Ferretti, to find out.

What market dynamics sparked the idea for Wayla, and how are you positioning yourself within Italy’s mobility landscape?
Mario Ferretti: Italy is peculiar when it comes to urban mobility. There’s a structural supply-demand gap, so we need new alternatives to move around our cities – and that’s where Wayla comes in. We are importing the idea to the country and defining it in a way that best fits our culture and is compliant with Italian laws. 

We are currently active in Milan. The system is simple: you download the app, sign up and then you can request a point-to-point ride in the urban area. Once requested, a van of ours will come and pick you up. During the ride, other users can join the journey, making it a cheaper option than other alternatives.

Italy has historically been a challenging market for mobility innovators, particularly due to the taxi lobby’s power and its resistance to foreign ride-hailing competitors. How has Wayla navigated this so far?
We are completely compliant with Italian laws, and we are an Italian startup with Italian employees. So our story is different from those of foreign companies. In a political sense, that’s probably why the market has been more welcoming to us than some of the other players in the past. Still, we are bringing competition where it’s needed – and it’s important to do so. We believe there’s room for everyone. There’s a huge and growing demand in Italy from both residents and tourists. Alternatives are needed.

A similar ride-pooling initiative, Moia, recently ceased operations in Hanover. What strategic or operational lessons have you taken from that example as you expand across Italy?
You need to have a clear vision. Moia is more focused on becoming a tech company [than us] and also more focused on providing autonomous vehicles. That’s growing in Italy as well, albeit at a slower rate than in Germany. Germany’s competitive landscape is also different from Italy’s. We have more space to grow here, and we are already doing well in Milan. We are planning to expand into many other cities, where both the municipalities and other private players are calling for us to go. We are pioneers in this country, so we also expect other players to follow us to the market, which is fine. We can grow together. 

How central are electric vehicles to Wayla’s business model?
We are growing a fleet of electric vehicles. We think it’s essential, and not greenwashing. Our vision is to be a sustainable model for urban transportation. We are already using EVs and we will be doing so more in the future. Italy is a bit lagging when it comes to electrification but our role as a mobility player is to push and invest in the decarbonisation of our fleet and that’s what we’re doing. 

You’re right that Italy is often seen as lagging in the adoption of new technology. How are you working with that perception? 
There’s certainly much to do when it comes to communicating the right things, even beyond our country. It’s the responsibility of everyone and anyone in the ecosystem. We need to attract talent, investments and ideas from abroad. There is room to innovate and there is space to disrupt. That’s what we are trying to do with Wayla – and that’s what’s needed for the future of our country.

Read next: In the UAE, flying taxis will soon be a reality

• NEPTUNUS-1 and NEPTUNUS-2 achieved primary objective of reduced disease activity and provided clinically meaningful benefit¹ 
• Data showed consistent improvements across secondary outcome measures, and a favorable safety profile¹ 
• Novartis plans to submit to health authorities globally in early 2026
• If approved, ianalumab could become first targeted treatment for this heterogeneous, systemic autoimmune disease

Basel, October 29, 2025 – Novartis today presented new ianalumab data in Sjögren’s disease, the second most prevalent rheumatic autoimmune disease², at a late-breaker presentation during the American College of Rheumatology Convergence congress¹.

Ianalumab 300 mg monthly delivered a clinically meaningful benefit in the global NEPTUNUS-1 and NEPTUNUS-2 Phase III trials, showing both improvement in disease activity and reductions in patient burden¹. Compared to placebo, ianalumab achieved a numerically greater reduction in disease activity by Week 16 with improvements sustained through Week 52 as measured by the EULAR Sjögren’s Syndrome Disease Activity Index (ESSDAI)¹. 

“Sjögren’s disease is a debilitating autoimmune condition affecting multiple organs causing a wide spectrum of symptoms such as dryness, fatigue, pain, and an increased risk of lymphoma – that together may create a substantial disease burden,” says Professor Xavier Mariette, Head of Department of Immuno-Rheumatology, Bicêtre Hospital, Assistance Publique – Hôpitaux de Paris, Paris-Saclay University, France. “The NEPTUNUS trials were the first Phase III studies in Sjögren’s in which a treatment significantly improved disease activity and demonstrated that ianalumab has the potential to provide a clinically meaningful benefit to patients.”

Ianalumab is a fully human monoclonal antibody with a novel dual mechanism of action that depletes B-cells and also inhibits their activation and survival via BAFF-R blockade³. B-cell dysfunction plays a significant role in Sjögren’s disease by causing an autoimmune response that leads to inflammation and tissue damage^4-6. 

“Today’s results reinforce our confidence that ianalumab has the potential to transform the treatment of this complex disease where no targeted medications currently exist,” said Shreeram Aradhye, M.D., President of Development and Chief Medical Officer at Novartis. “We look forward to working with health authorities globally to bring this innovation to people with Sjögren’s disease, the second most prevalent rheumatic autoimmune disease.” 

NEPTUNUS study outcomes from 219 trial sites in 35 countries
The replicate NEPTUNUS trials showed statistically significant improvement in ESSDAI, the primary endpoint, at week 48 for ianalumab 300 mg monthly¹. Numerical improvements were observed as early as Week 16, which were sustained throughout the study¹. 

Patients receiving ianalumab showed consistent numerical improvements in secondary outcome measures including:

• More patients with ESSDAI low disease activity¹
• Improvement in Physician Global Assessment¹
• Reduction in overall disease burden as early as Week 8 continuing to Week 52 as assessed by Patient Global Assessment¹
• Numerical improvement in dryness, pain and fatigue as assessed by Sjögren’s Syndrome Symptom Diary and EULAR Sjögren’s Syndrome Patient Reported Index¹
• Improvement of stimulated Salivary Flow (sSF) rate and oral dryness vs placebo in patients with sSF>0.4 mL/min at baseline, in a post-hoc analysis¹

Ianalumab 300 mg monthly numerically improved physician- and patient-reported outcomes¹. Nominal significance was observed in NEPTUNUS-1 and the pooled data set for PhGA and PaGA, as well as the number of patients achieving low disease activity based on ESSDAI in the pooled data set¹. The pooled and individual patient-reported secondary outcomes did not reach statistical significance¹.

The trial results showed favorable safety with an overall incidence of adverse events and serious adverse events comparable to placebo in both studies¹.

About NEPTUNUS-1 and NEPTUNUS-2  
The Phase III clinical trials, NEPTUNUS-1 and NEPTUNUS-2, are global, multicenter, pivotal studies evaluating the efficacy and safety of ianalumab in patients with Sjögren’s disease^7,8. These trials were designed to provide comprehensive data on the potential of ianalumab as a targeted treatment for Sjögren’s disease, in patients with active extraglandular disease^3,7,8.  

NEPTUNUS-1 is a randomized, double-blind, 2-arm multicenter Phase III trial (N=275) designed to evaluate the clinical efficacy, safety, and tolerability of ianalumab 300 mg subcutaneous (s.c.) monthly compared with placebo for 52 weeks⁷. NEPTUNUS-2 is a randomized, double-blind, 3-arm multicenter Phase III trial (N=504) to evaluate the clinical efficacy, safety, and tolerability of ianalumab 300 mg s.c. monthly or every 3 months compared with placebo for up to 52 weeks⁸.

Patients currently enrolled in the trials have been given the opportunity to continue follow-up in these studies or enter a long-term extension trial that will continue to assess the long-term efficacy and safety of ianalumab⁹.  

Ianalumab (VAY736) is also being investigated for its potential to treat other B-cell driven autoimmune diseases including immune thrombocytopenia (ITP), systemic lupus erythematosus (SLE), lupus nephritis (LN), warm autoimmune hemolytic anemia (wAIHA) and systemic sclerosis (SSc)^3,10-14. Ianalumab originates from an early collaboration with MorphoSys AG, a company which Novartis acquired in 2024¹⁵.

About Sjögren’s disease (previously called Sjögren’s syndrome) 
Sjögren’s disease is a complex, systemic autoimmune disease that causes inflammation and tissue damage, impacting the entire body¹⁶. It primarily affects exocrine glands, leading to excessive dryness, with over 90% of patients experiencing dry eyes and dry mouth^16,17. The disease is heterogenous and inflicts a wide range of symptoms, with patients most commonly experiencing dryness, fatigue and widespread pain, though 30-40% of patients will also show extraglandular organ involvement^18,19. Extraglandular manifestation can be very diverse and can affect skin, musculoskeletal system, kidneys, lungs and other organs¹⁹. The risk of lymphoma is increased in patients with Sjögren’s¹⁸. Sjögren’s affects approximately 0.25% of the population with an estimated 50% undiagnosed ^20-21. Sjögren’s is nine times more common in women than men¹⁶. 

Disclaimer
This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements can generally be identified by words such as “potential,” “can,” “will,” “plan,” “may,” “could,” “would,” “expect,” “anticipate,” “look forward,” “believe,” “committed,” “investigational,” “pipeline,” “launch,” or similar terms, or by express or implied discussions regarding potential marketing approvals, new indications or labeling for the investigational or approved products described in this press release, or regarding potential future revenues from such products. You should not place undue reliance on these statements. Such forward-looking statements are based on our current beliefs and expectations regarding future events, and are subject to significant known and unknown risks and uncertainties. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those set forth in the forward-looking statements. There can be no guarantee that the investigational or approved products described in this press release will be submitted or approved for sale or for any additional indications or labeling in any market, or at any particular time. Nor can there be any guarantee that such products will be commercially successful in the future. In particular, our expectations regarding such products could be affected by, among other things, the uncertainties inherent in research and development, including clinical trial results and additional analysis of existing clinical data; regulatory actions or delays or government regulation generally; global trends toward health care cost containment, including government, payor and general public pricing and reimbursement pressures and requirements for increased pricing transparency; our ability to obtain or maintain proprietary intellectual property protection; the particular prescribing preferences of physicians and patients; general political, economic and business conditions, including the effects of and efforts to mitigate pandemic diseases; safety, quality, data integrity or manufacturing issues; potential or actual data security and data privacy breaches, or disruptions of our information technology systems, and other risks and factors referred to in Novartis AG’s current Form 20-F on file with the US Securities and Exchange Commission. Novartis is providing the information in this press release as of this date and does not undertake any obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise.

About Novartis
Novartis is an innovative medicines company. Every day, we work to reimagine medicine to improve and extend people’s lives so that patients, healthcare professionals and societies are empowered in the face of serious disease. Our medicines reach nearly 300 million people worldwide.

Reimagine medicine with us: Visit us at https://www.novartis.com and connect with us on LinkedIn, Facebook, X/Twitter and Instagram.

References

1. Thomas GB, Xavier M, Stephanie F et al. Ianalumab demonstrates significant reduction in disease activity in patients with Sjögren’s Disease: Efficacy and safety results from two global Phase 3, randomized, placebo-controlled double-blind studies (NEPTUNUS-1 and NEPTUNUS-2). Presented at the American College of Rheumatology (ACR) Congress; October 24-29, 2025; Chicago, Illinois 
2. National Academies of Sciences, Engineering, and Medicine; Health and Medicine Division; Board on Health Care Services; Committee on Selected Immune Disorders and Disability. Sjögren’s Disease/Syndrome. [Last accessed: October 2025] https://www.ncbi.nlm.nih.gov/books/NBK584486/ 
3. Dorner T et al, Safety and Efficacy of ianalumab in patients with Sjögren’s disease: 52-week results from a randomized, placebo-controlled, Phase 2b dose-ranging study, Arthritis and Rheumatology 2025, 77(5):560-570 
4. Lee AY, Qi Z, Jackson KJ, et al. Self-reactive B cells are increased in all major stages of peripheral development in Sjögren’s disease. Immunology & Cell Biology 2025; 103: 401-410. 
5. Both T, Dalm VA, van Hagen PM, et al. Reviewing primary Sjögren’s syndrome: beyond the dryness – From pathophysiology to diagnosis and treatment. Int J Med Sci 2017; 14: 191-200. 
6. Cornec D, Devauchelle-Pensec V, Tobón GJ, et al. B cells in Sjögren’s syndrome: from pathophysiology to diagnosis and treatment. J Autoimmun 2012; 39: 161-167. 
7. ClinicalTrials.gov NCT05350072 [Last accessed: October 2025]  
8. ClinicalTrials.gov NCT0539214 [Last accessed: October 2025] 
9. ClinicalTrials.gov NCT05985915 [Last accessed: October 2025] 
10. ClinicalTrials.gov NCT05653219 [Last accessed: October 2025]  
11. ClinicalTrials.gov NCT05639114 [Last accessed: October 2025]  
12. ClinicalTrials.gov NCT05126277 [Last accessed: October 2025]  
13. ClinicalTrials.gov NCT05648968 [Last accessed: October 2025]   
14. ClinicalTrials.gov NTC06470048 [Last accessed: October 2025] 
15. Novartis to strengthen oncology pipeline with agreement to acquire MorphoSys [AG Press release]. [Press release]. Available at: Novartis to strengthen oncology pipeline with agreement to acquire MorphoSys AG for EUR 68 per share or an aggregate of EUR 2.7bn in cash | Novartis [Last accessed: October 2025]   
16. Negrini S et al, Sjögren’s syndrome: a systemic autoimmune disease, Clin Exp Med. 2022; 22(1): 9–25 
17. Maleki Fischbach-M, et al, Manifestations and management of Sjögren’s disease, Arthritis Res Ther, 2024; 26(1):43 
18. Mariette, Primary Sjögren’s symptoms, New England Journal of Medicine, 2018, 378;10 
19. Kerry Gairy et al, Burden of illness among subgroups of px with primary SjD and systemic involvement, Rheumatology 2021, Volume 60, Issue 4, April 2021, Pages 1871–1881 
20. Conrad N, et al, Incidence, prevalence, and co-occurrence of autoimmune disorders over time and by age, sex, and socioeconomic status: a population-based cohort study of 22 millions individuals in the UK, Lancet. 2023;401(10391):1878-1890;   
21. Narváez J et al, Prevalence of Sjögren’s syndrome in the general adult population in Spain: estimating the proportion of undiagnosed cases, Sci Rep. 2020;10(1):10627  

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The Japanese auto giant Toyota Motor has denied Donald Trump’s suggestion that it is poised to invest more than $10bn in the United States over the coming years.

On a visit to Japan earlier this week, the US president claimed he had been told that the carmaker was going to be setting up factories “all over” the US “to the tune of over $10bn”.

“Go out and buy a Toyota,” added Trump.

But a senior executive at Toyota – the world’s largest automaker – said that no such explicit promise of investment at that level had been made, although Toyota plans to invest and create new jobs in the US.

The firm held talks with Japanese and American officials ahead of Trump’s visit.

“During the first Trump administration, I think the figure was roughly around $10bn, so while we didn’t say the same scale, we did explain that we’ll keep investing and providing employment as before,” Hiroyuki Ueda told reporters, on the sidelines of the Japan Mobility Show in Tokyo. “So, probably because of that context, the figure of about $10bn came up.”

Toyota “didn’t specifically say that we’ll invest $10bn over the next few years”, Ueda said, adding that the topic of investment did not come up when Akio Toyoda, the firm’s chairman, spoke with Trump at a US Embassy event on Tuesday.

Trump met with Japan’s new prime minister and first female premier, Sanae Takaichi, on Tuesday. He welcomed Takaichi’s pledge to accelerate a military buildup, while also signing deals on trade and rare earths.

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During the visit, Takaichi pledged to realise a “golden age” in relations with the US and to “fundamentally reinforce” her country’s defense posture. The two leaders signed an agreement laying out a framework to secure the mining and processing of rare earths and other minerals.

Reuters contributed reporting.