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  • Nissan Says ‘Absolutely Not’ In Talks About Mitsubishi Stake Sale

    Nissan Says ‘Absolutely Not’ In Talks About Mitsubishi Stake Sale

    Nissan Motor Co is “absolutely not” in talks to sell its stake Mitsubishi Motors, Nissan’s chief operating officer said on Monday, following a report the carmaker was considering pulling out of its alliance partner. “We are not in any discussion or consideration of changing the capital structure in our partner companies. We are moving ahead with many projects,” Ashwani Gupta said in an interview at the Reuters Automotive Summit teleconference.

    He spoke after Bloomberg News reported earlier, citing unidentified sources, that Nissan was considering selling its 34% stake in Mitsubishi Motor to help it cope with the slump in demand caused by the COVID-19 pandemic.

    Such a deal would fundamentally reshape a three-way alliance that includes France’s Renault built by Carlos Ghosn, former chairman of the alliance. The partnership was plunged into uncertainty when Ghosn was arrested in 2018 on financial misconduct charges, which he denies.

    At Monday’s closing price in Tokyo, Nissan’s stake in Mitsubishi Motors was worth 102.2 billion yen ($975.8 million).

    Nissan shares rose 5% on the Bloomberg report, while Mitsubishi Motors, which said it would continue to collaborate with its alliance partner, gained 3%.

    Nissan, which is 43% owned by Renault, last week cut its operating loss forecast for the year to March by 28%, helped by a rebound in demand, especially in China.

    Mitsubishi Motors, Japan’s No.6 automaker, expects to post an operating loss of 140 billion yen for its business year.

    Both companies are cutting production levels and costs in a bid to return to profitability.

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  • Nissan Magnite Pre-Bookings Begin At Dealer Level

    Nissan Magnite Pre-Bookings Begin At Dealer Level

    Nissan India will be launching the Magnite Subcompact SUV in India on November 26, 2020. It is one of the highly awaited subcompact SUVs in India. We have now learnt that select dealerships in Mumbai and Delhi are accepting unofficial bookings for the 2020 Magnite for a token amount of ₹ 25,000. The carmaker has already revealed key specifications and features of the car. Recently, the variant-wise prices of the SUV were leaked online, suggesting that it will get a starting price of ₹ 5.5 lakh (ex-showroom).

    The upcoming Magnite will be Nissan’s first subcompact SUV in India which will be pitted against the likes Kia Sonet, Maruti Suzuki Vitara Brezza, Hyundai Venue, Mahindra XUV300 among others. The company commenced the production of the subcompact SUV at its manufacturing facility, in Oragadam, Chennai. The same facility will be used for catering domestic and export markets.

    The exterior appeal of the SUV will be highlighted by a large chrome bordered grille featuring sleek headlamps and LED projector lights with LED daytime running lamps. It will also 16-inch dual-tone alloy wheels, silver roof rails, silver faux skid plates, wheel arches, underbody cladding, LED tail lights, dual-tone roof option and much more. The car will be based on Renault-Nissan Alliance’s CMF-A+ platform. The new Nissan Magnite will be offered in four key trims – XE, XL, XV Upper and XV Premium.

    On the inside, the Magnite SUV will get all-black interior which will be complemented by several features like 7-inch fully digital instrument cluster, 8-inch infotainment system with Apple CarPlay and Android Auto support, multi-functional steering wheel, automatic AC, electrically adjustable and foldable ORVMs, push-button start, wireless charging, segment-first 360-degree camera and much more. As for safety, the SUV will be equipped with ABS with EBD, dual airbags and anti-roll bars, vehicle dynamics control, hill start assist, traction control and Tyre Pressure Monitoring System.

    The soon-to-be-launched Nissan Magnite SUV will come in two petrol engine options – the 1.0-litre naturally aspirated motor and the new 1.0-litre turbocharged petrol engine. The former will be tuned to produce 71 bhp and 96 Nm of power figures, while the latter will churn out 99 bhp and 160 Nm of peak torque. Transmission options will include a 5-speed manual and a CVT automatic transmission.

    The naturally aspirated petrol variant will return 18.75 kmpl of mileage, while the manual variant with 1.0-litre turbo-petrol engine will offer a mileage of 20 kmpl. However, the and CVT version with turbo-petrol will provide 17.7 kmpl of mileage.

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  • Nissan Explores Possible Sale Of 34% Stake In Mitsubishi Motors

    Nissan Explores Possible Sale Of 34% Stake In Mitsubishi Motors

    Nissan Motor Co may sell its 34% stake in Mitsubishi Motors Corp in what would be a fundamental change in a three-way alliance that also includes France’s Renault SA, Bloomberg News reported, citing unidentified sources.

    Nissan is considering looking for potential buyers, which could include other shareholders such as trading firm Mitsubishi Corp, as it is worried it may struggle to recover from a downturn caused by the coronavirus pandemic, Bloomberg said.

    “There are no plans to change the capital structure with Mitsubishi,” Nissan told Reuters in an emailed statement.

    Nissan, which has 34% stake in Mitsubishi Motors, is worried it may struggle to recover from a downturn caused by the coronavirus pandemic

    Nissan, which is 43% owned by Renault, last week cut its operating loss forecast for the year to March by 28% to 340 billion yen (2.5 billion pounds), helped by a rebound in demand, especially in China.

    Mitsubishi Motors, Japan’s No.6 automaker, expects to post an operating loss of 140 billion yen for the business year.

    Both companies are cutting production levels and costs in a bid to return to profitability.

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  • Nissan Says China Sales Rose 5.1 Per Cent In September

    Nissan Says China Sales Rose 5.1 Per Cent In September

    Japanese automaker Nissan Motor said on Sunday its sales in China rose 5.1% in September from a year earlier, to 141,595 vehicles.

    China’s auto market, the world’s biggest, is a key focus for the embattled carmaker as it struggles to fix problems stemming from ousted leader Carlos Ghosn’s aggressive expansion drive.

  • Nissan ends partnership with current Vietnam distributor

    Nissan ends partnership with current Vietnam distributor

    Japanese carmaker Nissan has announced it will officially cut ties with its current distributor in Vietnam, Tan Chong, at the end of September.

    Both sides said they will part ways on September 30, ending all their partnerships in the production and distribution of Nissan vehicles for the Vietnamese market.

    Before ending ties with Malaysian-owned Tan Chong Motor Holdings, the automaker put Nissan X-Trail and Sunny models on clearance discount to try and sell its remaining inventory of vehicles assembled in Da Nang City.

    Tan Chong, a multinational corporation based in Malaysia, is not only the official distributor of Nissan in Malaysia and Vietnam, but also in Laos, Cambodia, and Myanmar.

    A representative of Tan Chong in Vietnam told local media that sales of Nissan models in Vietnam will still happen as usual until the official termination of the joint venture. Local dealerships will continue to provide warranty and technical support services for customers post-purchase.

  • Japanese Automakers Post Double-Digit Sales Growth In China

    Japanese Automakers Post Double-Digit Sales Growth In China

    Japanese automakers’ China sales grew by more than 10% from a year earlier in July as the world’s biggest auto market sustained its recovery.

    Nissan Motor said on Wednesday its sales in China rose 11.6% last month from a year earlier to 120,945 vehicles. China is a market that Nissan is focusing on as the embattled carmaker struggles to fix problems from ousted leader Carlos Ghosn’s aggressive expansion drive

    Nissan’s sales in China rose 11.6% last month from a year earlier to 120,945 vehicles.

    Toyota Motor Corp sold around 165,600 cars last month in China, up 19.1% year-on-year. Of the total, 22,300 came from its premium Lexus brand, which showed a 38.6% sales jump compared to a year earlier.

    Honda Motor Co said on Wednesday it sold 136,646 vehicles in China in July, up 17.8%.

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  • Nissan Denies Corporate Conspiracy To Oust Ex-chairman Ghosn

    Nissan Denies Corporate Conspiracy To Oust Ex-chairman Ghosn

    Nissan Motor on Monday blasted suggestions in media reports of a conspiracy within the company to oust former chairman Carlos Ghosn. Ghosn’s 2018 arrest in Japan on financial misconduct charges has led to much speculation that the move was orchestrated by Nissan executives who opposed closer ties with partner Renault SA. “I know that in books and the media there has been talk about a conspiracy but there are no facts whatsoever to support this,” Motoo Nagai, chairman of Nissan’s auditing committee, told shareholders at the company’s annual general meeting.

    Responding to demands from a shareholder to address the speculation, Nagai argued that the investigation into Ghosn was conducted both internally and by outside law firms.

    Nissan’s former chair Ghosn says he was victim of ‘backstabbing’ in video address

    Nissan’s former chair Carlos Ghosn says he was a victim of “backstabbing” and a “conspiracy” in a video address showed on Tuesday.

    Monday’s meeting lasted almost two hours – twice as long as planned, as shareholders grilled Chief Executive Makoto Uchida on how he planned to restore trust in the company following the Ghosn scandal, and revive sales in the United States and China.

    Uchida, who took the helm in December, told shareholders he would stick to his promise to step down as leader if he fails to deliver on a turnaround plan for the Japanese automaker, which last month reported its first annual loss in 11 years.

    Seeking to slash costs and downsize after years of excessive spending in the pursuit of market share, Nissan plans to cut its model range by about a fifth and reduce production capacity, shuttering plants in Spain and Indonesia and laying off workers in countries including Mexico.

    It now aims to sell 5 million vehicles a year, far fewer than past ambitions of 8 million.

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  • Nissan To Set Out Survival Plan After Expected Annual Loss

    Nissan To Set Out Survival Plan After Expected Annual Loss

    Nissan Motor will unveil its plan to become a smaller, more cost-efficient automaker on Thursday as it looks to recover from four years of tumbling profits which are set to culminate in its first annual operating loss in 11 years.

    The Japanese carmaker’s second recovery plan in less than a year will outline how it will slash fixed costs, streamline its products and shore up cash as it reels from a plunge in sales as the coronavirus pandemic hits demand for cars.

    Nissan said in April that it expected to post an annual operating loss of up to 45 billion yen (340.3 million pounds) when it announces its results for the year to March 31 at 0800GMT on Thursday, which would be its worst performance since 2008/09.

    The automaker sold 4.8 million vehicles in its latest financial year, the second decline in a row, and a fall of 13% from last year, knocking it off its perch as Japan’s second-biggest automaker to trail Toyota and Honda.

    Renault makes u-turn on Ghosn’s volume-inspired production model

    At a remote press conference, Renault CEO and of the alliance with Nissan and Mitsubishi, Jean-Dominique Senard, announces that the automobile group’s new strategy will focus “on efficiency and competitiveness rather than volume”.

    The plan will follow a new strategy announced by Nissan and its partners Renault SA and Mitsubishi Motors Corp on Wednesday to work more closely on developing and producing cars to reduce costs and ensure the group’s survival.

    Even before the spread of the coronavirus, Nissan’s sales and profits had been slumping, forcing it to row back on an aggressive expansion plan pursued by ousted leader Carlos Ghosn.

    The pandemic has only piled on the urgency and pressure to renew its efforts to downsize.

    Nissan’s operating profit has tumbled for four consecutive years as its pursuit of market share, particularly in the United States, led to overcapacity at its car plants, steep discounting and a cheapened brand.

    The three-year strategy will lay out a path to sustainable profitability and is the vision of Chief Executive Makoto Uchida and Chief Operating Officer Ashwani Gupta, who took over after months of internal turmoil following Ghosn’s arrest in 2018.

    Under the plan, Nissan will curb its ambitions for sales growth to target annual sales of about 5 million units, Reuters reported in April, a cut from a previous goal of 6 million cars outlined in July by then-CEO Hiroto Saikawa.

    Another top priority will be the preservation of cash. As of December, Nissan’s automotive operations had a negative free cash flow of 670.9 billion yen, a more than six-fold increase from a year ago.

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  • Nissan India Introduces New Finance Schemes And Pick-Up & Drop Service

    Nissan India Introduces New Finance Schemes And Pick-Up & Drop Service

    Nissan India has introduced a new car finance schemes and pick-up & drop service to ensure customers don’t need to come to visit dealerships and workshops and avoid physical contact. The Japanese carmaker has partnered with various financial institutions and is now offering a range of schemes offering paperless payment of car loans, special offers for women car loan applicants and professional based products for salaried, self-employed, Government & Public Sector Units (PSU) employees, police and the agriculture sector.

    Rakesh Srivastava, Managing Director- Nissan Motor India, said, “With innovative financial schemes and initiatives including ease of financing and convenience in getting their car serviced, Nissan India will enrich the customer experience at each step, which is especially important in such challenging times.”

    The first of its kind finance and insurance scheme also include job Loss Protection’ on EMI’s covering loss of job and medical emergencies including Coronavirus, optional payment from January 2021 on select products and zero-mile car product has been introduced looking at the opportunities in the used car business. Nissan India also announced the launch of its new pick-up & drop service. It is offering an end-to-end hygienic pick-up & drop solution including a standard sanitization process for all frequent touchpoints in the vehicle such as door handles and gear lever. Drivers delivering the vehicles will also follow full hygiene regulations between the customer location and Nissan workshop. The complimentary pick-up & drop service is available in all major cities while customers in other locations can also avail of this service at a minimal charge.

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  • Nissan Stops Production At UK Factory Over Coronavirus Impact

    Nissan Stops Production At UK Factory Over Coronavirus Impact

    Nissan has stopped output at Britain’s biggest car factory due to the impact from coronavirus as it assesses supply-chain disruption and the drop in demand, the most significant closure to affect the country’s autos sector so far from the outbreak.

    Vauxhall’s Ellesmere Port car factory in northern England is also due to close on Tuesday until March 27 as party of parent company Peugeot’s plans to shut sites across the continent to handle the crisis.

    Nissan CEO Makoto Uchida says he’s happy to be fired by shareholders if there’s no sign of a turnaround at the Japanese automaker. Julian Satterthwaite reports

    Nissan’s Sunderland factory in north-eastern England made nearly 350,000 out of Britain’s 1.3 million cars last year, producing the firm’s Qashqai, Juke and LEAF models.

    “Further measures are currently under study as we assess supply-chain disruption and the sudden drop in market demand caused by the COVID-19 emergency,” the Japanese automaker said in a statement.

    Local lawmaker Sharon Hodgson, from the opposition Labour Party, called on the government to do more to support people.

    She wrote on Twitter: “40,000 people in and around my constituency rely on the plant for their livelihoods and I will do everything I can to secure them.”

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  • Nissan, Honda Delay Restart Of Some China Plants Due To Coronavirus

    Nissan, Honda Delay Restart Of Some China Plants Due To Coronavirus

    Japanese automakers delayed on Friday the restart of plants in China near the epicenter of a coronavirus outbreak, complying with authorities’ directives, but raising the risk of further supply disruptions that could hit global car production. Nissan Motor Co said it would keep its plants in Xianyang in the central province of Hubei, and Zhengzhou in the neighboring province of Henan, shuttered after Monday, when it had planned to resume operations, but did not set a new date.

    Honda Motor Co said operations at its plants in Wuhan, Hubei’s provincial capital in which the outbreak began, would remain suspended until March 11.

    Toyota Motor Corp said it would resume production on Monday at its plant in Chengdu in the southwestern province of Sichuan, returning all four of its China assembly plants to operation from next week, but output would be limited at some.

    In an email, Nissan said its delay was due to a directive by government authorities in Hubei asking firms to keep operations shut through March 10. Output issues at suppliers were also affecting vehicle production, it said.

    The virus, which has killed more than 2,200 in mainland China, has wreaked havoc on the global automotive supply chain, stalling production at plants there and leaving automakers scrambling to source the roughly 30,000 parts each car needs.

    “Wuhan is a city which produces virtually every type of component used in vehicles,” said Takeshi Miyao, managing director of consultancy Carnorama.

    “So not only are vehicle assembly plants in the city unable to source parts, vehicle plants all over the world which source parts from Wuhan are being affected.”

    He added that, where possible, automakers were securing parts from suppliers’ plants elsewhere.

    Some automakers were taking more direct approaches to procurement. This week, Jaguar Land Rover (JLR) said it had flown Chinese parts in suitcases to Britain to maintain production, and could run out of components in two weeks.

    China’s manufacturing sector is struggling to restart after an extended Lunar New Year break, hindered by travel and quarantine curbs across the country.

    The suspension of output at Nissan’s two plants, which make the X-Trail SUV crossover and the Altima sedan in a joint venture with China’s Dongfeng Motor, comes as the automaker struggles to recover profitability after the arrest of its former chairman, Carlos Ghosn, in 2018.

    Nissan has also cut output at some Japan plants over issues with procuring components, but said there had been no impact on other global plants.

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  • Nissan’s New CEO Says Willing To Be Fired If No Turnaround

    Nissan’s New CEO Says Willing To Be Fired If No Turnaround

    Nissan’s worsening performance has heaped pressure on Uchida, formerly Nissan’s China chief who became its third CEO since September, to come up with aggressive steps to revive the company. On Tuesday, Uchida, who was repeatedly heckled by shareholders, said he was ready to face dismissal if he failed to improve profitability at the company, which is on course to post its worst annual operating profit in 11 years.

    “We will make sure that we steer the company in an effective way so that it is visible in the eyes of viewers. I will commit to this: if the circumstances remain uncertain you can fire me immediately,” he said.

    Uchida, 53, did not give a timeframe for improving Nissan’s performance. The new boss must prove to the board he can accelerate cost-cutting and rebuild profits at the 86-year-old Japanese giant, and that he has the right strategy to repair its partnership with France’s Renault, sources have told Reuters.

    Uchida pleaded with shareholders to be patient while he comes up with a plan by May to recover from crumbling profits and a corporate shake-up following Ghosn’s arrest in Japan in late 2018 over financial misconduct charges.

    “If you can be patient a little bit longer, on a day-to-day basis you will be able to sense we are changing,” he said.

    Ahead of the meeting, some shareholders demanded more clarity about Uchida’s plan.

    “I just want to know what the plan for recovery is. At the moment, the share price has dropped again, and the value of the company has plummeted,” said a 70-year-old former employee who owns shares in the company.

    “If this is the situation, part of me thinks that we would be better off with Ghosn … If we don’t get a clearer vision of the path the company is taking, it will be a worry.”

    Nissan’s shares are trading around their lowest level in more than a decade following its latest earnings.

    Last week, Nissan cut its dividend outlook to its lowest since the 2011 financial year, after dwindling car sales drove the company to post its first quarterly net loss in nearly a decade.

    Shareholders gathered at the extraordinary meeting in Yokohama to vote in new directors including Uchida and Chief Operating Officer Ashwani Gupta.

    Their appointments highlight a changing of the guard at Nissan, as shareholders were also voting on motions for former company stalwarts, CEO Hiroto Saikawa and COO Yashuhiro Yamauchi, to leave their board director positions.

  • Nissan Weighs Restarting China Production In Dongfeng Venture After February 10

    Nissan Weighs Restarting China Production In Dongfeng Venture After February 10

    Nissan Motor said on Tuesday it is considering restarting production in China in its venture with Dongfeng Motor Group sometime after Feb. 10, citing government guidance and its assessment of the coronavirus epidemic.

    The Japanese carmaker also said production in Hubei province, the epicenter of the epidemic, will start sometime after Feb. 14.

    The production plan is subject to change after reviewing the coronavirus situation in the days ahead, a company spokeswoman said. The virus outbreak has killed over 420 people, spread around the world and raised fears about global economic growth.

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  • Renault-Nissan Can Overhaul Alliance Without Ownership Change

    Renault-Nissan Can Overhaul Alliance Without Ownership Change

    he comments from Jean-Dominique Senard point to an emphasis on more cooperation and operational efficiency as the automakers and junior partner Mitsubishi Motors Corp strive to rebuild profits, which have slumped in the wake of former chairman Carlos Ghosn’s arrest in 2018.

    Renault and Nissan have struggled to repair a relationship badly strained after the arrest of Ghosn, who fled Japan to his childhood home of Lebanon at the end of last year. He has been charged with financial misconduct, which he denies.

    “We all share a sense of urgency,” Senard told reporters in Yokohama, after he and the heads of the three automakers met. He said there was “no other option” but to change, but added reforms could be made without a shift in the capital structure. “The priority as clearly stated was to increase significantly the efficiency of the alliance,” he said.

    Renault SA, which is part-owned by the French state, owns 43% of Nissan Motor Co, while the Japanese firm has 15% of the French carmaker, with no voting rights – a structure that has caused friction in Japan, given Nissan is the larger of the two.

    Renault has previously indicated a desire to move towards a full merger, something Ghosn is said to have championed and which Nissan has strongly opposed.

    Nissan CEO Makoto Uchida told reporters that in order to leverage their respective strengths, Nissan would take an operational lead in China, where it leads its partners in sales, Renault on its home turf in Europe and Mitsubishi in southeast Asia, an area it dominates.

    A similar model will be taken for engineering, where one company will lead in developing a key technology that would then be shared among the partners, the companies said in a statement.

    Fuel economy credits would be pooled by the three in Europe, they added.

    The three companies, which together sold nearly 11 million vehicles in 2018, will announce revised mid-term plans by May, Uchida said.

    The automakers need to improve profitability to compete with global rivals, which are investing heavily to develop electric vehicles, self-driving cars and other new technologies that are transforming the industry.

    Reuters reported this week that Nissan was set to eliminate at least 4,300 white-collar jobs and shut two manufacturing sites as part of broader plans to add at least 480 billion yen ($4.4 billion) to its bottom line by 2023.

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