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Tag: nissan

  • 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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  • Japan’s Markets Watchdog Likely To Recommend $22 Million Fine Against Nissan

    Japan’s Markets Watchdog Likely To Recommend $22 Million Fine Against Nissan

    Japan’s markets watchdog will likely recommend soon that the financial regulator fine Nissan Motor Co Ltd about 2.4 billion yen ($22 million) over false reporting on its financial statement, public broadcaster NHK reported on Sunday.

    Nissan’s former Chairman Carlos Ghosn was arrested in Tokyo in November last year over allegations of financial misconduct, including understating his salary by around 9.1 billion yen ($84.71 million) over a period of nearly a decade and temporarily transferring personal financial losses to the books of Nissan, Japan’s No. 2 automaker.

    Reuters reported in June that Nissan would be fined up to 4 billion yen and it may receive a reduced fine of around 2.4 billion yen if the automaker filed documentation to the Securities and Exchange Surveillance Commission (SESC) before the formal investigation begins, citing a source.

    The fine would cover a four-year period through March 2018, the source previously told Reuters.

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  • New Nissan CEO Rules Out Closer Capital Ties With Renault

    New Nissan CEO Rules Out Closer Capital Ties With Renault

    Nissan Motor Co is committed to its automaking alliance with Renault SA but will not look to deepen its capital ties with the French automaker any time soon, its new CEO said on Monday.

    On his first day in the new position, chief executive Makoto Uchida also pledged to repair profitability at Japan’s No. 2 automaker and said setting realistic targets would be key towards that goal, as it tries to make a clean break from the leadership of former chairman Carlos Ghosn.

    “Closer capital ties with Renault are not a focus in the short term,” he told reporters.

    Uchida became CEO of Nissan on Dec. 1, as the car maker tries to recover from a profit slump and draw a line under a year of turmoil after the Ghosn scandal. The ousted chairman is fighting financial misconduct charges in Japan.

    One of the new CEO’s big tasks is to salvage ties with Renault, which have deteriorated since Ghosn’s ouster as chairman of both companies.

    Renault holds a 43.4% stake in Nissan after it saved the Japanese automaker from financial ruin two decades ago, and has pushed for the two companies to merge.

    In rejecting a notion of a merger with Renault, Uchida, 53, echoes his predecessor Hiroto Saikawa, who stepped down in September.

    He added that the alliance must re-think how it can serve all of its three members, which also includes Mitsubishi Motors.

    “The alliance has to benefit each of its partners in terms of revenue and profit,” he said.

    “We need to re-evaluate what has worked and what hasn’t worked in the alliance in the past few years.”

    The CEO called for Nissan to set “challenging but achievable” targets, adding that this and the launch of more new car models and vehicle technologies would be key to its financial recovery.

    Nissan is bracing for its lowest annual profit in 11 years and has slashed its dividend by 65%. Its struggles come at a time when car companies desperately need scale to keep up with sweeping technological changes like electric vehicles and ride-hailing.

    “Somewhere along the way we created a culture of setting targets which could not be achieved,” Uchida said, adding that this had resulted in a focus on short-term results.

    “Years of this had led Nissan to its current “difficult situation,” he said, using heavy vehicle discounting in the U.S. market as an example of how aggressive sales targets to grow market share had deteriorated the company’s brand.

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  • Nissan Recalls Nearly 400,000 Vehicles Over Braking System Defect In The US

    Nissan Recalls Nearly 400,000 Vehicles Over Braking System Defect In The US

    Japan’s Nissan Motor has said it is recalling 394,025 cars in the United States over a braking system defect, causing concerns that a brake fluid leak could potentially lead to a fire. The leak into internal circuit boards will trigger a warning to drivers, which if ignored may lead to a fire in “rare instances,” Nissan said in a filing dated Nov. 8 with the National Highway Traffic Safety Administration (NHTSA) under recall number 18V-601. “… if the warning is ignored and the vehicle continues to be operated in this condition, the brake fluid leak may potentially create an electrical short in the actuator circuit, which in rare instances, may lead to a fire,” the Japanese automaker said.

    The recall, which was reported on Friday by U.S. media, includes Maxima sedans from 2016 through 2018, Infiniti QX60 luxury crossovers from 2017 to 2019, Murano SUVs from 2015 to 2018 and Pathfinder SUVs from 2017 to 2019, the filing showed.

    The document does not mention whether the brake system defect actually caused any fires or injuries.

    The company also reportedly said that it was working to fix the issue and that owners of the affected cars will be notified starting early next month.

    “Once the remedy is available, owners will receive a final notification letter asking them to bring their vehicle to an authorized Nissan dealer or INFINITI retailer to have the remedy work completed at no cost for parts or labor,” it told NPR in an emailed statement.

    The development comes less than two months after NHTSA opened a preliminary investigation into 553,000 Nissan Rogue sport utility vehicles after reports of their automatic emergency braking systems engaging without warning or an obstruction.

    Improper inspections of brakes, steering wheels, speed measurements and vehicle stability had also caused the company to issue a recall of several thousand vehicles in Japan late last year.

    In September, the company recalled 1.3 million vehicles to fix a problem with its backup camera displays.

  • Nissan Cuts Profit Forecast After 70% Quarterly Plunge

    Nissan Cuts Profit Forecast After 70% Quarterly Plunge

    Nissan Motor reported a 70% drop in quarterly profit on Tuesday and cut its full-year forecast to an 11-year low, hit by a strong yen and falling sales, and highlighting the turmoil at the Japanese automaker after the ouster of Carlos Ghosn.

    The latest weak showing from Nissan, which also slashed its interim dividend by 65% after its worst second-quarter performance in 15 years, illustrates the scale of the work ahead for its new executive team, which is due to take over on Dec. 1.

    Following the ouster of former chairman Ghosn almost a year ago, Nissan has been battered by falling profit, uncertainty over its future leadership and tensions with top shareholder Renault SA – whose shares fell 2% to their lowest since April 2013 after Nissan’s downbeat guidance.

    Nissan shares, down 19% this year, closed up 1% at 714.5 yen before the results announcement.

    Operating profit at Japan’s second-biggest automaker by sales came in at 30 billion yen ($275 million) in July-September versus 101.2 billion yen a year earlier.

    That compared with a mean forecast of 47.48 billion yen from nine analyst estimates compiled by Refinitiv. Nissan announced an interim dividend of 10 yen per share, down from 28.50 yen a year ago.

    The company’s global vehicle sales fell 7.5% to 1.27 million in the quarter. Sales in China, its biggest market, fell 2.5%, while those in the United States fell 4.5%.

    “Our sales in China outpaced the market, but sales in other key regions, including the U.S., Europe, and Japan underperformed,” Stephen Ma, a corporate vice president who will become chief financial officer next month, told reporters.

    Slowing demand for cars in the United States and China, the world’s biggest auto markets, has led to cut-throat competition, and Nissan’s slump in first-half sales has knocked operating profit off course from the automaker’s full-year target.

    “We are revisiting all our assumptions, and as you can see that is why we revised down our forecast for sales volume for the full year,” Ma said.

    Nissan slashed its full-year operating profit forecast by 35% to 150 billion yen, which would be its worst full-year performance in 11 years.

    It now sees global retail sales at 5.2 million vehicles, down from a previous forecast for 5.5 million, bracing for its worst annual sales in six years.

    Nissan in the past few weeks has announced a revamp of its top ranks with younger executives including Ma, while naming the head of its China business, 53-year-old Makoto Uchida, as its next chief executive. The company is seeking to draw a line under the legacy of Ghosn, who is awaiting trial in Japan on charges of financial misconduct, which he denies.

    The automaker said it would hold an extraordinary shareholders meeting on Feb. 18, 2020, to vote on a proposal for Uchida and other members of the new executive team to become company directors, while former Nissan CEO Hiroto Saikawa, outgoing interim CEO Yasuhiro Yamauchi and former Renault CEO Thierry Bollore were scheduled to vacate their director posts.

    Years of heavy discounting and fleet sales, particularly in the United States, has cheapened the automaker’s brand image while lowering vehicle resale value and denting profit.

    Nissan is implementing a global recovery plan under which it will axe nearly one-tenth of its workforce and cut global vehicle production by 10% through 2023 to rein in costs which it has said ballooned when Ghosn was CEO.

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  • Nissan Motor Company Appoints New CEO And COO

    Nissan Motor Company Appoints New CEO And COO

    Nissan Motor Company has appointed Makoto Uchida as its new chief executive officer (CEO). Uchida has been serving as a senior vice president in the company along with being the president of Dongfeng Motor Company. The Japanese carmaker has also appointed Ashwani Gupta as chief operating officer (COO) and representative executive officer. Gupta has been serving as chief operating officer (COO) at Mitsubishi Motors. Nissan’s Senior Vice President Jun Seki has been appointed to the position of vice-chief operating officer, reporting to Gupta.

    Speaking on the appointment, Chairman of the Board of Directors, Yasushi Kimura said, “The board concluded that Uchida is the right leader to drive the business forward. Nissan’s Nomination Committee led the nomination process and assessed candidates thoroughly in line with the new three-committee governance structure established in June. We expect Uchida to lead the company as one team, immediately focus on the recovery of the business and revitalize the company. We look forward to Gupta and Seki fully leveraging their expertise and experience to support the new CEO.” Both Uchida and Gupta will be taking on their positions from January 1, 2020.

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  • The Nissan Leaf Can Now Power A House

    The Nissan Leaf Can Now Power A House

    Nissan and EDF have partnered to accelerate the delivery of electric mobility in the United Kingdom, France, Belgium and Italy and will be adopting smart charging of electric vehicles in these markets. The new agreement will be primarily focusing on the development of smart charging solutions i.e. vehicle to grid (V2G) chargers which will help to optimize the charging or discharging of an electric vehicle. Interestingly, the stored energy on the car can be supplied back to the grid and can be used to power the house.

    As part of the deal, Nissan will develop and sale the V2G compatible EVs and the EDF Group will provide the V2G charging solution. Nissan says that the V2G technology will offer a significant opportunity to electricity grids and will provide new financial opportunities to the businesses. Nissan is aiming for a potential shift towards electric vehicles after achieving record sales for both Nissan Leaf and e-NV200.

    Speaking about the partnership, Francisco Carranza, Managing Director for Nissan Energy in Europe, said: “This new partnership with EDF across four major European markets is another sign that our vision of an electric ecosystem is becoming a reality. Businesses are becoming increasingly aware of the benefits and opportunities offered by the Nissan LEAF and e-NV200, and adding a V2G solution is a logical next step for managing their energy supply and opening new revenue opportunities.”

    Speaking on similar lines, Yannick Duport, EDF Group Electric Mobility Director, says: “The cooperation agreement is fully in line with the Electric Mobility Plan launched last October. We are convinced that the development of electric mobility will be supported by partnerships. I am very pleased to count among them the cooperation agreement that Nissan and EDF have just signed to develop smart charging solutions. So, EDF is building an ecosystem of innovative players by forming strategic partnerships for the large-scale roll-out of the best technologies to support our customers.”

    Smart charging solutions include technologies to control when vehicles charge and how quickly they power up, as well as allow the two-way flow of electricity between vehicle and charger. The V2G technology helps the energy to accumulate in the batteries of electric vehicles which can also be used for businesses own energy needs or the grid when required. The energy that is stored in a electric vehicle like the Nissan Leaf and e-NV200 van can be sold back to the grid by the customer, generating additional revenue to offset vehicle ownership costs.

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  • Nissan Mulls Pulling Out Of South Korea As Trade Tensions Rise

    Nissan Mulls Pulling Out Of South Korea As Trade Tensions Rise

    Nissan Motor is considering pulling out of South Korea, the Financial Times reported on Friday, as political and trade tensions between Japan and South Korea have caused sales of Japanese products in the neighboring country to plummet.

    Nissan and other Japanese firms have been a casualty of consumer boycotts of products ranging from cars to beer in South Korea, triggered by sudden export curbs by Tokyo earlier this year as trust between the two countries has eroded over wartime issues.

    Citing unnamed sources, the FT said that besides stopping sales in South Korea, Nissan is also mulling its involvement in an assembly plant in Busan owned by Renault Samsung Motors Co, a joint venture with Nissan’s French automaking partner Renault SA. The plant makes cars mainly for export markets.

    Nissan spokespeople in South Korea and Japan declined to comment on the report.

    Japan’s second-biggest automaker has been trying to strengthen governance, slash costs and boost flagging profitability amid persistent allegations of financial misconduct stemming from former chairman Carlos Ghosn’s 20-year reign.

    Nissan’s market share in South Korea has long lagged its domestic rivals. Along with its luxury Infiniti brand, the automaker has sold just 3,581 cars in the country in January-August this year, down 27% from a year ago and trailing far behind Toyota Motor Corp.

    Japanese automakers are small players in the South Korean auto market, which is dominated by Hyundai Motor Co, and German imports including the Mercedes Benz and BMW brands.

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  • Nissan India Appoints Rakesh Srivastava As Managing Director

    Nissan India Appoints Rakesh Srivastava As Managing Director

    Nissan today announced the appointment of Rakesh Srivastava as Managing Director, Nissan Motor India and will report to Sinan Ozkok, President of Nissan India Operations. Rakesh joins Nissan after having worked as Director in charge of electric vehicle development, JSW Group. Prior to that, Rakesh has held senior management positions at Hyundai Motor India and Maruti Suzuki.

    Sinan Ozkok said, “I am pleased to welcome Rakesh to the Nissan India team. With his rich experience and deep understanding of the Indian market, I am confident he will strengthen our sales and marketing functions and successfully deliver our customer-centric strategy.”

    Nissan Motor India has had its share of ups and downs and now that the company looks to renew its outlook for India, Srivastava brings expertise and also strategy to the table. The company has big plans for India and this includes moving to a future with an electric car portfolio.

    Rakesh Srivastava said, “I am excited by the opportunity to build and strengthen Nissan operations for our customers, partners and employees in India. Nissan is an iconic global brand and its leadership in technology and innovation will be a key driver and differentiator towards delivering value and aspiration to our customers in this competitive market.”

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  • Nissan India Lays Off Over 1710 Employees As Part Of Global Exercise

    Nissan India Lays Off Over 1710 Employees As Part Of Global Exercise

    Japanese auto giant Nissan announced earlier this week that it will downsize its workforce globally by firing 12,500 employees. This includes the manufacturer’s India operations as well. A report by ETAuto now states that over 1700 employees from the Indian subsidiary will be axed from the company, contributing 13.68 per cent to the total job cuts. However, Nissan India has clarified that the downsizing process has been completed in India and was a part of the 2018-19 financial year.

    Back in September 2018, Nissan India had announced the Employee Voluntary Separation Scheme for its employees and this was part of the global downsizing exercise, according to the company. The manufacturer did say at the time that it was letting go manpower from its manufacturing vertical, where the need was less and instead would be looking to hire people for expanding the R&D efforts. carandbike reached out to Nissan for a quote on the layoffs but the manufacturer offered “no comments” on the matter.

    As part of the global downsizing or right-sizing exercise in FY2018-19, Nissan laid off over 1420 employees in the US, over 1000 employees from Mexico, 830 in Indonesia and about 880 employees from its two manufacturing facilities in Japan, according to the data provided by the company. That’s about 6400 employees being fired in the first phase of layoffs, while the company will further reduce its direct workforce by over 6100 personnel across six additional sites between FY2020-FY2022.

    The massive restructuring plan comes amidst a massive fall for the Japanese carmaker volumes and profits. The company’s profits plunged 98.5 per cent to 1.6 billion yen ($14.80 million) for the first quarter of FY2019-20, it’s worst since the loss in the March 2008 quarter during the global recession. Moreover, an ageing product portfolio, slowdown in several key markets including Japan, the US and China have further added to the company’s woes.

    Announcing the layoffs at the Quarterly Results press conference this week, Nissan – Chief Executive Hiroto Saikawa said that it was mainly targeting sites where the brand made investments to produce compact cars as part of the Power 88 plan. The plan was implemented globally in 2011 to revive sales that saw Nissan introduce 51 new car models with focused efforts to increase presence in emerging markets like India and Russia. The automaker also revived the Datsun brand as its new entry-level car brand to take on big wigs like Maruti Suzuki. However, Datsun barely managed to make a dent in the volume-friendly small car segment, which turned out to be big disappointment for the manufacturer. Apart from the workforce, Nissan will also axe its low performing products to realign costs and this includes a number of compact cars, possibly including those sold with the Datsun badge.

    That said, India still remains a key market for Nissan. The carmaker has massively invested in its Oragadam-based facility along with partner Renault and still exports a major chunk of its production from the country. The alliance has collectively invested over ₹ 45 billion over the past seven years and the plant has an installed production capacity of 450,000 units per annum. The company currently holds a 0.75 per cent market share in India.