Thu, Sep. 15, 4:33 AM
- Mitsubishi Motors (OTC:MMTOY) continues to improperly test the fuel economy of its vehicles, according to Japan's transport ministry, months after first admitting to manipulating fuel-economy data to inflate mileage results.
- The announcement is the latest setback for Mitsubishi. In April, it confessed to altering figures on four car models - two of which were manufactured for Nissan (OTCPK:NSANY) - and last month, another eight of its vehicles were pulled from the market.
Thu, Jul. 28, 5:05 AM
- New-vehicle sales are expected to decrease 1 percent year-over-year to a total of 1.5 million units in July 2016, resulting in an estimated 17.5 million seasonally adjusted annual rate ("SAAR"), according to Kelley Blue Book.
- Following a weaker-than-anticipated sales month in June, Kelley Blue Book expects new-car sales to bounce back to the mid-17 million SAAR range in July, helped by a strong Fourth of July weekend, increased incentives and continued growth in leasing. Sales in the first half of the year totaled 8.6 million units, which was the highest first-half volume since 2001.
- "The new-car market currently appears to be reaching its peak in terms of sales, and now there is a better chance that 2016 won't be another record year, as year-over-year comparisons for the remainder of 2016 will be tough," said Tim Fleming, analyst for Kelley Blue Book. "After a record new-car sales total in the United States in 2015, Kelley Blue Book's full-year forecast for 2016 now calls for sales in the range of 17.4 million to 17.8 million, which would range anywhere from a slight year-over-year decline to a 2 percent increase."
- Key Highlights for Estimated July 2016 Sales Forecast:
- In July 2016, new light-vehicle sales, including fleet, are expected to hit 1,500,000 units, down 1 percent from July 2015 and down 1 percent from June 2016.
- The SAAR for July 2016 is estimated to be 17.5 million, which is even with July 2015 and up from 16.6 million in June 2016.
- Retail sales are expected to account for 84 percent of volume in July 2016, down from 84.4 percent in July 2015.
- GM could have one of the biggest volume declines of the major manufacturers in July, at an expected 4 percent decline. Much of the monthly decline can be attributed to a drop in rental sales, as GM continues to focuses on increasing retail share. However, to drive new sales, GM also has increased incentive spending, with the average climbing to nearly $4,000 per unit.
- Nissan (OTCPK:NSANY) could gain the most market share in July, with a projected 4 percent increase in volume, due to strong months from the Frontier and Rogue.
- Source: Press Release
Thu, Jul. 21, 7:23 PM
- The Obama administration will invest as much as $4.5B to build electric car charging stations, aiming to complete a U.S. network by 2020 to make “coast-to-coast, nationwide zero-emissions travel” a reality.
- The government plan will release Energy Department loan guarantees to support a commercial scale roll-out of charging stations, with federal, state and local governments partnering with automakers such as Ford (NYSE:F), General Motors (NYSE:GM), Nissan (OTCPK:NSANF, OTCPK:NSANY) and Tesla (NASDAQ:TSLA).
- Charging infrastructure has been a major obstacle to widespread adoption of electric cars, but Kelley Blue Book analyst Karl Brauer tells Bloomberg that longer battery ranges probably would do the most toward boosting electric car numbers.
Tue, Jul. 5, 3:58 AM
- Although their growth is set to slow, Renault's (OTCPK:RNLSY) carmaking alliance with Nissan (OTCPK:NSANY) achieved record savings of €4.3B last year.
- Renault-Nissan SVP Arnaud Deboeuf also told reporters it was too early to assess Brexit effects on Nissan's operations in the country.
- Since its creation in 1999, the Franco-Japanese alliance has combined some vehicle architectures, manufacturing assets and corporate functions.
Wed, Jun. 22, 3:41 AM
- Mitsubishi Motors (OTC:MMTOY) is predicting a net loss of ¥145B ($1.4B) for 2016 as it faces hefty compensation costs and falling sales in the wake of a mileage-cheating scandal.
- The forecast would mark the company's first loss in eight years after admitting in April to overstating the fuel economy on four of its minivehicles, including two models it produced for Nissan (OTCPK:NSANY).
Wed, May 11, 7:10 PM
- Nissan (OTCPK:NSANY) is looking at taking as much as a 33% stake in Mitsubishi Motors (OTCPK:MMTOF), recently hit by a fuel-economy scandal, Bloomberg reports.
- It would join other suitors, including BAIC Motor, in talks that Japanese media say are further along than preliminary. The companies' boards are expected to meet Thursday.
- A price for such a stake might take into account the possible liability tied to the fuel-economy scandal.
- Mitsubishi is likely to issue new shares and sell those to Nissan in a private placement, Nikkei says.
- OTCPK:MMTOF rose 16.3% in heavy trading on OTC markets today.
- Now read Nissan CEO Wrong About Self-Driving Cars And Ride-Sharing »
Wed, Mar. 30, 3:42 AM
- Takata (OTCPK:TKTDY) has estimated that a comprehensive callback of its airbag inflators would total about ¥2.7T ($24B), sending its shares tumbling by a fifth to an all-time low.
- The worst-case recall scenario would involve 287.5M airbag inflators, sources told Bloomberg.
- Big Takata customers are also feeling the heat: Honda (NYSE:HMC) -3.6%, Nissan (OTCPK:NSANY) -3.7% and Toyota (NYSE:TM) -2.5% in Tokyo.
Mon, Feb. 29, 3:27 AM
- Nissan rose as much as 12% today after stating it would buy back up to ¥400B ($3.5B) worth of its own shares by the end of the year.
- The stock was trailing peer Toyota and benchmark indexes, even as the company boosted earnings on rising sales in the U.S. and China.
- Separately, Renault (OTCPK:RNLSY) said that it would sell shares as part of the program to maintain its current 43.4% stake in Nissan, which in turn owns 15% of the French automaker.
Fri, Jan. 8, 3:04 AM
- Laying out more driverless goals, Renault (OTCPK:RNLSY) and Nissan (OTCPK:NSANY) have confirmed plans to launch 10 car models equipped with autonomous drive technology within five years.
- CEO Carlos Ghosn laid out the following milestone schedule: The plan kicks off this year with "single-lane control" and expands into "multiple-lane control" by 2018. Owners will then have the technical freedom to go hands-off with "intersection autonomy" by 2020.
Dec. 15, 2015, 3:53 AM
- After settling a dispute with the French government over the balance of power in their car-making partnership, Renault (OTCPK:RNLSY) and Nissan (OTCPK:NSANY) will step up integration without moving toward a full merger.
- "I don't think we're ready," alliance chief Carlos Ghosn told reporters. "Yeah, I know the markets want a merger. It's not only about the market. It's about the sustainability of what we're doing."
Nov. 9, 2015, 4:44 AM
- Following a week of mounting tensions over the role of the state in automaker Renault, French Prime Minister Manuel Valls said Sunday he is opposed to a full merger of Renault (OTCPK:RNLSY) and Nissan (OTCPK:NSANY), but wants to "preserve the alliance."
- The two companies have been in a tech and capital partnership since 1999, making it one of the most enduring tie-ups in the sector. Renault holds a 43.4% stake in Nissan, while one of its subsidiaries controls 15% of its French partner.
- Renault shares -2.7% in France.
- Previously: French government pushing for Renault-Nissan merger (Nov. 04 2015)
Nov. 8, 2015, 8:48 AM
- Joining most major automakers, Nissan (OTCPK:NSANY) has decided to stop using Takata's (OTCPK:TKTDY) air bag inflators containing ammonium nitrate.
- "We will...work to replace the inflators in vehicles under recall as quickly as possible," Nissan said in a statement.
- Since 2008, more than 30M cars have been called back over the potentially defective components, which have been linked to eight deaths and more than 100 injuries.
- Previously: Toyota joins Takata boycott, plans AI research center (Nov. 06 2015)
- Previously: Takata shares plunge as automakers reconsider inflators (Nov. 05 2015)
Jul. 8, 2015, 7:07 AM
- Nissan (OTCPK:NSANY) says an air bag made by Takata (OTCPK:TKTDY) installed in one of its vehicles caused a fire during a crash in Japan - marking the carmaker's first such case in the country.
- After exploding, the inflator smashed the passenger-side window and sent high-temperature fragments into the dashboard.
- So far, Nissan has recalled 4.4M cars equipped with Takata inflators (including the X-Trail SUV involved in the recent crash) across the globe.
Feb. 16, 2015, 5:52 AM
- Asian suppliers are resorting to costly air freight, as a labor dispute at U.S. West Coast ports disrupts supply chains across the Pacific.
- With ports near gridlock, President Obama dispatched Labor Secretary Tom Perez to California on Saturday to try to broker an agreement between dockworkers and the group representing shippers and terminal operators.
- Many automakers have been hit hard in the U.S. as car parts have been held up by the dispute. Honda (NYSE:HMC) has declared that it would slow production at several U.S. plants, Subaru (OTCPK:FUJHY) said it would continue flying parts in to its U.S. facilities, while Toyota (NYSE:TM) announced that it had reduced overtime at some factories. Nissan (OTCPK:NSANY) also stated that it is being affected.
- A Shanghai index for U.S. West Coast freight rates rose 23 points last week to 2,265 and brokers said quotes had risen a further five points today.
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Feb. 9, 2015, 4:17 AM
- Nissan (OTCPK:NSANY) has raised its full-year net profit forecast by 3.7% as the yen’s slide against the dollar and strong demand in the U.S. offset weak sales in Japan.
- Nissan's FQ3 net profit rose 20.8% from the same period a year ago to ¥101.8B, as the U.S. surpassed China to become the automaker’s largest market.
- Nissan now expects ¥420B ($3.53B) in net profit for the fiscal year ending in March, up 8% from a year earlier.
Dec. 11, 2014, 3:22 AM
- Three Japanese automakers, Honda (NYSE:HMC), Nissan (OTCPK:NSANY) and Mitsubishi (OTCPK:MMTOF), will recall more than half a million cars globally to replace potentially deadly air bag inflators made by Takata (OTCPK:TKTDY).
- The announcement brings the total tally of Takata-related recalls across all brands to around 20M since 2008.
- A Honda spokeswoman added that the automaker will need to set aside more reserves as a result of the new move and the global expansion of a region-specific recall in the U.S. earlier this week.