Mon, Feb. 16, 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.
- ETFs: XLY, XRT, VCR, RTH, RETL, IYK, FXD, IYC, FDIS, SCC, UCC, PMR, UGE, RCD, SZK
Mon, Feb. 9, 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.
Nov. 18, 2014, 6:19 PM
- The National Highway Traffic Safety Administration is seeking the recall of "millions of vehicles" containing Takata (OTCPK:TKTDY) airbags, and the DoT agency will "use the full extent of its statutory powers" to force action if Takata and auto manufacturers fail to "quickly agree" to a recall.
- Cars had been recalled only in areas along the Gulf coast with high humidity, but the NHTSA says it is basing the decision on a recent incident that happened outside of those areas.
- NHTSA also orders Takata and all 10 auto companies that use Takata's air bag inflators - BMW (OTCPK:BAMXY, OTCPK:BAMXF), Chrysler (NYSE:FCAU), Ford (NYSE:F), GM, Honda (NYSE:HMC), Mazda (OTCPK:MZDAY), Mitsubishi (OTCPK:MMTOF), Nissan (OTCPK:NSANY, OTCPK:NSANF), Subaru (OTCPK:FUJHY), and Toyota (NYSE:TM) - to provide detailed reports about ongoing testing of the products outside of the high-humidity regions that already had recalls in place.
Oct. 23, 2014, 6:37 AM| Comment!
Sep. 15, 2014, 5:17 AM
- After setting out to be a leader in battery manufacturing, Nissan (OTCPK:NSANY) is preparing to cut production, reversing its previous stance toward electric car manufacturing.
- The move would see Nissan following alliance partner Renault (OTC:RNSDF) by purchasing cheaper batteries from South Korea. Nissan currently makes all its own electric car batteries.
- The financial hit for Nissan will depend on what else can be done with the plants, with hefty charges likely if facilities are closed.
Sep. 4, 2014, 6:36 AM
- Nissan (OTCPK:NSANY) is recalling 55K vehicles in Japan over a malfunction in the diesel engine starter motor. The harness in the motor could overheat and the engine may not start or is hard to start.
- The automaker is also conducting a service campaign on 126K vehicles globally over a glitch in the rear drum brake.
- No accidents have been reported for any of the issues.
Aug. 10, 2014, 7:08 AM
- Toyota (NYSE:TM), Honda (NYSE:HMC) and Nissan (OTCPK:NSANY) are the latest carmakers to slash prices on auto products and spare parts in China, following the continuing antitrust investigation into the Chinese auto parts industry.
- This past month, only automakers BMW, Mercedes-Benz, Audi, Chrysler and Jaguar Land Rover cut their prices due to the Chinese National Development and Reform Commission's expanded investigation. However, it now looks as though the probe extends beyond foreign luxury auto brands.
Jul. 27, 2014, 6:31 AM
- Nissan (OTCPK:NSANY) is recalling more than 226K additional vehicles over the Takata (OTCPK:TKTDY) airbag defect which has plagued the global auto industry in recent months. The new announcement adds to the previous 665K cars Nissan took back in a prior recall.
- "The company is not aware of any accidents or injuries related to the recall," says Brian Brockman, a Nissan representative.
Jul. 17, 2014, 3:47 AM
- Nissan (OTCPK:NSANY) is stepping up its automated driving offerings, and intends to deliver cars that park themselves and autonomously navigate congested highways by 2016. By 2018 the company expects to introduce cars that can change lanes automatically, ending in its 2020 finale of fully automatic vehicles.
- "You need to be first with very significant features," says CEO Carlos Ghosn. "There’s always a premium with those who come first."
Jun. 29, 2014, 10:12 AM
- U.S. authorities are now investigating Nissan (NSANY), in the latest auto probe plaguing the industry. Complaints have surfaced that claim a trim panel in Versa models can trap a driver's shoe against the accelerator, leading to a breaking delay and unwanted acceleration.
- Around 360k Versa's are currently being investigated due to the issue.
Apr. 18, 2014, 6:03 AM
- Car makers have been gearing up for two major shows this weekend: the New York International Auto Show, which starts today, and the Beijing International Automotive Exhibition, or Auto China 2014, which starts on Sunday.
- Ford's (F) Lincoln, which plans to formally enter China’s luxury market later this year, will unveil a new model in Beijing, the first time it has introduced a car outside of the U.S.
- New York show preview
- Tickers: F, GM, TM, HMC, CARZ, FIATY, PEUGF, BAMXF, DDAIF, HYMLF, NSANF, VLKAF, RNSDF, FIATY
Mar. 12, 2014, 2:59 AM
- Toyota (TM) has agreed to raise base salaries for its Japanese workers for the first time in six years amid soaring profits at the company, with staff set to receive an average increase of 2.9%.
- Other firms are also increasing wages, including Honda (HMC), Nissan (NSANF), Nippon Steel & Sumitomo Metal (NISTF), retailer Lawson and Daiwa Securities Group (DSEEY).
- The pay increases signal how major companies are paying heed to the government's exhortations to lift wages as part of the battle against deflation.
- Separately, Toyota has issued $1.75B of "green" bonds linked to auto loans that will be used to help finance vehicles that are powered by hybrid or alternative fuel.
- ETFs: DXJ, EWJ, FXY, YCS, JGBS, JGBD, JYN, NKY, DBJP, EZJ, EWV, YCL, JPNL, ITF, JGBL, JPP, JGBT, JPNS, JGBB, HEWJ, FJP
Feb. 15, 2014, 12:05 AM
- In one of the most closely watched union votes in the U.S. in decades, workers at the Volkswagen (VLKAY, VLKAF) plant in Chattanooga, Tenn., voted against joining the United Auto Workers union.
- A win would have marked the first time the UAW had been able to organize a foreign-owned auto plant in the U.S., as well as a turnaround in sentiment in the traditionally anti-union South.
- The UAW’s loss likely will hurt plans to organize other auto plants in the South; two other German-owned plants, Mercedes-Benz (DDAIF) in Alabama and BMW (BAMXY, BAMXF) in South Carolina, as well as a Nissan (NSANY, NSANF) plant in Mississippi, have been among its top targets.
- The UAW enjoyed some unusual help - the cooperation of Volkswagen management and the aid of Germany's IG Metall union - yet it still lost; "If the union can't win [in Chattanooga], it can't win anywhere."
Nov. 22, 2013, 3:46 PM
- The new chairman of Nissan (NSANY -0.7%) in North America, Jose Munoz, is wasting no time shaking things up, with ex-Chrysler exec Fred Diaz promoted to head of U.S. sales and marketing, along with 12 other executive changes.
- The shuffle may have come more because of changes at the very top at Nissan than because of performance issues, with Nissan's U.S. sales up 9.1% on the year (vs. the overall industry's 8.4% gain) and up 14.2% Y/Y in Oct.
Nov. 12, 2013, 4:39 PM
- Nissan (NSANY +0.6%) will unveil a "glasses-type wearable device currently under development" at the Tokyo Motor Show later this month.
- The device, dubbed 3E, can be connected to the Internet, overlay acquired info on the glasses, record images, and communicate with others by sending info through the device.
- Business Insider speculates that, given Nissan's automotive nature, the glasses will have automotive applications.
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