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Friday, Nov 223:46 PMNissan shakes up U.S. management
Friday, Nov 223:46 PM| Comment!
- 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.
Tuesday, Nov 124:39 PMNissan to unveil wearable glass device at Tokyo Motor Show
Tuesday, Nov 124:39 PM| Comment!
- 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.
Thursday, Sep 264:34 PMNissan to offer free charging to Leaf buyers in Texas pilot program
Thursday, Sep 264:34 PM| Comment!
- Nissan (NSANY.OB) will offer free rapid charges for to buyers of its battery-powered Leaf model in Texas starting Oct. 1, Bloomberg reports. The move is a parrot of Tesla's strategy.
- Charging locations are operated by NRG Energy's eVgo unit.
- Company officials said Nissan may expand the program to other markets in the future.
Tuesday, Sep 1710:24 AMECOtality files for Chapter 11
Tuesday, Sep 1710:24 AM| 4 Comments
- Electric car-charging company ECOtality (ECTY) has filed for bankruptcy protection, sending its shares plummeting 28.4%.
- Nissan (NSANY.OB) has agreed to provide a term loan of up to $1.25M at interest of 5% a year.
- ECOtality plans to use the money to operate until its assets have been sold in a bankruptcy auction.
- The Chapter 11 filing comes after ECOtality defaulted on a 2015 convertible loan.
- The bankruptcy is likely to stoke controversy given that ECOtality has received $96M of a $115M stimulus grant. (8-K)
Tuesday, Sep 104:24 AMEuropean car market stops skidding
Tuesday, Sep 104:24 AM| 6 Comments
- The auto market in Europe is stabilizing after five years of steep declines, car executives have said, but they expect the recovery to be long and slow due to high unemployment and soft bank lending in the region.
- Europe should "see the end of the tunnel next year," said Renault (RNSDF.PK) chief Carlos Ghosn, who was speaking at the Frankfurt Motor Show.
- Meanwhile, Volkswagen (VLKAF.PK) aims to increase car sales to 9.5M this year from 9.3M in 2012, helping to boost shares 2.1% in Frankfurt. Brand sales dropped 1% in August to 461,600 cars, giving a year-to-date figure of 3.84M. That up 3.1% from last year.
- Auto Tickers: F, GM, TM, HMC, CARZ, FIATY.PK, PEUGF.PK, BAMXF.PK, DDAIF.PK HYMLF.PK, NSANF.PK
Monday, Sep 24:03 AM
Tuesday, Aug 207:21 AMCummins set to announce supply agreement with Nissan
Tuesday, Aug 207:21 AM| Comment!
- Cummins (CMI) intends to disclose today a deal to supply diesel engines to Nissan (NSANF.PK) for its Titan pickup trucks. Cummins, which already provides Chrysler with engines, earlier said it would announce a project that would create jobs.
- Last year, Nissan sold 21,576 Titans in the U.S. and a handful in Canada and the Middle East; that compares with 1.5M full-size pickups that the Detroit automakers sold in the U.S.
Friday, May 106:34 AMNissan (NSANY.OB): FQ4 net profit and revenue of ¥110.06 and ¥2.874T respectively. FY13 net profit of ¥342.45B beats by ¥12.5B. North American FY13 operating profit ¥177.3B (-15.6 Y/Y). Forecast : FY14 net profit, operating profit, and revenue of ¥420B, ¥610B, and ¥10.37T. |Friday, May 106:34 AM| Comment!
Monday, Jan 73:25 AMJapanese auto sales jump 26% to 3.39M vehicles in 2012, boosted by government subsidies for purchases of fuel-efficient cars. However, the ending of the incentives in September helped sales fall 3.4% Y/Y in December to 214,429. Toyota's (TM) monthly sales -3.4%, although the Lexus was +32%, Honda (HMC) -39% amid a lack of new models, and Nissan (NSANF.PK) -8.9%. |Monday, Jan 73:25 AM| Comment!
Wednesday, Dec 52012, 5:30 AMFord (F), GM (GM) and Chrysler are in a bit of a bind. Their inventories have piled up as output at their Japanese rivals recovers from the earthquake last year. To regain lost market share, Toyota (TM), Honda (HMC) and co have been offering buyers deep incentives, an approach that has caused the Detroit Three big trouble in the past and which they're trying to avoid now. |Wednesday, Dec 52012, 5:30 AM| 9 Comments
Friday, Nov 232012, 5:59 AMJapanese car makers intend to continue expanding in China as sales appear to recover from a sharp slump this autumn due to the islands dispute between Japan and China. Toyota (TM), for example, intends to introduce 20 new models in China in the next three years. Meanwhile, Volkswagen (VLKAF.PK) plans to invest €14B in the country over the next four years. |Friday, Nov 232012, 5:59 AM| Comment!
Thursday, Nov 222012, 4:40 AMToyota's (TM) sales in China are rebounding after plunging in September and October because of the East China Sea islands dispute between Japan and China. Sales "will return to normal in the not-too-distant future," says Toyota's Kunihiko Ogura. The company's improving performance adds to that of Nissan. Meanwhile, Toyota plans to introduce two China-only brands in 2013. |Thursday, Nov 222012, 4:40 AM| Comment!
Friday, Oct 52012, 6:25 AMThe Senkaku-Diaoyu islands dispute between Japan and China hit Japanese car makers hard in September, with Mitsubishi's Chinese sales plunging 63% Y/Y and those of Mazda by 35%. Toyota's (TM) sales skidded 40%, the FT reports, adding that the company will cut production in China by over half and suspend Lexus exports. Non-Japanese car makers have been benefiting from the spat. |Friday, Oct 52012, 6:25 AM| 1 Comment
Thursday, Sep 202012, 5:53 AMThe anti-Japan demonstrations in China over the disputed Diayou islands have cost Japanese car-makers an estimated $250M after the companies temporarily halted production, IHS Automotive estimates. However, execs and analysts believe that the automakers will be able to make up for the lost output, while one consultant reckons the Chinese will still buy Japanese cars. |Thursday, Sep 202012, 5:53 AM| 1 Comment
Tuesday, Sep 182012, 5:40 PMChinese official Jin Baisong invokes the specter of a trade war as the best way to "impose sanctions" on Japan. The already-weak Japanese economy would be crippled without Chinese demand, he argues, while China would barely miss a cutoff of exports to Japan. Fitch, meanwhile, threatens ratings downgrades across a range of Japanese exporters if the dispute between the two nations drags on. |Tuesday, Sep 182012, 5:40 PM| 2 Comments
Thursday, Oct 272011, 3:58 AMToyota (TM) and other Japanese car makers start to reduce domestic production because of a shortage of parts due to the severe flooding in Thailand. Toyota will also cut output in the U.S. Sony (SNE), Canon (CAJ) and Toshiba (TOSBF.PK) are among many others who've been disrupted. (previous) |Thursday, Oct 272011, 3:58 AM| Comment!