Latest news with #NissanMotorCorp.
Mint
28-05-2025
- Automotive
- Mint
Nissan's global layoffs to skip India as it lines up new SUVs
Nissan Motor Corp.'s 15% global layoffs to shore up its fortunes after a failed merger with Japanese peer Honda Motor Corp. will not impact its business in India, where the carmaker aims to scale up sales by more than fourfold over the next two years. 'There will not be any disruption to our teams here or our product plans in the country,' Nissan India managing director Saurabh Vatsa said on Wednesday said in a virtual press meet. 'We are on track to introduce new products and scale up growth in the market.' The maker of Magnite, a five-seater sport utility vehicle (SUV), plans to introduce three new car models in the next two years and increase its sales outlets from 159 to 180 in the ongoing financial year. Optimism about the world's third-largest automobile market contrasts with Nissan's global chief executive Ivan Espinosa's job and cost cuts to protect profits. Espinosa announced on 13 May that the company will shutter seven factories globally and cut 11,000 jobs in areas like manufacturing, sales, administration, research and contract staff. Nissan's operating profit for the financial year ended 31 March plunged by 88% to $472 million because of a slowdown in key markets like the US and China. The company also refrained from offering growth guidance due to uncertainty over US tariffs. Its merger talks with Honda Motor also collapsed in February this year because the two sides could not agree on the terms. The Indian business management stays upbeat amid this turbulence. The Japanese company plans to invest 700 million euros in the market by 2026 to fund expansion. Vatsa said a new multi-utility vehicle will be launched in the first three months of 2026 in India, followed by a five-seater SUV by the middle of the year. Nissan only makes the Magnite in the country and imports the X-Trail SUV as completely built units (CBUs). 'We are also exploring what more models can be brought in as CBUs in the country,' Vatsa said during the call. In 2027, the company aims to launch a seven-seater SUV as it has set domestic sales and export targets of 100,000 units each for the fiscal ending March 2027. Nissan sold 24,904 cars in the fiscal ended March, down 9% over a year earlier amid a slowdown in the broader car industry, which saw growth in sales fall to 2% to 4.3 million. The Japanese company plans to invest 700 million euros in the Indian market by 2026 to fund the expansion. The company announced in March that Renault will buy Nissan's entire stake in Renault Nissan Automotive India Pvt. Ltd, the joint manufacturing unit they set up in 2010. 'Our plans for new SUVs in the Indian market remain intact, and we will continue our vehicle exports to other markets under the 'One Car, One World' business strategy for India,' Expinosa said at the time of the announcement. The company sees the current capacity of 480,000 vehicles per year shared with Renault as enough to cater to its existing sales targets.
26-05-2025
- Automotive
Japan's troubled automaker Nissan banks on hybrid EV technology
YOKOSUKA, Japan -- Money-losing Japanese automaker Nissan is banking on its latest 'e-Power' technology for a turnaround. A kind of hybrid, e-Power comes equipped with both an electric motor and gasoline engine, much like the Toyota Motor Corp. Prius. It's different from a Prius in that it doesn't switch back and forth between the motor and engine during the drive. That means the car always is running on its EV battery, ensuring a quiet, smooth ride. 'Nissan has a proud history of pioneering innovative technology that set us apart,' Chief Technology Officer Eiichi Akashi told reporters on the sidelines of a test drive at its Grandrive course outside Tokyo. The advantage of e-Power vehicles is that they never need to be charged like EVs do. The owner just fuels up at a gas station and the car never runs out of a charge. Nissan Motor Corp., which racked up a $4.5 billion loss for the fiscal year through March, sorely needs a hot-seller, especially in the lucrative North American market. But the U.S. market is proving a big headache for all the Japanese automakers because of President Donald Trump's tariff policies. To achieve a turnaround, Nissan is working on reducing costs, strengthening business partnerships and redefining its lineup. That's where e-Power fits in, according to Akashi. Yokohama-based Nissan announced earlier this month that it's slashing about 15% of its global work force, or about 20,000 employees, and reducing the number of its auto plants to 10 from 17, under an ambitious recovery plan led by its new Chief Executive Ivan Espinosa. Nissan officials did not give a price for the upcoming e-Power models. The only other automaker offers a similar technology is 'kei,' or tiny car manufacturer Suzuki Motor Corp. E-Power is already offered on the Nissan Qashqai and X-Trail model in Europe, and the Note in Japan. The upgraded version will be offered in the new Rogue in the U.S. Nissan, a pioneer in EVs with its Leaf, which went on sale in 2010, is also preparing beefed up EV models. It's also working on a solid-state battery which is expected to replace the lithium-ion batteries now widely used in hybrids, EVs and e-Power models. Analysts say Nissan is in danger of running out of cash and needs a partner. Speculation is rife its Yokohama headquarters building will get sold, or one of its Japan plants will be turned into a casino. announced in February that it was dropping the talks.
Time of India
25-04-2025
- Automotive
- Time of India
Nissan revises down its earnings forecast with bigger losses
Nissan expects to rack up a loss totalling 700 billion yen (USD 4.9 billion) to 750 billion yen (USD 5.3 billion) for the fiscal year through March because of declining sales and the losing value of its assets, the embattled Japanese automaker said Thursday. Nissan Motor Corp. was already expecting red ink, but the projected loss for the year was previously lower at 80 billion yen (USD 561 million). It said the cost of impairments - which refer to the lost value of assets - exceeded 500 billion yen (USD 3.5 billion) and came after a review of production assets in North America, Latin America, Europe and Japan. Annual sales have also declined, with an expected 3.35 million vehicles, fewer than the 3.4 million vehicles projected in February. Nissan, which makes the Altima mid-size sedan and Infiniti luxury models, reports earnings results May 13. The company, based in the port city of Yokohama, has been slashing production at its US plants and offering buyouts to factory workers there. Some analysts believe Nissan's lineup is not appealing enough, causing sales to shrink in major markets like the US and China. Despite being a pioneer in EVs with the Leaf, which went on sale in 2010, Nissan has fallen behind the competition in EVs, as well as hybrids, to powerful rivals like Tesla in the US and Byd of China. Nissan stressed its solid cash position. It expects to end the fiscal year 2024 with net cash of nearly 1.5 trillion yen (USD 10.5 billion), as well as 3.4 trillion yen (USD 24 billion) in liquidity. "Despite these challenges, we have significant financial resources, a strong product pipeline and the determination to turnaround Nissan in the coming period," Chief Executive Ivan Espinosa said in a statement. Espinosa, who replaced Makoto Uchida as head of Nissan on April 1, has vowed to make the company nimbler. Earlier this year, Nissan ended the talks it was holding with Japanese rival Honda Motor Co. since last year to integrate their business and set up a joint holding company. The automakers will continue to work together on electric vehicles and smart cars, including autonomous driving. (AP) GSP>
24-04-2025
- Automotive
Nissan revises down its earnings forecast with bigger losses
TOKYO -- Nissan expects to rack up a loss totaling 700 billion yen ($4.9 billion) to 750 billion yen ($5.3 billion) for the fiscal year through March because of declining sales and the losing value of its assets, the embattled Japanese automaker said Thursday. Nissan Motor Corp. was already expecting red ink, but the projected loss for the year was previously lower at 80 billion yen ($561 million). It said the cost of impairments — which refer to the lost value of assets — exceeded 500 billion yen ($3.5 billion) and came after a review of production assets in North America, Latin America, Europe and Japan. Annual sales have also declined, with an expected 3.35 million vehicles, fewer than the 3.4 million vehicles projected in February. Nissan, which makes the Altima mid-size sedan and Infiniti luxury models, reports earnings results May 13. The company, based in the port city of Yokohama, has been slashing production at its U.S. plants and offering buyouts to factory workers there. Some analysts believe Nissan's lineup is not appealing enough, causing sales to shrink in major markets like the U.S. and China. Despite being a pioneer in EVs with the Leaf, which went on sale in 2010, Nissan has fallen behind the competition in EVs, as well as hybrids, to powerful rivals like Tesla in the U.S. and Byd of China. Nissan stressed its solid cash position. It expects to end the fiscal year 2024 with net cash of nearly 1.5 trillion yen ($10.5 billion), as well as 3.4 trillion yen ($24 billion) in liquidity. 'Despite these challenges, we have significant financial resources, a strong product pipeline and the determination to turnaround Nissan in the coming period,' Chief Executive Ivan Espinosa said in a statement. Espinosa, who replaced Makoto Uchida as head of Nissan on April 1, has vowed to make the company nimbler. Earlier this year, Nissan ended the talks it was holding with Japanese rival Honda Motor Co. s ince last year to integrate their business and set up a joint holding company. The automakers will continue to work together on electric vehicles and smart cars, including autonomous driving.
The Hill
24-04-2025
- Automotive
- The Hill
Nissan revises down its earnings forecast with bigger losses
TOKYO (AP) — Nissan expects to rack up a loss totaling 700 billion yen ($4.9 billion) to 750 billion yen ($5.3 billion) for the fiscal year through March because of declining sales and the losing value of its assets, the embattled Japanese automaker said Thursday. Nissan Motor Corp. was already expecting red ink, but the projected loss for the year was previously lower at 80 billion yen ($561 million). It said the cost of impairments — which refer to the lost value of assets — exceeded 500 billion yen ($3.5 billion) and came after a review of production assets in North America, Latin America, Europe and Japan. Annual sales have also declined, with an expected 3.35 million vehicles, fewer than the 3.4 million vehicles projected in February. Nissan, which makes the Altima mid-size sedan and Infiniti luxury models, reports earnings results May 13. The company, based in the port city of Yokohama, has been slashing production at its U.S. plants and offering buyouts to factory workers there. Some analysts believe Nissan's lineup is not appealing enough, causing sales to shrink in major markets like the U.S. and China. Despite being a pioneer in EVs with the Leaf, which went on sale in 2010, Nissan has fallen behind the competition in EVs, as well as hybrids, to powerful rivals like Tesla in the U.S. and Byd of China. Nissan stressed its solid cash position. It expects to end the fiscal year 2024 with net cash of nearly 1.5 trillion yen ($10.5 billion), as well as 3.4 trillion yen ($24 billion) in liquidity. 'Despite these challenges, we have significant financial resources, a strong product pipeline and the determination to turnaround Nissan in the coming period,' Chief Executive Ivan Espinosa said in a statement. Espinosa, who replaced Makoto Uchida as head of Nissan on April 1, has vowed to make the company nimbler. Earlier this year, Nissan ended the talks it was holding with Japanese rival Honda Motor Co. s ince last year to integrate their business and set up a joint holding company. The automakers will continue to work together on electric vehicles and smart cars, including autonomous driving. ___
