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☆ China's Jan-Feb passenger cars sales down 20% - CPCA
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI/BEIJING, March 8 (Reuters) - China's passenger vehicle sales fell 20% in the first two months of this year, industry data showed on Wednesday, underscoring weak demand in the world's biggest auto market even as some car manufacturers offer reduced prices to revive demand. Sales in February, 1.42 million units, were 10.4% higher than a year earlier, a low base period when a week-long Lunar New Year holiday reduced business activity, the China Passenger Car Association (CPCA) said. Sales of new energy vehicles (NEVs), which include pure battery electric cars and plug-in hybrids, grew faster than the overall market, up 61% in February on a year earlier. NEVs accounted for more than 30% of new car sales. Tesla accounted for 11.5% of China's battery electric car sales in February, little changed from 11.3% a year before, indicating a waning effect of price cuts it implemented in early January.

☆ S&P cuts Nissan credit rating to junk status
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: +1 min

TOKYO, March 7 (Reuters) - Nissan Motor Co Ltd's (7201.T) credit rating was cut to junk status by S&P Global Ratings on Tuesday, which said the Japanese automaker's earnings will remain weaker than previously assumed, given the prospect of another tough year in 2023. S&P slashed Nissan's rating by one notch to BB+ from BBB-, it said in a statement, a move that placed it below investment grade. "Performance at the company has been sluggish for more than three years," the rating agency said in the statement, adding that the impact of global supply chain disruptions in key automotive components will likely continue in 2023. "Also, in the second half of the year, we expect softening demand for new car sales in the U.S. and Europe will pressure sales prices," it said. Reporting by Daniel Leussink, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Nissan and Mexican workers agree to 9% raise at Morelos plant, union says
▼ + stars: | 2023-03-03 | by ( ) www.reuters.com time to read: +1 min

MEXICO CITY, March 3 (Reuters) - Labor representatives at a Nissan Motor Co Ltd (7201.T) plant in the central Mexican state of Morelos have reached an agreement with the Japanese carmaker to hike pay 9% as of April, the union said. Leobardo Herrera, head of the Independent Union of Nissan Mexico Workers, said the union aimed to boost pay beyond inflation - which stood at 7.76% in early February - and came to a deal quickly with the company. The new salaries will be in place for a year before the union and company re-negotiate, Herrera said. Nissan Mexicana, as the company's Mexico unit is known, said it negotiated with the union in February and is committed to ensuring labor rights for the roughly 1,500 unionized workers at its Morelos plant, which produces the NP300 pickup truck. The automaker produces other models at plants in the state of Aguascalientes a few hundred miles northwest of Morelos, which are represented by a different union.

☆ Nissan considering second battery source in U.S., Gupta says
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: 1 min

TOKYO, Feb 27 (Reuters) - Nissan Motor Co Ltd (7203.T) is considering securing a second battery source in the United States to help the Japanese automaker meet requirements for the Inflation Reduction Act, Chief Operating Officer Ashwani Gupta said on Monday. Gupta made the comment during briefing about Nissan's electrification strategy. The company aims to raise its global share of electric vehicles sales to more than 55% by 2030 from a previous forecast of 50%. Reporting by Rocky Swift; Editing by David DolanOur Standards: The Thomson Reuters Trust Principles.

That left used cars accounting for almost three quarters of all cars sold, up from 55% in 2021, the data shows. Russians turn to used cars as production falls, prices rise"Money flowed into the used cars market as prices for second-hand cars held up, while at the same time the structure of the new cars market changed significantly," Autostat CEO Sergei Udalov told Reuters. At 2.5 million roubles, his Skoda was around 1 million roubles more expensive than it would have been a year earlier, but still 1 million roubles cheaper than a brand new version. Imports of used cars jumped last year, with those from Japan leading the way. Japan has curbed exports of high-value cars to Russia, but used cars imported by individuals fall outside the restrictions.

☆ Nissan's 2022 contribution to Renault results highest in four years
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +1 min

PARIS, Feb 9 (Reuters) - French carmaker Renault (RENA.PA), which is revamping its 24-year old alliance with Nissan (7201.T), said on Thursday the Japanese firm contributed 174 million euros ($187 million) to its own results in the fourth quarter. The total contribution for 2022 stood at 526 million euros, the highest amount since 2018 and up from 352 million euros in 2021. Renault, which under the overhaul of the partnership will cut its stake in Nissan to 15% from 43% now, will announce its own full-year results on Feb. 16. The stake that is being cut will be placed in a French trust, with Renault continuing to cash in on related dividends. ($1 = 0.9300 euros)Reporting by Gilles Guillaume; writing by Silvia Aloisi; Editing by Richard LoughOur Standards: The Thomson Reuters Trust Principles.

☆ Nissan's Q3 operating profit more than doubles, outstrips expectations
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +1 min

TOKYO, Feb 9 (Reuters) - Japan's Nissan Motor Co (7201.T) on Thursday posted a better-than-expected 155% jump in third-quarter operating profit, boosted by a weaker yen and cost management. Operating profit for the three months ended Dec. 31 came to 133.1 billion yen ($1.01 billion), beating the average 104.79 billion yen profit estimated by nine analysts, according to Refinitiv data. That compared to a 52.2 billion yen profit in the same period a year earlier. The Yokohama-based automaker maintained its forecast for an operating profit of 360 billion yen for the year to March 31, helped by a weaker yen that bolsters the value of overseas sales. ($1 = 131.2600 yen)Reporting by Daniel Leussink; Editing by David DolanOur Standards: The Thomson Reuters Trust Principles.

☆ Nissan to buy up to 15% stake in Renault EV unit under reshaped alliance
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Mike BlakePARIS, Feb 6 (Reuters) - Nissan (7201.T) and Renault (RENA.PA) on Monday unveiled details of their redesigned alliance, with the Japanese car maker committing to buy a stake of up to 15% in Renault's electric vehicles unit Ampere. The alliance junior partner Mitsubishi Motors (7211.T) will also consider investing in Ampere, the companies said in a statement. Renault will transfer 28.4% of Nissan shares into a French trust, making the two more equal partners in the alliance. Sources close to the matter said the agreement aimed to make the alliance freer and more balanced for the next 15 years. When it does sell, "Nissan would benefit from a right of first offer, to its or the benefit of a designated third party."

That announcement came after nearly four months of intense talks complicated by concerns about the sharing of intellectual property as Renault sought tie-ups with companies outside their alliance. The deal will see the French carmaker reduce its stake in Nissan to 15% from around 43%. That will see Renault put around 28% of the Japanese automaker in a French trust, crucially making the two more equal partners. While Renault bailed out Nissan two decades ago, it is the smaller automaker by sales. "One almost wonders what's the point of them having any stake in either one, any stake at all," Richter said.

☆ Renault board backs plans to reshape alliance with Nissan, source says
▼ + stars: | 2023-02-05 | by ( ) www.reuters.com time to read: 1 min

LONDON, Feb 5 (Reuters) - Renault's board (RENA.PA) voted in favour on Sunday to reshape the French carmaker's alliance with its Japanese partner Nissan (7201.T), a source said. The agreement, which will retool the two-decade-old alliance, still needs backing from Nissan's board before it is formally unveiled on Monday in London. Reporting by Gilles Guillaume, editing by Leigh Thomas and Diane CraftOur Standards: The Thomson Reuters Trust Principles.

☆ I drove the new Nissan Z. It's a beautiful, $50,000 retro-modern sports car with a few pesky flaws.
▼ + stars: | 2023-02-03 | by ( Alanis King | ) www.businessinsider.com time to read: +10 min

The 2023 Nissan Z is the start of a new era for Nissan's famous "Z" sports car. The 2023 Nissan Z. Alanis KingThe Z has always been special. The 2023 Nissan Z. NissanBut the Z isn't just pretty — it's usable, especially for a two-door sports car. The 2023 Nissan Z. Alanis KingAll of this would have been fine at a lower cost. The 2023 Nissan Z. Alanis KingI think the Z is the right car for a lot of people.

LONDON/HONG KONG, Jan 30 (Reuters Breakingviews) - Renault (RENA.PA) and Nissan (7201.T) have helped their 24-year alliance move forward after four years of stalemate. The deal marks the end of the French group’s domination of its Japanese partner, and addresses festering governance issues. The voting rights of the Nissan shares transferred to the trust will be "neutralised" for most decisions, the statement said. Renault shares fell 2.7% to 37.16 euros, as of 0837 GMT. Nissan shares were largely unchanged at 453.9 yen.

☆ Analysis: Renault cedes power at Nissan for uncertain benefits
▼ + stars: | 2023-01-30 | by ( Gilles Guillaume | ) www.reuters.com time to read: +5 min

[1/2] The Nissan logo is seen on a car wheel at Nissan Gallery in Yokohama, Japan November 29, 2021. REUTERS/Androniki ChristodoulouPARIS, Jan 30 (Reuters) - Renault and Nissan hailed a new deal announced on Monday as a major step in reviving their two decade alliance. The deal, months in the making and still subject to board approvals, will see Renault (RENA.PA) reduce its stake in Nissan to 15% from around 43%. The deal sees Nissan commit to invest in Renault's flagship Ampere electric vehicle unit, which was the French group's key goal. "It is interesting for Renault to see Nissan enter Ampere, if only for financing projects.

☆ From boom to bottom and now big change: Renault and Nissan reshape alliance
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: +5 min

It gave Nissan a 15% stake in Renault, on a par with the French state, but no voting rights. The alliance was thrown into turmoil following Ghosn's arrest on financial misconduct charges in late 2018 and his subsequent ouster as alliance chairman. 2002 Nissan announces its "Nissan 180" three-year plan, targeting an increase of 1 million vehicles in global sales by 2005. 2017 Both Nissan and Renault post record operating profits, though Nissan still falls short on some targets. Alliance Chairman Senard rules out any merger of the carmaking partners, saying they don't need to combine to be efficient.

☆ Nissan has a plan for used Leaf batteries: powering buildings
▼ + stars: | 2023-01-30 | by ( Alexa St. John | ) www.businessinsider.com time to read: +4 min

Nissan is partnering with startup Relyion Energy to ensure its used Leaf batteries are put to good use. What happens when millions of used electric car batteries aren't useful in a vehicle anymore? Nissan will work with Bay Area-based startup Relyion Energy to retire batteries from its well-known Leaf EV, Relyion announced Monday. After all, used batteries are chock-full of valuable materials like lithium, nickel, and cobalt. Tim Levin/InsiderHow it works: Nissan will recover used Leaf batteries and supply them to Relyion.

☆ From boom to bottom and now big change: Renault and Nissan look to reshape alliance
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +5 min

TOKYO/SINGAPORE, Jan 25 (Reuters) - Crude oil prices inched higher on Wednesday as optimism for a demand recovery in China and expectations that major producers will maintain current output policy offset global recession worries. U.S. West Texas Intermediate (WTI) crude climbed 7 cents, or 0.1%, to $80.20, after a 1.8% drop on Tuesday. An OPEC+ panel is likely to endorse the producer group's current oil output policy when it meets next week, five OPEC+ sources said on Tuesday, as hopes for higher Chinese demand are balanced by worries over inflation and the global economy. OPEC+ in October decided to trim output by 2 million barrels per day from November through 2023 on a weaker economic outlook. However, gains in oil prices were capped by a bigger-than-expected build in U.S. oil inventories that was reported after the market settled on Tuesday.

TOKYO/SINGAPORE, Jan 25 (Reuters) - Crude oil edged up on Wednesday as optimism for demand recovery in China and a likely unchanged output cut decision by major oil producers offset global recession worries. Brent crude rose 22 cents, or 0.3%, to $86.35 per barrel by 0501 GMT after falling 2.3% in the prior session. An OPEC+ panel is likely to endorse the producer group's current oil output policy when it meets next week, five OPEC+ sources said on Tuesday, as the hopes for higher Chinese demand are balanced by worries over inflation and the global economy. OPEC+ in October decided to trim output by 2 million barrels per day from November through 2023 on a weaker economic outlook. However, gains in oil prices were capped by a bigger-than-expected build in U.S. oil inventories that was reported after the market settled on Tuesday.

☆ Nissan directors endorse steps to reach deal with Renault-sources
▼ + stars: | 2023-01-17 | by ( Maki Shiraki | ) www.reuters.com time to read: +3 min

The Nissan board-level review also marked progress after three months of working-level negotiations aimed at restructuring a partnership that dates back to 1999, when Renault bailed out Nissan. The Nissan outside directors, meeting in committee, endorsed steps to try to reach an agreement between the two sides, they said. The two companies are discussing reducing Renault's stake in Nissan from the current 43% to 15%, equal to Nissan’s stake in Renault. The 28% stake in Nissan that Renault would sell would be transferred to a trust, people involved have said. At the same time, Nissan is considering investing in a new electric vehicle company that Renault aims to establish code-named Ampere.

Renault and Nissan declined to comment. The two sides have been in intensive negotiations since October when Renault CEO Luca De Meo went to Japan to meet Nissan CEO Makoto Uchida. Renault is looking for Nissan to invest in an electric-vehicle business it will carve out of its operations, while Nissan wants Renault to sell most its roughly 43% stake in Nissan to put the 23-year alliance on a more equal footing, Reuters has previously reported. The details of Renault's proposed protections for Nissan technology were not immediately known. Nissan holds 15% of Renault and does not hold voting rights.

☆ Board of Russia's AvtoVAZ approves $585 mln in 2023 investment programme - RIA agency
▼ + stars: | 2022-12-27 | by ( ) www.reuters.com time to read: +1 min

Dec 27 (Reuters) - The board of directors of Russian top carmaker AvtoVAZ approved the firm's 2023 investment programme for just under 40 billion roubles ($585 million), Russia's state news agency RIA reported late on Monday. "Yes, it has been approved," RIA quoted AvtoVAZ president Maxim Sokolov as saying. Renault (RENA.PA) sold its majority stake in Avtovaz (AVAZI_p.MM) to the Russian state for reportedly just one rouble ($0.0165) earlier this year, but with a six-year option to buy it back. Earlier in December, Russia's Ministry of Industry and Trade of the Russian Federation reported that the board of directors of AvtoVAZ approved the company's production plan for 2023 at the level of 401,000 vehicles, RIA said. ($1 = 68.3500 roubles)Reporting in Melbourne by Lidia Kelly; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

REUTERS/Aly SongBEIJING/TOKYO, Nov 7 (Reuters) - Nissan Motor Co's (7201.T) concerns about technology transfers have complicated its partner Renault's (RENA.PA) plans to sell a large stake in its gasoline-engine business to China's Geely (0175.HK), three people familiar with the talks said. Nissan's concerns about technology rights have also been one reason why it has yet to reach a preliminary agreement to invest in Ampere. Renault has a 43% stake in Nissan while the Japanese automaker has a 15% non-voting stake in Renault. People with knowledge of the talks have said the two sides have been discussing a reduction in Renault's stake in Nissan, potentially to 15%. Uchida also said Nissan wanted to see a “fair treatment” of its interests in any new partnership Renault strikes with Geely.

TOKYO, Nov 4 (Reuters) - Nissan Motor Co's (7201.T) talks with Renault SA (RENA.PA) are focused on optimising their investment in electric vehicles and strengthening their competitiveness as equal partners, the Japanese automaker's CEO told Reuters on Friday. Nissan Chief Executive Makoto Uchida declined to comment on whether an agreement could be reached this month. But he said he was talking with Renault Chief Executive Luca de Meo every weekend and the talks would be "ongoing for the future." Nissan is also considering investing in Renault's planned electric vehicle unit, the companies said. "We want it to be an equal partnership," Uchida said, adding that an "equal partnership would make sense and that would speed up the collaboration even more."

☆ Nissan, Renault talks focused on optimising EV investments-Nissan CEO
▼ + stars: | 2022-11-04 | by ( ) www.reuters.com time to read: +2 min

TOKYO, Nov 4 (Reuters) - Nissan Motor Co's (7201.T) negotiations with its partner and top shareholder Renault SA (RENA.PA) are focused on optimising their investment in electric vehicles and improving the competitiveness of the alliance, the Japanese automaker's CEO told Reuters on Friday. Negotiations between Renault and Nissan are ongoing with less than two weeks remaining to meet a Nov. 15 target the automakers had set to reach a deal, according to people with knowledge of the talks. Nissan's Chief Executive Makoto Uchida declined to comment on the timing of potential deal with Renault and whether it can be done this month. Nissan is considering investing in Renault's planned electric vehicle unit, the companies said last month. That unit includes Renault production sites in Spain, Portugal, Turkey, Romania and Latin America.

The French and Japanese automakers said this month they were in talks about the future of their alliance, including Nissan potentially investing in an electric vehicle business being spun out of Renault. With Nissan holding only 15% of Renault - and without voting rights - French dominance of the alliance has long been a point of contention. Renault wants Nissan to invest in its electric vehicle unit, while Nissan wants Renault to cut its stake to 15%, Reuters previously reported. Given its investment needs, Renault is the more eager of the two to reach a deal, said a person familiar with negotiations. Alliance junior partner Mitsubishi Motors Corp (7211.T) will likely invest a few percent in the new Renault unit to retain its alliance relationship, said another person familiar with the matter.

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