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☆ Nissan stock slumps after it announces 9,000 job cuts and a plan to slash production
▼ + stars: | 2024-11-08 | by ( ) edition.cnn.com time to read: +2 min

Nissan Motor shares slumped 6% in Tokyo trade Friday, a day after the Japanese automaker said it would cut 9,000 jobs and a fifth of its manufacturing capacity as it struggles with sales in China and the United States. It said restructuring would cut costs by 400 billion yen ($2.61 billion) in the financial year to the end of March. Nissan is also challenged in the US where it lacks a line-up of hybrids just as that vehicle type is in strong demand. On Friday, Japan’s Minister of Economy, Trade and Industry Yoji Muto declined to comment to reporters when asked his views on potential government support for Nissan. “The company released its mid-term plan this spring, but in the end there was no meaning to that.

Persons: Japan’s, Makoto Uchida, Carlos Ghosn, Industry Yoji Muto, Seiji Sugiura, ” Sugiura, Nissan’s Organizations: Nissan Motor, Nissan, Renault, Japan’s, Economy, Trade, Industry, Tokai Tokyo Intelligence Laboratory Locations: Tokyo, China, United States

☆ Nissan delays shift to EVs at Mississippi factory, postponing five new models
▼ + stars: | 2024-05-21 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +2 min

CNN —Nissan is postponing a push to build new electric vehicles at its Canton, Mississippi, factory as sales of EVs are now growing more slowly than many industry experts had expected. EV sales in the US grew 2.6 % in the first quarter of 2024 compared to the same period in 2023, according to Kelley Blue Book. First quarter EV sales last year had outpaced 2022’s by a stunning 46.4%. Nissan still plans to offer a total of 19 EV models globally by 2030, a spokesperson said. Nissan previously announced it would invest $500 million in the factory to prepare it build the new electric vehicles.

Persons: Kelley, ” Nissan, Ford Organizations: CNN, Nissan, EV, Power, Infiniti, Automotive News, GM, Silverado EV Locations: Canton , Mississippi, Canton, Mississippi

☆ This new SUV’s stereo lets you make phone calls your passengers can’t hear
▼ + stars: | 2024-03-29 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +5 min

Only the driver can hear the call and the person on the other end of the call can’t hear the music playing in the SUV. That’s not a new idea, but headrest speakers are usually found in convertibles where music, phone calls and navigation instructions have to overcome buffeting wind noise. Meanwhile, the person on the other end of the phone call won’t hear the music at all. I could hear Dunn talking but the voice on the other end of the phone came through, at first, as just an intermittent quiet buzz. I could hear Dunn talking to me but not the music that was still playing in the car.

Persons: there’s, McIntosh, That’s, Gabby Jones, that’s, Tom Dunn, Dunn Organizations: New, New York CNN, Infiniti, Benz, Panasonic Automotive, New York, Bloomberg, Getty, Panasonic Locations: New York, Mercedes, Bentley, Manhattan

☆ UAW aims to organize 13 nonunion automakers
▼ + stars: | 2023-11-29 | by ( Chris Isidore | ) edition.cnn.com time to read: +4 min

New York CNN —The United Auto Workers union says it has started an effort to organize workers at 13 non-union automakers with US factories. The union said there are about 150,000 employees at 36 nonunion auto plants operated by the companies it is targeting in this campaign. That is slightly more than the union’s representation at the three unionized automakers, which have about 145,000 UAW members between them. But if a union organizing campaign is successful, the union will be made up of workers from the company. The union has filed complaints accusing many of the automakers of unfair labor practices during those earlier organizing efforts.

Persons: Jeff Allen, “ We’ve, ”, Allen, we’ve, “, Shawn Fain, ” Fain Organizations: New, New York CNN, United Auto Workers, General Motors, Ford, US, BMW, Honda, Hyundai, Mazda, Nissan, Subaru, Toyota, Volkswagen, Volvo, Toyota Camry, Lexus, UAW, Workers, Tesla Locations: New York, Georgetown , Kentucky, America, Volkswagen’s, Chattanooga , Tennessee, Canton , Mississippi, Smyrna , Tennessee

☆ Nissan leads $2.5 billion investment to build two more EVs in UK
▼ + stars: | 2023-11-24 | by ( ) edition.cnn.com time to read: +3 min

London — Nissan will pump 1.12 billion pounds ($1.4 billion) into its British plant to build electric versions of two models, offering a boost to the country’s auto industry and a UK prime minister desperate to attract foreign investment. In 2021, the company announced a $1.4 billion investment to build a second, 9 gigawatt-hour (GWh) battery plant in Sunderland with Chinese partner Envision AESC. Its 2021 battery investment was a show of confidence when other foreign investors were avoiding the UK after Brexit led to years of uncertainty around the country’s trading relationships. The Nissan deal comes just months after India’s Tata Motors said it would invest £4 billion ($5 billion) in a UK electric vehicle battery plant to supply its Jaguar Land Rover factories. The automaker’s latest UK investment comes despite Sunak’s decision in September to delay by five years a ban on sales of new petrol cars.

Persons: Rishi, ” Sunak, ” Nissan’s, Alan Johnson, ”, Makoto Uchida, Brexit, Sunak, India’s Tata Organizations: London, Nissan, Investment, BBC, India’s, India’s Tata Motors, Rover, Industry, Tata Locations: Sunderland, England, Britain, Europe

LONDON (AP) — Nissan will invest more than 1 billion pounds ($1.3 billion) to update its factory in northeast England to make electric versions of its two best-selling cars, a boost for the British government as it tries to revive the country's ailing economy. The company said it's directly investing up to 1.12 billion pounds to produce electric successors to the two models. “Nissan’s investment is a massive vote of confidence in the U.K.’s automotive industry,” which contributes 71 billion pounds a year to the economy, Prime Minister Rishi Sunak said. India’s Tata Sons, which owns Jaguar Land Rover, is building a 4 billion-pound EV battery factory in the U.K. that's expected to produce about 40 gigawatt hours of battery cells every year, enough to provide half the U.K.’s electric vehicle batteries. Stellantis, parent company of British automaker Vauxhall, is investing 100 million pounds to make electric vans and cars in northwestern England.

Persons: —, it's, Rishi Sunak, Makoto Uchida, Sunak, India’s Tata Organizations: — Nissan, Nissan, BMW, India’s Tata Sons, Rover, EV, British, Vauxhall Locations: England, Sunderland, China, Europe, Oxford

☆ Nissan to invest up to 600 million euro in new Renault EV unit
▼ + stars: | 2023-07-26 | by ( ) edition.cnn.com time to read: +1 min

Tokyo Reuters —Nissan and Renault on Wednesday finalized the terms of their revamped alliance, with the Japanese automaker committing to invest up to 600 million euros ($663 million) in its partner’s electric vehicle unit Ampere. The investment in Ampere is consistent with Nissan (NSANF) being a strategic investor and securing a board seat on the new company, Nissan (NSANF) said. Sources have said Ampere could be valued at up to 10 billion euros. That would put Nissan’s investment of up to 600 million euros in Ampere at about 6%, lower than the 15% it had flagged as a maximum share in February. With the agreement, Renault (RNLSY) confirmed its commitment to reduce its stake in Nissan from around 43% by transferring 28.4% of its Nissan shares into a French trust, which would put the automakers on equal ground.

Persons: Ampere, Makoto Uchida Organizations: Tokyo Reuters, Nissan, Renault, Wednesday Locations: Tokyo, Ampere, Europe

☆ Renault’s Nissan upshot is mostly good news
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, Feb 6 (Reuters Breakingviews) - The French automaker and its partner, Nissan (7201.T), confirmed on Monday that the Japanese giant will be buying up to 15% of Renault’s (RENA.PA) electric-car spinoff, Ampere. It however suggests that they will be waiting a long time to benefit from Renault’s planned sale of the 28.4% Nissan stake it will park in a non-voting trust. The sale was necessary to reduce Renault’s voting rights in its partner to 15%, on a par with the Japanese company’s interest in its own equity. Given that the deal also stipulates there will be no fixed timeline for the transaction, it could be a while coming. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

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.

☆ Nissan-Renault deal on alliance could come as early as Feb. 1 - source
▼ + stars: | 2023-01-19 | by ( ) www.reuters.com time to read: +2 min

PARIS, Jan 19 (Reuters) - A deal between French carmaker Renault (RENA.PA) and Japanese partner Nissan (7201.T) could be announced as early as Feb. 1 as months of negotiations on how to reshape their alliance progress, a source familiar with the matter said on Thursday. The deal would see Renault cut its stake in Nissan to 15%, equalising the carmakers' holdings in each other, sources previously told Reuters. Renault has consistently declined to comment publicly about the timing of a possible deal announcement. The potential deal will be examined again by an alliance board meeting on Jan. 26 in Japan, which could be attended by de Meo and Renault Chairman Jean-Dominique Senard, the source said. The timetable could change, but both companies would prefer to make a formal announcement before the release of their annual results, scheduled for Feb. 9 for Nissan and Feb. 16 for Renault, the source said.

☆ 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.

☆ Nissan Grapples With Currency Volatility, Even as Weak Yen Boosts Earnings
▼ + stars: | 2022-12-06 | by ( Nina Trentmann | Nissan Chief Financial Officer Stephen Ma | ) www.wsj.com time to read: +6 min

For Nissan Motor Co. finance chief Stephen Ma, the weak yen has been both a boon and a bane. “The current weakness of the yen has given us short-term benefits, which is good,” Mr. Ma said. Mr. Ma said he is working to repay debt and increase the auto maker’s profitability while managing issues such as currency volatility, semiconductor shortages and pricing. “We have some stickiness in terms of pricing power,” Mr. Ma said. Nissan has had “common sense, commercial-based” discussions with Renault, according to Mr. Ma.

Nissan wants to reduce Renault’s 43% holding to 15%, on par with Nissan’s stake in the French group, Reuters reports. Free cash flow will turn positive to the tune of 388 billion yen ($2.7 billion) by 2024, Morningstar estimates. He could, for example, ask shareholders to buy some of Renault’s Nissan stock. Or he could consider borrowing more; even after buying back a chunk from Renault, Nissan’s debt-to-EBITDA multiple could manage it. Nissan’s Renault reshuffle will drive a capital raise; he just needs to pick a route.

☆ Confused drivers think they have ‘self-driving’ cars. That’s dangerous, an insurance group warns
▼ + stars: | 2022-10-11 | by ( Matt Mcfarland | ) edition.cnn.com time to read: +4 min

Washington, DC CNN Business —Drivers are putting too much trust in their vehicles’ driver-assist features, which may lead to dangerous situations, according to the Insurance Institute for Highway Safety (IIHS). These systems are all driver-assist features that combine adaptive cruise control and lane-keeping systems, primarily to keep a car in a lane and following traffic on the highway. The IIHS called for automakers to design these driver-assist features to promote proper use. Drivers were more likely to conduct non-driving tasks like these when using the driver-assist features. The findings were based on phone and online surveys of roughly 600 regular users of SuperCruise, Autopilot and ProPilot Assist.

☆ Renault, Nissan messy breakup is least-bad option
▼ + stars: | 2022-10-10 | by ( Neil Unmack | ) www.reuters.com time to read: +4 min

Another headache is the alliance’s lopsided governance, which sees Renault hold a 43% stake in Nissan but the Japanese group prohibited by French law from exercising voting rights associated with its 15% stake in Renault. That will need Nissan’s backing, and the Japanese group might also invest in the electric division. The quid pro quo may be for Renault to give up some of its 43% share in Nissan. That implies the current value of just over 9 billion euros assigns little worth to the Nissan stake. Nissan is pressing Renault to cut its 43% stake in the Japanese group to as little as 15%, Reuters reported on Oct. 8.

☆ Nissan’s Ashwani Gupta on the need for speed: podcast
▼ + stars: | 2022-09-20 | by ( Pete Sweeney | Thomson Reuters | Asia Economics Editor Pete Sweeney Joined Reuters Breakingviews In Hong Kong In September Previously He Served As Reuters' Chief Correspondent For China Economy | ) www.reuters.com time to read: 1 min

Thomson ReutersAsia Economics Editor Pete Sweeney joined Reuters Breakingviews in Hong Kong in September 2016. Previously he served as Reuters' chief correspondent for China Economy and Markets, running teams in Shanghai and Beijing; before that he was editor of China Economic Review, a monthly magazine focused on providing news and analysis on the mainland economy. Sweeney came to China as a Fulbright scholar in 2008, and in that role conducted research on the Chinese aviation industry and outbound M&A. In prior incarnations he helped resettle refugees in Atlanta, covered the European Union out of Brussels, and took a poorly timed swing at craft-beer entrepreneurship in Quito even as the Ecuadorean currency collapsed (not his fault). He speaks Mandarin Chinese, at the expense of his Spanish.

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