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☆ Hyundai names North American exec Jose Munoz as CEO, effective Jan. 1
▼ + stars: | 2024-11-14 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

Jose Munoz, chief performance officer of Nissan Motor Co., speaks during the 2018 North American International Auto Show (NAIAS) in Detroit, Michigan, Jan. 15, 2018. DETROIT – Hyundai Motor Co. on Thursday named Jose Munoz as the next president and CEO of the South Korean automaker, effective Jan. 1. Munoz, a native of Spain and a U.S. citizen, will be the first non-Korean CEO of Hyundai. Munoz currently serves as global chief operating officer of Hyundai as well as president and CEO of the North American operations of Hyundai and its luxury Genesis brand. He joined Hyundai in 2019 from Nissan Motor after 15 years with the Japanese automaker.

Persons: Jose Munoz, Munoz, Jaehoon Chang, Jose, Chang Organizations: Nissan Motor Co, Auto, DETROIT, Hyundai, South Korean, North, Hyundai – Automotive, Nissan Motor Locations: Detroit , Michigan, Spain, U.S, Korean

☆ Nissan plans 9,000 job cuts, slashes annual profit outlook
▼ + stars: | 2024-11-07 | by ( ) www.cnbc.com time to read: +2 min

A Nissan badge is attached to the grill of a 2013 Nissan Pathfinder on December 3, 2012 in Niles, Illinois. Nissan Motor Co is recalling more than 300,000 SUVs in the United States over an issue in which the hood suddenly opens, obstructing the driver's view and increasing the risk of a crash. Nissan Motor said it would slash 9,000 jobs and cut global production capacity by a fifth, while revising its annual profit outlook sharply lower as it battles headwinds in China and the United States. Japan's third-largest automaker cut its annual operating profit forecast by 70% to 150 billion yen ($975 million), marking its second downward revision after a 17% cut earlier this year. Together, the two markets account for nearly half of Nissan's global sales by volume.

Persons: Makoto Uchida, Uchida Organizations: Nissan, Nissan Pathfinder, Honda Locations: Niles , Illinois, United States, China, U.S, Japan's

Germany’s DAX added 0.1% to 17,959.35 and the FTSE 100 in London edged 0.1% higher to 7,731.73. Markets are awaiting a decision by the Bank of Japan on Tuesday on whether to raise its benchmark interest rate for the first time in 17 years. The Hang Seng in Hong Kong edged 0.1% higher to 16,737.12, and the Shanghai Composite index gained 1% to 3,084.93. Elsewhere, Australia’s S&P/ASX 200 edged 0.1% higher to 7,675.80, and the Kospi in South Korea advanced 0.7%, to 2,685.84. A report on consumer prices last week showed inflation remains stubborn, ticking up to 3.2% in February from 3.1% in January.

Persons: Germany’s DAX, Australia’s Organizations: Japan’s, Federal Reserve, CAC, Dow Jones, Nikkei, Bank of Japan, Honda Motor, Dongfeng Motor, Nasdaq, Software, Adobe, Microsoft, Broadcom, Google, University of Michigan, Fed, Traders, CME Group, New York Mercantile Exchange, Brent, U.S Locations: HONG KONG, London, Paris, Tokyo, Hong Kong, Shanghai, China, South Korea, India, Bangkok, U.S

TOKYO (AP) — Global shares are mixed Thursday in lackluster trading. U.S. shares were set to drift higher with Dow futures up nearly 0.3% at 39,632.00. Nissan Motor Co. stock jumped 2.2% after an unconfirmed Japanese media report that the automaker behind the Leaf electric car was about to enter an agreement on EVs with domestic rival Honda Motor Co. Honda shares rose 1.1%. Photos You Should See View All 60 ImagesThe Japanese central bank has set a target of 2% inflation. That higher inflation has in turn dashed Wall Street’s hopes that the Federal Reserve could start offering relief at its meeting next week by cutting interest rates.

Persons: Germany's DAX, Sydney's, Hang Seng, ”, Anderson Alves, Brent Organizations: TOKYO, —, CAC, Dow, Nikkei, Nissan Motor Co, Honda Motor Co, Honda, Nissan, Bank of Japan, Bank of, Federal Reserve, Fed, U.S Locations: Hong, Shanghai, ActivTrades, Bank of Japan

☆ Nissan, Fisker in advanced talks on investment, partnership, sources tell Reuters
▼ + stars: | 2024-03-01 | by ( ) www.cnbc.com time to read: +1 min

A Nissan badge is attached to the grill of a 2013 Nissan Pathfinder on December 3, 2012 in Niles, Illinois. The deal could close this month, said the sources, who asked not to be identified because the talks are ongoing and have not been finalized. Nissan would build its own electric pickup on the same platform, the source said. A Fisker spokesman said the company does not comment on speculation, while Nissan officials were not immediately available to comment. Fisker shares were off more than 43% on Friday, giving the company a market capitalization of about $222 million.

Persons: Fisker Organizations: Nissan, Nissan Pathfinder Locations: Niles , Illinois, United States, Fisker's, Alaska, Mississippi, Tennessee

☆ Britain hopes to attract investment from Chinese carmakers - minister
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Damir Sagolj/File Photo Acquire Licensing RightsCompanies Nissan Motor Co Ltd FollowHAMPTON COURT, England, Nov 27 (Reuters) - Britain's investment minister on Monday said he was working to attract Chinese car manufacturers to build a factory in the country and that investment from China was crucial to meeting environmental targets. At a foreign direct investment summit at Hampton Court Palace on Monday, British investment minister Dominic Johnson said commercial talks could run in parallel with political disagreements. "Chinese investment is crucial if we're to achieve our net zero goals ... "Absolutely, I have an ambition to try and attract a Chinese car manufacturer." Britain is re-examining the application of its recently introduced National Security and Investment (NSI) Act that has disproportionately blocked Chinese-backed deals.

Persons: Damir Sagolj, Rishi Sunak's, David Cameron, Cameron, Sunak, Dominic Johnson, we're, Johnson, carmakers, Alistair Smout, Alex Richardson Organizations: China, Financial, Bank of China, REUTERS, Nissan Motor, Conservative Party, National Security and Investment, Tata, Nissan, European Union, Thomson Locations: Beijing, China, HAMPTON, England, Hampton, Britain

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 make electric versions of Qashqai, Juke in Britain -Sky News
▼ + stars: | 2023-11-22 | by ( ) www.reuters.com time to read: 1 min

[1/2] A badge is seen on the new Juke car at Nissan's car plant in Sunderland Britain, October 10, 2019. REUTERS/Phil Noble/ File Photo Acquire Licensing RightsCompanies Nissan Motor Co Ltd FollowLONDON, Nov 22 (Reuters) - Japanese carmaker Nissan Motor Co (7201.T) will announce on Friday that it will build the electric versions of its Qashqai and Juke models at its plant in Sunderland, northern England, Sky News reported on Wednesday. Citing automotive industry sources, Sky reported Nissan would commit hundreds of millions of pounds to the project. While no upfront taxpayer money will be involved, the British government is expected to provide guarantees, the report added. Nissan representatives could not immediately be reached for comment.

Persons: Phil Noble, Kylie MacLellan, Nick Carey Organizations: REUTERS, Nissan Motor, Nissan, Sky News, Thomson Locations: Sunderland Britain, Sunderland, England

☆ Nissan more than doubles Q2 operating profit, beating estimates
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +1 min

A visitor is seen at Nissan Motor Corp.'s showroom in Tokyo, Japan November 11, 2020. REUTERS/Issei Kato/File Photo Acquire Licensing RightsTOKYO, Nov 9 (Reuters) - Japan's Nissan Motor (7201.T) reported on Thursday it had more than doubled its operating profit for the July-September quarter, beating analysts' estimates, boosted by steady sales in North America and Japan and a weaker yen. The company reported a 127% rise in July-September operating profit to 208.1 billion yen ($1.38 billion), compared with an average estimate of 155.9 billion yen in a poll of 10 analysts by LSEG and a 91.7 billion yen operating profit in the same period a year earlier. The automaker raised its full-year forecast by nearly 13% to 620 billion yen due to a favourable impact of a weak yen and improvements in global retail sales, excluding China. The forecast compared to a 570.1 billion yen average profit forecast in a poll of 19 analysts by Refinitiv.

Persons: Issei Kato, Daniel Leussink, David Dolan, Muralikumar Organizations: Nissan Motor Corp, REUTERS, Rights, LSEG, Refinitiv, Nissan, Renault, Thomson Locations: Tokyo, Japan, North America, China

☆ Nissan CEO weighs in on how the EV market has changed since Covid
▼ + stars: | 2023-11-02 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +3 min

That presents a series of challenges to established automakers like Nissan, which have followed global strategies for decades. The market has been fragmented, and customers' acceptance speed is also different," Uchida said. "So what's important is how much we can start to localize in each respective market," Uchida said. But many of those new Nissan EVs will no longer be global models. For instance, EV customers in China are very sensitive to pricing – but they also want the latest technology, which they've come to expect from the fierce competition between the many domestic Chinese EV makers.

Persons: Makoto Uchida, –, CNBC's Martin Soong, Uchida, they've, Li Auto, Kraft Heinz, FanDuel Organizations: Nissan Motor Co, Nissan Hyper Force, Japan, Nissan, Toyota, Volkswagen, Target, FedEx, Kraft, CNBC PRO Locations: Tokyo, Japan, U.S, Europe, China

☆ Japan's business mood improves, capex firm in boost to economic outlook
▼ + stars: | 2023-10-02 | by ( Leika Kihara | Tetsushi Kajimoto | ) www.reuters.com time to read: +4 min

TOKYO (Reuters) -Japan’s business sentiment improved in the third quarter, a central bank survey showed, suggesting conditions for a durable economic revival are falling into place even as a global slowdown keeps policymakers cautious about the outlook. Big non-manufacturers’ index stood at 27, up from 23, the survey showed, above a median market forecast of 24 and improving for the sixth straight quarter. The survey showed big manufacturers expect conditions to improve three months ahead, though sluggish global demand and signs of weakness in China’s economy cloud the outlook. “The tankan showed Japan is on track for a domestic-demand led growth. But analysts expect a mild contraction in the July-September quarter as sluggish global demand weigh on exports.

Persons: Maki Shiraki, ”, Marcel Thieliant, Yoshimasa Maruyama Organizations: Nissan, Co, Ltd's, EV, REUTERS, Companies, Bank of Japan, Capital Economics, Big, Nikko Securities Locations: TOKYO, Tochigi prefecture, Japan, Asia, U.S

☆ Nissan says all new models coming to Europe will be fully electric
▼ + stars: | 2023-09-25 | by ( Nick Carey | ) www.reuters.com time to read: +1 min

REUTERS/Issei Kato/File Photo Acquire Licensing RightsLONDON, Sept 25 (Reuters) - Nissan Motor Co (7201.T) said on Monday that as of now all new models it launches in Europe will be fully electric and it plans to sell only electric vehicles on the continent by 2030. The Japanese carmaker said that one of two new EV models it has already confirmed for Europe will be manufactured at its Sunderland plant in northern England. Earlier this year, Nissan raised its targets for EV models as it plays catch up in a segment dominated by newcomers like Tesla (TSLA.O) - saying it would launch 19 new EV models by 2030. The new goal of going fully electric in Europe by 2030 brings Nissan in line with alliance partner Renault (RENA.PA), which plans to make the Renault brand all electric by then. Ford and Stellantis also plan to be fully electric in Europe by 2030.

Persons: Issei Kato, Makoto Uchida, Ford, Stellantis, Nick Carey, Kirsten Donovan Organizations: Nissan Motor Corp, Nissan, REUTERS, Sunderland, Renault, Volvo, Thomson Locations: Yokohama, Tokyo, Japan, Europe, England

☆ Nissan to delay new SUV production by 6 months in Mexico due to stolen mold -Nikkei
▼ + stars: | 2023-09-05 | by ( ) www.reuters.com time to read: +1 min

The brand logo of Nissan Motor Corp. is displayed during a press preview of the company's new Ariya all-battery SUV, ahead of the world premiere, at Nissan Pavilion in Yokohama, south of Tokyo, Japan July 14, 2020. REUTERS/Issei Kato/File Photo Acquire Licensing RightsTOKYO, Sept 5 (Reuters) - Nissan Motor (7201.T) will delay the start of production of its next "Kicks" SUV model in Mexico by about six months after some mold components were stolen at a local supplier, the Nikkei newspaper reported on Tuesday. Production of the remodelled "Kicks" had been due to start in December, but will now likely begin around June 2024, the paper said. Nissan builds the Kicks at its Aguascalientes plant in Mexico for sale in the North American market. The model accounted for 8% of its U.S. sales last year, with about 54,000 units sold, the Nikkei said.

Persons: Issei Kato, Chang, Ran Kim, Mariko Katsumura, Muralikumar Anantharaman, Jacqueline Wong Organizations: Nissan Motor Corp, Nissan, REUTERS, Rights, Nikkei, Thomson Locations: Yokohama, Tokyo, Japan, Mexico, Aguascalientes

☆ Nissan will not fill COO position left open by Gupta's departure
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +1 min

TOKYO, June 28 (Reuters) - Nissan Motor Co (7201.T) has decided to not fill in the chief operating officer position vacated by Ashwani Gupta under a new management structure, the Japanese automaker said on Wednesday. Responsibilities previously carried out by the operations chief will be taken over by other executives, it said. Chief Financial Officer Stephen Ma will take over operations performance duties. Japan's No.3 automaker is investigating accusations that Uchida carried out surveillance of Gupta, Reuters has reported. Nissan is in the midst of finalising the terms of a sweeping reset of its decades-old alliance with Renault SA (RENA.PA).

Persons: Ashwani Gupta, Hideyuki Sakamoto, Stephen Ma, Makoto Uchida, Nissan, Gupta, Japan's, Uchida, Satoshi Sugiyama, Muralikumar Organizations: Nissan, Reuters, Renault SA, Renault, Thomson Locations: TOKYO

☆ Carlos Ghosn sues Nissan for $1 billion in Lebanon, legal document shows
▼ + stars: | 2023-06-20 | by ( ) www.cnbc.com time to read: +1 min

Carlos Ghosn, former chairman of Nissan Motor Co., leaves his lawyer's office in Tokyo, Japan, on Thursday, May 23, 2019. Former Nissan Chairman Carlos Ghosn has sued the company for more than $1 billion in a lawsuit filed to Lebanon's public prosecutor last month, according to a copy of the lawsuit seen by Reuters. The lawsuit filed on May 18 accuses Nissan along with two other companies and 12 named individuals of crimes including defamation, slander, libel and the fabrication of material evidence. He denied the charge and said his detention was part of a plot by Nissan executives to block a merger. After arriving in Lebanon Ghosn said he was escaping a "rigged" justice system in Japan and that he intended to clear his name.

Persons: Carlos Ghosn, Ghosn, Lebanon Ghosn Organizations: Nissan Motor Co, Nissan, Reuters Locations: Tokyo, Japan, Lebanon

☆ Carlos Ghosn sues Nissan for $1 bln in Lebanon, legal document shows
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: +1 min

A spokesperson for Nissan said the company will not be commenting on the matter. Ghosn, once a titan of the global car industry, was arrested in Japan in late 2018 and charged with financial misconduct. He denied the charge and said his detention was part of a plot by Nissan executives to block a merger. He escaped Japan hidden in a box aboard a private jet in December 2019, fleeing to Lebanon, his childhood home. After arriving in Lebanon Ghosn said he was escaping a "rigged" justice system in Japan and that he intended to clear his name.

Persons: Carlos Ghosn, Ghosn, Lebanon Ghosn, Maya Gebeily, Laila Bassam, Tom Perry, Daniel Leussink, Tala Ramadan, Kirsten Donovan, Louise Heavens, David Goodman Organizations: Nissan Motor, Nissan, Reuters, Thomson Locations: BEIRUT, Japan, Lebanon, Beirut

While other automakers like Volkswagen AG (VOWG_p.DE) have also been caught out by the sharp shift in China, Japanese automakers stand out because of their limited showing in the fast-growing category of electric and plug-in hybrid sales. Mitsubishi, like some other Japanese automakers, does not break out China sales figures. Industry data analysed by Reuters showed its first-quarter sales in China fell by 58% from a year earlier. Nissan Motor Co Ltd (7201.T) posted a 45.8% drop in China sales and Mazda Motor Corp (7261.T) sales were down 66.5% in the first quarter. "Japanese automakers could face a similar struggle in the United States as in China," he said.

☆ U.S., Japan strike trade deal on electric vehicle battery minerals
▼ + stars: | 2023-03-28 | by ( ) www.cnbc.com time to read: +2 min

The United States and Japan announced a trade deal March 27, 2023 on electric vehicle battery minerals that is key to strengthening their battery supply chains and granting Japanese automakers wider access to the new $7,500 U.S. EV tax credit. See here a Nissan Motor Co. Sakura electric vehicle on display. The United States and Japan on Tuesday announced a trade deal on electric vehicle battery minerals that is key to strengthening their battery supply chains and granting Japanese automakers wider access to the new $7,500 U.S. EV tax credit. Minerals-focused trade deals are one way that the Biden administration hopes to open up access for trusted allies to the $7,500 per vehicle EV tax credits in last year's climate-focused Inflation Reduction Act. The U.S. Treasury is expected to define sourcing requirements for the EV tax subsidies by the end of this week, providing eagerly awaited guidance to the auto, battery and clean energy sectors.

Most carmakers said their battery packs are repairable, though few seem willing to share access to battery data. Lauterwasser said access to EV battery data is part of that fight. EV battery problems also expose a hole in the green "circular economy" touted by carmakers. Hill estimated at least 95% of the cells in the hundreds of EV battery packs - and thousands of hybrid battery packs - Synetiq has stored at Doncaster are undamaged and should be reused. 'PAIN POINTS'The British government is funding research into EV insurance "pain points" led by Thatcham, Synetiq and insurer LV=.

☆ Factbox: Insurers press carmakers for more help with EV batteries
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +1 min

Many carmakers in turn say their EV battery packs are repairable, though few seem willing to share access to battery data. General Motors Co (GM.N) said its new Ultium batteries are designed to be repaired at the module level, which is "significantly less expensive than replacing the entire battery pack." It also allows third-party access to battery data. When asked about third-party data access, a spokesman said "Nissan dealers have all the training and special tools required to assure the quality or repair needs of EV batteries." Renault (RENA.PA) said modules in its EVs can be repaired at specially designated "battery centres," but did not respond to a question about third-party data access.

The tool and die workers in a 62-9 vote rejected a campaign by the International Association of Machinists and Aerospace Workers (IAM), according to results announced by the U.S. National Labor Relations Board. The 75 technicians would have been the first group to unionize at the Japanese automaker's largest assembly plant in North America. Nissan spokesperson Lloryn Love-Carter said, "Nissan respects this decision, and we remain focused on working with employees to drive our future forward together." “The IAM will continue to support these workers so we will be prepared for them to join our union when the time is right again," the union said. In 1989 and 2001, workers in Smyrna voted overwhelmingly against joining the United Auto Workers union.

☆ Mitsubishi Motors to sell only EVs, hybrids by mid-2030s
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +2 min

[1/3] A Mitsubishi Motors signage is pictured next to a Mitsubishi Motors electric car at the Tokyo Motor Show, in Tokyo, Japan October 24, 2019. Mitsubishi considers plug-in hybrids (PHEV), hybrid electric vehicles and battery electric vehicles (BEV) as electrified vehicles. Electrified vehicles accounted for about 7% of the company's total new car sales in fiscal 2021. Mitsubishi, an early mover in EVs in the early 2010s, currently has no BEVs in its line-up in Europe. Of the other 14 models Mitsubishi plans to launch, seven will be purely combustion engine-powered ones, five will be hybrids and the remaining two will be BEV, the company said.

But production is running at least a third below plan, keeping the Ariya from shipping to new customers, according to three of the people and production planning notes reviewed by Reuters. Implementation has proved "an extremely, extremely high challenge" and the advanced paint line has become a persistent headache, one of the people said. In a statement to Reuters, Nissan said Ariya production had faced challenges including supply of semiconductors, disruptions in components shipments and the factory's paint line. EVs accounted for just 4.5% of Nissan's global sales of 3.2 million vehicles in 2022. Output over the next two months is expected to fall short of that, according to production planning notes from last month reviewed by Reuters.

☆ Mitsubishi Motors to electrify 100% of its fleet by 2035 - Yomiuri
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +1 min

TOKYO, March 10 (Reuters) - Japanese carmaker Mitsubishi Motors Corp (7211.T) plans to electrify 100% of its fleet by 2035 through active introduction of hybrid and electric vehicles (EV), the Yomiuri Shimbun daily said on Friday. Mitsubishi is a junior member of the partnership of French carmaker Renault SA (RENA.PA) and Nissan Motor Co (7201.T), which last month announced a deal to redesign their alliance. Mitsubishi had previously said it would have 50% of its fleet electrified by 2030, a goal the Yomiuri said would remain unchanged, with emphasis then being on pushing forward with electrification over the next five years. Mitsubishi also plans on introducing EVs in Europe, it added, saying the company would make an announcement about its plans soon. The company, which is scheduled to hold a news conference later on Friday, declined to comment when asked about the report.

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