Search the Community
Showing results for tags 'nissan'.
Found 3 results
The automaker has reversed its decision to build its X-Trail SUV at a plant in northern England and instead will produce it in Japan (the model's global hub). British Prime Minister Theresa May must be kicking herself for not insisting on "no take backs" language in the contract. So what's the reasoning? Seems like an entrée of consolidating production with a side of Brexit concerns. "While we have taken this decision for business reasons, the continued uncertainty around the UK's future relationship with the EU is not helping companies like ours to plan for the future," said Nissan's Europe chairman. Why this is extra painful: Nissan said it would make the model in the UK only four months after the tumultuous Brexit vote in 2016. The investment pledge signaled that things might turn out okay. But they're not turning out okay UK companies across industries are preparing for Brexit like it's the asteroid from Armageddon. Fine, that may be over-the-top, but still... British factories stockpiled goods in January at a rate not seen since the early 1990s as they brace for impact. It was the highest level ever seen in a G7 country. A new survey from a lobby group showed that nearly 30% of British firms are either considering, or actively planning on, moving ops out of town. Via the Guardian But there's more to this Nissan story than Brexit Lower demand for diesel vehicles in Europe is stinging carmakers...and Nissan's suffering the most. Last year, it cut hundreds of jobs at its northern England plant while watching European sales (down 14% in 2018) fall belowthat of Kia, Citroën, and Dacia brands. *Quickly Googles Dacia*. Okay that's not good. Zoom out: The UK auto industry is struggling from both Brexit and non-Brexit related factors. Investment dropped 46% and new car production fell 9.1% in 2018, according to an industry trade group.
Nissan chairman Carlos Ghosn was arrested Monday after an internal investigation found he had allegedly been underreporting his income "over many years." He'll be booted from the board before the week's out. Nissan said "numerous other significant acts of misconduct have been uncovered, such as personal use of company assets." It also identified another board director, Greg Kelly, in the misconduct. Ghosn joined Nissan's team in 1999 and is considered the main architect of a global alliance between Nissan (-5.85%), Mitsubishi, and Renault (-8.43%). Let's untangle this (now's the time to grab your pen and paper)... Renault, a French automaker, owns 43.4% of Nissan. And Nissan owns 15% of Renault. Mitsubishi joined the party when Nissan took a 34% stake in 2016. Ghosn is also the CEO and chairman of Renault and the chairman of Mitsubishi. And while it spans countries, time zones, and cultures, the alliance has been successful. Together, these companies sold 10.6 million cars in 2017, and as a single entity they'd be considered the world’s largest automaker, per the NYT. Ghosn was a superstar: He earned the nickname "Le Cost Killer" in France after turning around Renault. And when he was credited with saving Nissan in Japan, he even became the subject of a comic book. Well, Ghosn's compensation had recently become a hot topic. He barely won shareholder support for his $8.5 million pay package from Renault in 2017. And in 2010, he became Japan's highest-paid executive. In total, he brought home about $17 million last year from the three alliance members, per Bloomberg. Ghosn's downfall is sure to put Nissan's governance under the microscope. And with Ghosn out of the picture, experts are questioning the alliance's future.
Guest posted a topic in Tesla Motors's TopicsNissan is saying goodbye to one of its’ subsidiaries this year, their battery operations and manufacturing division to GSR Capital, a private equity firm based in Beijing. NissanÂ’s subsidiary,Â Automotive Energy Supply Corporation (AESC), was founded in 2007 through a partnership with NEC, an electronics manufacture based in Tokyo, Japan. The joint partnership invested over $1B into the business throughout since its founding. AESC provides Nissan with all the batteries it uses in its electric cars, such as the Nissan Leaf and Renault. AESC was the second largest automotive battery provider in the world, behind Panasonic. Panasonic has positioned itself to continue leading the industry through itÂ’s close partnership with Tesla.Â The company hasÂ held a market share of 34% at the end of 2015, compared to 12% percent of the market by AESC, and a 33% market share as an aggregate of the next five largest companies. Nissan has been extremely aggressive in the EV market, with the Leaf having startedÂ production in 2010 as the first mass-produced electric vehicle. NissanÂ’s Chairman Carlos Ghosn has led the companyÂ’s expansion into the EV market and invested nearly $5B into the development of the Nissan Leaf. Ghosn made his intentions clear last year that he wanted to divest from the battery business and that Nissan would instead, Â“rely more and more on batteries by existing suppliers.Â” The company purchasing the battery division, GSR Capital, primarily invests in early and growth stage companies. This would be their largest investment by a significant amount, but other investments by the company have included electronic and charging manufactures. The companyÂ’s massive entrance into the battery space could potentially create more collaboration between their portfolio companies and give them greater exposure inÂ the automotive sector. Sonny Wu, Chairman ofÂ GSR CapitalÂ (Photo: Fortune) Â“We plan to further invest in R&D, expand existing production capacity in the U.S., UK and Japan, and also establish new facilities in China and Europe, enabling us to better serve customers around the world. With these capabilities and plans added to the battery businessÂ’ already skilled workforce, high technical capabilities and proven product-quality track record, we will be in a very good position for growth,Â” said Sunny Wu, Chairman of GSR Capital Nissan is facilitating the transaction for AESCÂ’s joint-partnership between Nissan, NEC, and NECÂ’s subsidiary NEC Energy Devices. The sale is expected to close by December 2017, the value of the acquisition is unclear. SourceÂ