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Nissan reported a 55% jump in October-December profit Thursday, as the Japanese automaker seeks to embark on a less bumpy journey with its French alliance partner Renault. Profit for the quarter at Yokohama-based Nissan Motor Co. totaled 50.6 billion yen ($386 million), up from 32.7 billion yen the previous year. Quarterly sales surged 29% to 2.8 trillion yen ($21 billion), as a shortage of computer chips that has slammed the world's automakers gradually eased, according to Nissan. The crunch was caused by COVID-19-related lockdowns and other restrictions, which hindered Nissan's ability to deliver vehicles to customers. Some buyers were waiting for a year for their Z sportscar or Ariya sport utility vehicle, said Chief Operating Officer Ashwani Gupta. We really don't want our customers to wait this long, he told reporters. The rising cost of raw materials, inflation pressures and volatile currency exchange rates have added to the risks for the auto industry, including Nissan. N
Nissan Motor India on Monday reported a 28 per cent rise in total wholesales at 8,991 units in December 2022. The company had sold a total of 7,026 units in the same month a year ago, Nissan Motor India said in a statement. Domestic sales were down 32.89 per cent last month at 2,020 units as compared to 3,010 units in December 2021, it added. However, exports grew by 73.6 per cent at 6,971 units over 4,016 units in the year-ago month. "The year has been challenging on the supply side, customer interest has been strong specially in the festive period. The higher purchasing power of the customers is driving interest towards aspirational products," Nissan Motor India Managing Director Rakesh Srivastava said.
Japanese automaker Nissan Motor Co. said on Tuesday that it plans to sell its Russian operations to its local partner and withdraw from manufacturing there. The company said its executive committee approved the sale to Russia's Central Research and Development Automobile and Engine Institute, or NAMI. The sale includes Nissan's factory and R&D facilities in St. Petersburg and its sales and marketing centre in Moscow, it said. The company will operate under a new name. Nissan did not give a dollar value for the sale but said it would log a 100 billion yen (USD 680 million) impact" from its exit from Russia. While we cannot continue operating in the market, we have found the best possible solution to support our people," Nissan President and CEO Makoto Uchida said in a statement. Nissan began making SUVs in St. Petersberg in 2009. It suspended manufacturing in Russia in March after the invasion of Ukraine. The company said the terms of the sale give Nissan the option to buy back it
Nissan will more aggressively push electric vehicles to take advantage of a new US law that gives up to USD 7,500 in tax credits, the Japanese automaker said on Friday. President Joe Biden signed the landmark climate change and health care bill into law last month. The tax credit can be used to defray the cost of purchasing an electric vehicle that's made in the US. The Nissan Leaf electric car is among the models that qualifies, but, under the law, the vehicles must contain a battery built in North America with minerals mined or recycled on the continent to be eligible. Chief Sustainability Officer Joji Tagawa acknowledged the qualification process was complex, while stressing Nissan was eager to take advantage of the law to alleviate costs to the customer. We are in the process of making a thorough analysis at the moment, he told reporters in an online briefing, noting details of what Nissan might do were still undecided. Tesla models, as well as the Ford F Series electric picku