Key Developments: Nissan Motor Co Ltd (NSANF.PK)
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23 May 2013
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Latest Key Developments (Source: Significant Developments)
Nissan Motor Co Ltd To Recall 841,000 Vehicles Due To Steering Wheel Glitch-Reuters
Reuters reported that Nissan Motor Co Ltd will recall about 841,000 vehicles worldwide, including the March compact car, due to a glitch in the steering wheel, the automaker said. Full Article
Nissan Motor Co Ltd, Mitsubishi Motors Corp Jointly Manufacturing Minicar-DJ
Dow Jones reported that Nissan Motor Co Ltd and Mitsubishi Motors Corp. started manufacturing on a jointly developed minivehicle that will be introduced on June 6 across Japan, Kyodo News reported. The new minivehicle - the first model developed by the two automakers' joint venture NMKV Co. will be sold under the brand names of DAYZ by Nissan and eK-Wagon by Mitsubishi Motors. The vehicle is being produced at Mitsubishi Motors' plant in Okayama Prefecture, western Japan. The two companies are also planning to launch a super height wagon-type minivehicle as the second model early next year. Full Article
Nissan Motor Co Ltd Issues Fiscal 2013 Guidance Above Analysts' Estimates-Business Line
Business Line reported that Nissan Motor Co predicted its net profit for the current financial year would rise 22.6% to JPY420 billion ($4.42 billion) on sales and the depreciation of the Japanese currency. Nissan also projected an operating profit of JPY610 billion for the year to the end of March, up 16.5% from JPY523.5 billion for the year that ended in March, while sales were estimated at JPY10.37 trillion. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of JPY9.56 billion, operating profit of JPY542 million for fiscal 2013. Full Article
Nissan Motor Co Ltd Recalls Altimas In US For Spare Tire Issue-Reuters
Reuters reported that Nissan Motor Co Ltd is recalling more than 123,000 Altima sedans in the United States to adjust the inflation of the spare tires, which could be over- or under-inflated. About 123,308 Altimas from model year 2013 are affected by the recall, according to documents filed the U.S. National Highway Traffic Safety Administration. Due to a production issue that has since been corrected, the spare tires in some of the recalled cars may have too much or not enough air in them, NHTSA said. In some cases, the over inflation may have been significant enough to hurt the tires' structural integrity, causing them to fail and increasing the risk of a crash, NHTSA said. Nissan said there were no reports of accidents or injuries related to the issue. Full Article
Nissan Motor Co Ltd Determines on Conditions of Bond Issuance-Reuters
Reuters reported that Nissan Motor Co Ltd announced that it has determined on the interest rate of 0.415% and issue price at JPY 100 for its JPY 100 billion 5-year corporate bonds, and the interest rate of 0.554% and issue price at JPY 100 for its JPY 10 billion 7-year corporate bonds. Full Article
Nissan Motor Co Ltd, Three Other Japan Carmakers To Recall 3.4 Million Vehicles Over Airbag-Reuters
Reuters reported that four Japanese automakers including Toyota Motor Corp, Nissan Motor Co Ltd and Honda Motor Co Ltd are recalling a total of about 3.4 million vehicles worldwide as a result of an airbag problem. Japanese auto parts maker Takata Corp supplied the airbags related to the recalls. Toyota is recalling about 1.73 million vehicles globally, including 580,000 vehicles in North America and 490,000 vehicles in Europe because some airbags at the front seat next to the driver may not inflate when necessary. No injuries or deaths have been reported. Full Article
Nissan Motor Co Ltd Recalls Five 2013 Models On Air Bags Concerns-Reuters
Reuters reported that Nissan Motor Co Ltd is recalling five 2013 model year vehicles, including top sellers Altima and Sentra, because the front passenger airbag may not deploy in a crash, the automaker told U.S. regulators. The models in the recall are Nissan's Altima, Sentra, Pathfinder and Leaf as well as Infiniti JX35, it said. Nissan did not supply the number of vehicles involved in the recall, or when they were manufactured. The reported recall affects only models sold in the United States. Nissan did not say whether vehicles in other countries will be recalled. Sensors that determine if a passenger is sitting in a seat may not have met specifications and do not detect a rider, the National Highway Traffic Safety Administration (NHTSA) said. If a crash occurs and no passenger is detected, the air bag may not deploy. The recall is expected to begin next month. Full Article
Renault SA-Nissan Motor Co., Ltd's JV To Set Up KPO Unit In Chennai-The Economic Times
The Economic Times reported that automakers Renault SA and Nissan Motor Co., Ltd. will set up a 300-seater knowledge processing unit in Chennai's Mahindra World City Special Economic Zone, according to three persons with direct knowledge of the development. According to the plans, Renault-Nissan could later ramp up the strength of the unit to 3,000 people. A ballpark calculation suggests that the initial investment would be INR40 crore (INR400 million), including rent and other amenities. Full Article
Daimler AG, Ford Motor Co And Nissan Motor Co., Ltd. Announces Strategic Cooperation To Accelerate Commercialization Of Fuel Cell Electric Vehicle Technology
Daimler AG, Ford Motor Co and Nissan Motor Co., Ltd. announced that they have signed a three-way agreement to accelerate the commercialization of fuel cell electric vehicle (FCEV) technology. The goal of the collaboration is to jointly develop a common fuel cell electric vehicle system while reducing investment costs associated with the engineering of the technology. Each company will invest equally towards the project. The strategy to maximize design commonality, leverage volume and derive efficiencies through economies of scale will help to launch the affordable, mass-market FCEVs as early as 2017. The collaboration sends a clear signal to suppliers, policymakers and the industry to encourage further development of hydrogen refueling stations and other infrastructure necessary to allow the vehicles to be mass-marketed. Full Article
Dongfeng Motor Group Co Ltd Enters Into Framework Agreement With Nissan Motor Co., Ltd., Nissan (China) Investment Co., Ltd. And Dongfeng Motor Co. Ltd
Dongfeng Motor Group Co Ltd announced that the Company has entered into the Framework Agreement on January 26, 2013 with Nissan Motor Co., Ltd., Nissan (China) Investment Co., Ltd. and Dongfeng Motor Co. Ltd., a Jointly-controlled Entity owned as to 50% by the Company. Under the Framework Agreement, the Company and/or its subsidiary, Dongfeng Commercial Vehicles Co., Ltd (Commercial Vehicles Co)/ China Dongfeng Motor Industry Imp. & Exp. Co., Ltd （ Dongfeng Imp.& Exp), have entered into various agreements (the Sub-agreements) with Dongfeng Motor Co.,Ltd., pursuant to which the Company and/or Dongfeng Commercial Vehicles Co.,Ltd (Commercial Vehicles Co)/ China Dongfeng Motor Industry Imp. & Exp. Co., Ltd（Dongfeng Imp.& Exp) will acquire and Dongfeng Motor Co.,Ltd. will sell the Commercial Vehicle And Other Businesses for a total consideration of approx RMB 11,712,837,000 (equivalent to approx HKD14,602,393,888). In consideration of the acquisition of Commercial Vehicles And Other Businesses, the Company and/or the Commercial Vehicles Co/ Dongfeng Imp. & Exp. shall pay approximately RMB11,712,837,000, including the consideration for the Equity Transfer and the Asset Transfer, to Dongfeng Motor Co., Ltd., on condition that the Commercial Vehicles Co shall allocate RMB250,000,000 to Dongfeng Motor Co., Ltd. as head office expense (the Allocated Head Office Expense). Full Article
Nissan to recall 841,000 vehicles due to steering wheel glitch
TOKYO - Nissan Motor Co Ltd will recall about 841,000 vehicles worldwide including the Micra compact car, also known as the March, as a result of a steering wheel glitch, Japan's No.2 automaker said on Thursday.
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