Nissan Starts Producing 2013 LEAF - Analyst Blog
January 11 2013 - 1:17PM
Zacks
Nissan Motor Co. (NSANY) announced that it has
started the production of all-electric 2013 LEAF at its Smyrna, TN
plant. The 2013 model year LEAF will be produced together with the
company’s gasoline-powered products in the plant.
Recently, Nissan opened its largest lithium-ion automotive battery
plant in Smyrna, which is adjacent to the LEAF assembly facility.
The new plant will address the company’s goal of making
zero-emissions mobility around the world.
The batteries manufactured at this facility will serve as the power
source for the all-electric Nissan LEAF and also for the future
vehicles portfolio of the company. Nissan is the only automobile
company, which manufactures its own batteries.
LEAF is one of the highest selling electric vehicles with 50,000
vehicles sold globally and 19,500 vehicles to the U.S. customers
since its launch in December 2010. The 2013 LEAF features 240V
charging, which makes it two times faster than the previous
model.
The 2013 LEAF is similar to other vehicles of the company including
Altima and Maxima. The plant only needed to change a few process
and provide special training for technicians.
With this initiative, the company will be able to meet its goal of
manufacturing 85% of its U.S. sales volume in North America by
2015. This restructuring of the plant, with new battery plant and
incorporation of production of LEAF, has created more than 300 jobs
in the U.S. The company expects that job opportunities in the U.S.
will increase with the rise in demand.
Nissan reported a 7.7% increase in profits to ¥106.0 billion ($1.35
billion) or ¥25.30 (32 cents) per share in the second quarter of
fiscal 2012 ending March 31, 2013, from ¥98.4 billion or ¥23.52 per
share in the corresponding quarter last year. However, earnings per
share missed the Zacks Consensus Estimate of 58 cents per
share.
Revenues went up 5.5% year over year to ¥2.41 trillion ($30.67
billion) in the reported quarter, driven by an 8.3% increase in
unit sales to 1.27 million vehicles globally. The year over year
improvement in unit sales was attributable to higher sales volume
in Asia and North America, partly offset by lower sales in Japan
and Europe.
Nissan Motor is the sixth largest automaker in the world. The
company, along with its subsidiaries, engages in the production and
sale of automotive products, industrial machinery and marine
equipment, primarily in Japan, North America, and Europe. It
manufactures passenger cars, trucks, buses, forklifts, light
commercial vehicles, power trains and parts, and also offers sales
financing activities.
Nissan Motor competes with Honda Motor Co. (HMC)
and Toyota Motor Corporation (TM). Currently, it
retains a Zacks Rank #4 (Sell).
HONDA MOTOR (HMC): Free Stock Analysis Report
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