Company Perspectives:

Nissan's challenge is to enhance its corporate value and to build a

corporate foundation that will enable the Company to win out in the
competitive environment of the 21st century. The management team is
also keenly aware of its responsibility to meet the expectations of
shareholders by reinstating dividend payments as soon as possible. We
will do our utmost to achieve a new corporate consciousness and to
implement sweeping improvements in our corporate structure. We look
forward to the continuing support and guidance of our shareholders as
we strive to attain these goals. 

Key Dates:

1911 : Masujiro Hashimoto founds the Kwaishinsha Motor Car Works in

Tokyo. 

1914 : Hashimoto introduces his first car, the DAT. 

1918 :  The Datson model is first produced. 

1932 : The Datson brand is changed to Datsun. 

1933 : The manufacturing and sale of Datsun cars is taken over by the
Jidosha Seizo Company, Ltd. 

1934 : Jidosha Seizo changes its name to Nissan Motor Co., Ltd. 
Early 1940s:During World War II, the company makes military trucks
and engines for airplanes and torpedo boats. 

1951 : Nissan becomes a publicly traded company. 

1952 : Nissan enters into a license agreement with U.K.-based Austin

Motor Company Ltd. 

1958 : Export of cars to the U.S. market begins. 

1966 : The company merges with Prince Motor Company Ltd. 

1981 : The company begins changing its name from Datsun to Nissan
in the U.S. market. 

1989 : The Infiniti line of luxury automobiles is introduced. 

1992 : The company posts the first pretax loss in its history as a public
company; Nissan introduces the Altima small luxury sedan and the
Quest minivan, the latter a joint development with Ford Motor
Company. 

1994 : Nissan posts a loss of nearly US$2 billion. 

1999 : Nissan and Renault S.A. enter into a global alliance, with
Renault taking a 37 percent stake in Nissan. A massive restructuring
begins. 

Company History:

Established in 1933, Nissan Motor Co., Ltd. was a pioneer in the

manufacturing of automobiles. Nearly 70 years later, Nissan has
become one of the world's leading automakers, with annual production
of 2.4 million units, which represented 4.9 percent of the global
market. Domestically, the company sells 774,000 vehicles on an
annual basis, placing it second behind Toyota Motor Corporation.
About 35 percent of Nissan's vehicles are sold in Japan, 25 percent in
the United States, and 20 percent in Europe. In the North American
market, the company's top models include the Infiniti, Maxima, Altima,
and Sentra passenger cars, the Quest minivan, the Frontier pickup
truck, and the Pathfinder sport utility vehicle. After losing money for
most of the 1990s, Nissan entered into a global alliance with Renault
S.A. in March 1999, with the French company taking a 37 percent
stake in Nissan. A massive restructuring was then launched.
Early History
In 1911 Masujiro Hashimoto, a U.S.-trained engineer, founded the
Kwaishinsha Motor Car Works in Tokyo. Hashimoto dreamed of
building the first Japanese automobile, but lacked the capital. In order
for his dream to come true, he contacted three men--Kenjiro Den,
Rokuro Auyama, and Keitaro Takeuchi--for financial support. To
acknowledge their contribution to his project, Hashimoto named his
car DAT, after their last initials. In Japanese, 'dat' means 'escaping
rabbit' or 'running very fast.'

Debuting in 1914, the first DAT was marketed and sold as a ten
horsepower runabout. Another version, referred to as 'datson' or 'son
of dat,' was a two-seater sports car produced in 1918. One year later,
Jitsuyo Jidosha Seizo Company, another Nissan predecessor, was
founded in Osaka. Kwaishinsha and Jitsuyo Jidosha Seizo combined in
1926 to establish the Dat Jidosha Seizo Company. Five years later, the
Tobata Imaon Company, an automotive parts manufacturer, purchased
controlling interest in the company. Tobata Imaon's objective was to
mass-produce products that would be competitive in quality and price
with foreign automobiles.

In 1932, 'Datson' became 'Datsun,' thus associating it with the ancient

Japanese sun symbol. The manufacturing and sale of Datsun cars was
taken over in 1933 by the Jidosha Seizo Company, Ltd., which was
established in Yokohama that year through a joint venture between
Nihon Sangyo Company and Tobata Imaon. In 1934 the company
changed its name to Nissan Motor Co., Ltd., and one year later the
operation of Nissan's first integrated automobile factory began in
Yokohama under the technical guidance of American industrial
engineers.

Datsun cars, however, were not selling as well as expected in Japan.

Major U.S. automobile manufacturers, such as General Motors
Corporation (GM) and the Ford Motor Company, had established
assembly plants in Japan during this time. These companies
dominated the automobile market in Japan for ten years, while foreign
companies were discouraged from exporting to the United States by
the Great Depression of 1929.
With the advent of World War II in 1941, Nissan's efforts were directed
toward military production. During wartime, the Japanese government
ordered the motor industry to halt production of passenger cars and,
instead, to produce much needed trucks. Nissan also produced
engines for airplanes and torpedo boats.

Postwar Recovery and Overseas Expansion

After World War II, the Japanese auto industry had to be completely
recreated. Technical assistance contracts were established with
foreign firms such as Renault, Hillman, and Willys-Overland. In 1952
Nissan reached a license agreement with the United Kingdom's Austin
Motor Company Ltd. With American technical assistance and improved
steel and parts from Japan, Nissan became capable of producing
small, efficient cars, which later provided the company with a
marketing advantage in the United States.
The U.S. market was growing, but gradually. Nonetheless, Nissan felt
that Americans needed low-priced economy cars, perhaps as a second
family car. Surveys of the U.S. auto industry encouraged Nissan to
display its cars at the Imported Motor Car Show in Los Angeles. The
exhibition was noticed by  Business Week, but as an analyst wrote in
1957, 'With over 50 foreign car makers already on sale here, the
Japanese auto industry isn't likely to carve out a big slice of the U.S.
market for itself.'
Nissan considered this criticism as it struggled to improve domestic
sales. Small-scale production resulted in high unit costs and high
prices. In fact, a large percentage of Datsun cars were sold to
Japanese taxi companies. Yet Kawamata, the company's new and
ambitious president, was determined to increase exports to the United
States. Kawamata noted two principal reasons for his focus on
exports: 'Increased sales to the U.S.A. would give Nissan more
prestige and credit in the domestic markets as well as other areas and
a further price cut is possible through mass producing export cars.'
By 1958 Nissan had contracted with two U.S. distributors, Woolverton
Motors of North Hollywood, California, and Chester G. Luby of Forest
Hills, New York. Nevertheless, sales did not improve as quickly as
Nissan had hoped. As a result, Nissan sent two representatives to the
United States to help increase sales: Soichi Kawazoe, an engineer and
former employee of GM and Ford; and Yutaka Katayama, an
advertising and sales promotion executive. Each identified a need for
the development of a new company to sell and service Datsuns in the
United States. By 1960 Nissan Motor Corporation, based in Los
Angeles, had 18 employees, 60 dealers, and a sales total of 1,640 cars
and trucks. The success of the Datsun pickup truck in the U.S. market
encouraged new dealerships.
Datsun assembly plants were built in Mexico and Peru during the

1960s. In 1966 Nissan merged with the Prince Motor Company Ltd.--
gaining the Skyline and Gloria models--and two years later Datsun
passenger cars began production in Australia. During 1969 cumulative
vehicle exports reached one million units. This was a result of
Katayama and Kawazoe's efforts to teach Japanese manufacturers to
build automobiles comparable to U.S. cars. This meant developing
mechanical similarities and engine capacities that could keep up with
American traffic.

The introduction of the Datsun 240Z marked the debut of foreign

sports cars in the U.S. market. Datsun began to receive good reviews
from automotive publications in the United States, and sales began to
improve. Also at this time, the first robotics were installed in Nissan
factories to help increase production.

1970s and 1980s: From Economy Cars to Luxury Sedans

In 1970, Japan launched its first satellite on a Nissan rocket. Only five
years later, Nissan export sales reached $5 million. But allegations
surfaced that Nissan U.S.A. was 'pressuring and restricting its dealers
in various ways: requiring them to sell at list prices, limiting their
ability to discount, enforcing territorial limitations,' according to
author John B. Rae. In 1973 Nissan U.S.A. agreed to abide by a decree
issued from the U.S. Department of Justice that prohibited it from
engaging in such activities.
The 1970s marked a slump in the Japanese auto industry as a result of
the oil crisis. Gasoline prices started to increase, and then a number of
other difficulties arose. U.S. President Richard Nixon devalued the
dollar and announced an import surcharge: transportation prices went
up and export control was lacking. To overcome these problems,
Nissan U.S.A. brought in Chuck King, a 19-year veteran of the auto
industry, to improve management, correct billing errors, and minimize
transportation damages. As a result, sales continued to increase with
the help of Nissan's latest model, the Datsun 210 'Honeybee,' which
was capable of traveling 41 miles on one gallon of gas.
In 1976 the company began the production of motorboats. During this
time, the modification of the Datsun model to U.S. styling also began.
Additions included sophisticated detailing, roof racks, and air
conditioning. The new styling of the Datsun automobiles was
highlighted with the introduction of the 1980 model 200SX.
During the 1980s Nissan established production facilities in Italy,
Spain, West Germany, and the United Kingdom. An aerospace
cooperativyear 1947
apne hi apno se juda ho gaye thee agreement with Martin Marietta Corporation
also was concluded, and the Nissan CUE-X and MID4 prototypes were
introduced. In 1981, the company began the long and costly process of
changing its name from Datsun to Nissan in the U.S. market.
The new generation of Nissan automobiles included high-performance
luxury sedans. They featured electronic control, variable split four-
wheel drive, four-wheel steering, an 'intelligent' engine, and a satellite
navigation system, as well as other technological innovations. Clearly,
the management of Nissan had made a commitment to increase
expenditures for research and development. In 1986 Nissan reported
that the company's budget for research and development reached
¥170 billion, or 4.5 percent of net sales.

During the late 1980s, Nissan evaluated future consumer trends. From
this analysis, Nissan predicted that consumers would prefer a car with
high performance, high speed, innovative styling, and versatile
options. All of these factors were taken into account to form 'a clear
image of the car in the environment in which it will be used,' said
Yukio Miyamori, a director of Nissan. Cultural differences also were
considered in this evaluation. One result of this extensive market
analysis was the company's 1989 introduction of its Infiniti line of
luxury automobiles.

The use of robotics and computer-aided design and manufacturing

reduced the time required for computations on aerodynamics,
combustion, noise, and vibration characteristics, enabling Nissan to
have an advantage in both the domestic and foreign markets. The
strategy of Nissan's management during the late 1980s was to improve
the company's productivity and thus increase future competitiveness.

Sustained Difficulties in the 1990s

By the start of the next decade, however, Nissan's fortunes began to

decline. Profits and sales dropped, quelling hopes that the 1990s
would be as lucrative as the 1980s. Nissan was not alone in its
backward tumble, however: each of the major Japanese car makers
suffered damaging blows as the decade began. The yen's value rose
rapidly against the dollar, which crimped U.S. sales and created a
substantial price disparity between Japanese and U.S. cars. At the
same time, the United States' three largest automobile manufacturers
showed a surprising resurgence during the early 1990s. According to
some observers, Japanese manufacturers had grown complacent after
recording prolific gains to surpass U.S. manufacturers. In the more
cost-conscious 1990s, they allowed the price of their products to rise
just as U.S. manufacturers reduced costs, improved efficiency, and
offered more innovative products.

In addition, the global recession that sent many national economies

into a tailspin in the early 1990s caught Nissan with its resources
thinly stretched as a result of its bid to unseat its largest Japanese
rival, Toyota Motor Corporation. Toyota, much larger than Nissan and
possessing deeper financial pockets, was better positioned to sustain
the losses incurred from the global economic downturn. Consequently,
Nissan entered its ninth decade of operation facing formidable
obstacles.

The first financial decline came in 1991, when the company's

consolidated operating profit plummeted 64.3 percent to ¥125 billion
(US$886 million). Six months later, Nissan registered its first pretax
loss since becoming a publicly traded company in 1951--¥14.2 billion
during the first half of 1992. The losses mounted in the next two years,
growing to ¥108.1 billion in 1993 and ¥202.4 billion by 1994, or nearly
US$2 billion. To arrest the precipitous drop in company profits,
Nissan's management introduced various cost-cutting measures--such
as reducing its materials and manufacturing costs--which saved the
company roughly US$1.5 billion in 1993, with an additional US$1.2
billion savings realized in 1994. Nissan also became the first Japanese
company to close a plant in Japan since World War II and cut nearly
12,000 workers in Japan, Spain, and the United States from its payroll.
Nissan also was staggering under a debt load that reached as high as
US$32 billion and threatened to bankrupt the company. Only
intervention from Nissan's lead lender, Industrial Bank of Japan, kept
the company afloat.

There were some positive signs in the early 1990s to inspire hope for
the future. Nissan's 1993 sales increased nearly 20 percent, vaulting
the car maker past Honda Motor Co., Ltd. to reclaim the number two
ranking in import sales to the all-important U.S. market. Much of this
gain was attributable to robust sales of the Nissan Altima, a
replacement for its Stanza model, which was introduced in 1992 and
marketed in the United States as a small luxury sedan priced under
$13,000. To the joy of Nissan's management, however, the Altima
typically was purchased with various options added on, giving the
company an additional $2,000 to $3,000 per car. Nissan also was
encouraged by strong sales of its Quest minivan, which was
introduced in the United States in 1992 and had been developed jointly
with Ford Motor, which marketed its own version, the Ford Windstar.
Nissan's losses continued through the fiscal year ending in March
1996, cumulating to US$3.2 billion over a four-year span. The
company's return to profitability in fiscal 1997 came about in part
because of the cost-cutting program and in part from the yen's
dramatic depreciation against the dollar. Despite the return to the
black, Nissan remained a troubled company. From its 1972 peak of 34
percent, the company's share of the Japanese auto market had fallen
to 20 percent by early 1997. Competition from the more financially
stable Toyota and Honda played a factor in this decline, but Nissan
also hurt itself by failing to keep pace with changing consumer tastes
both in Japan and in overseas markets. For example, Nissan was
behind its rivals in adding minivans and sport utility vehicles to its
product lineup, having for years dismissed these sectors as passing
fads. Meanwhile, minivans, sport utility vehicles, and station wagons
accounted for half of all passenger car sales in Japan by early 1997,
up from just more than ten percent in 1990. In the U.S. market, the
Altima lost ground to two midsized rivals, the Honda Accord and the
Toyota Camry, because Nissan's model was smaller and thus less
desirable. In the luxury car sector, Toyota's Lexus line became the hot
brand in the United States, triumphing over the Infiniti. Because of
these and other factors, Nissan returned to the red for fiscal years
1998 and 1999. Although the losses were not as large as earlier in the
decade, the company's continued sky-high debt load--which stood at
US$19.7 billion in late 1998--did not bode well for Nissan's future.

1999 and Beyond: The Renault Era

The late 1990s was a period of intense consolidation in the auto
industry, stemming from rapid globalization, the increasing cost of
developing ever more sophisticated vehicles, and worldwide
automotive production overcapacity. The November 1998 merger of
Daimler-Benz AG and Chrysler Corporation that formed DaimlerChrysler
AG was the largest partnership created in this period, but there were a
number of smaller mergers, acquisitions, and strategic alliances as
well. Both Nissan and Renault S.A. of France were eagerly looking for
a partner in order to compete in the 21st century. Nissan was rebuffed
by both DaimlerChrysler and Ford and Renault was turned away by
other Japanese automakers, before the two companies reached an
agreement on a global alliance in March 1999. The combination of
Nissan and Renault made strategic sense in that the companies' main
sales territories and production locales were complementary. In
vehicle sales, Nissan was strongest in Japan and other parts of Asia,
the United States, Mexico, the Middle East, and South Africa, while
Renault concentrated on Europe, Turkey, and South America. The
production side followed a similar pattern. On a global basis, the two
companies held just more than a nine percent market share, which
would position the combination number four in the worldwide auto
industry.
As part of the agreement, Renault pumped US$5.4 billion into cash-
hungry Nissan in exchange for a 37 percent stake in Nissan Motor and
a 22.5 percent stake (later raised to 26 percent) in Nissan Diesel Motor
Co., a heavy truck unit. Although it did not secure complete control of
Nissan, Renault gained veto power over capital expenditures and
installed Carlos Ghosn (rhymes with 'bone') as Nissan's chief operating
officer (he became president as well in 2000). The Brazilian-born
Ghosn was an executive vice-president at Renault and had engineered
a rapid turnaround there after joining the company in 1996. French
newspapers tagged him with the nickname 'le cost killer' because of
his tenacious approach to cost cutting--his Renault restructuring
slashed US$3.5 billion in costs over a three-year period.
The capital injection from Renault quickly reduced Nissan's debt load
to ¥1.4 trillion (US$13 billion). Ghosn rapidly began implementing a
massive restructuring of Nissan. Nonautomotive operations began to
be divested, including mobile and car telephone operations and the
aerospace division. Nissan's forklift unit was likely to be sold and
Nissan Diesel was a candidate for sale as well, given that Nissan
Motor had declared that making cars and light trucks was its core
business. In early 2000 Nissan sold a stake it held in Fuji Heavy
Industries Ltd. As for the automotive operations, Ghosn in October
1999 laid out a tough cost-containment program slated to be
completed by 2002. The program included: a 14 percent workforce
reduction--representing 21,000 jobs, primarily in Japan--through
attrition, early retirement, and noncore business spinoffs; the closure
of five production plants in Japan in 2001 and 2002; the slashing of ¥1
trillion (US$9.5 billion) in annual costs, including a 20 percent
reduction in purchasing costs and a 20 percent cut in overhead, the
latter to include the elimination of one-fifth of Japanese Nissan
dealers; and a 50 percent reduction in debt, to ¥700 billion (US$6.5
billion). Ghosn also began tackling the crucial need for a revitalization
of Nissan's bland line of vehicles by substantially increasing capital
spending, toward a goal of speeding new products to market four
times faster than before. Although such a restructuring was by this
time routine in the United States and becoming more commonplace in
Europe, Ghosn's plan ran counter to many established business
practices in Japan. The biggest question was whether Ghosn could
implement the plan without resorting to large-scale layoffs in Japan,
which would likely face fierce opposition from workers and labor
unions and even from leaders of other Japanese firms. Perhaps to
underscore the seriousness of his mission and his determination to
turn Nissan around, Ghosn also announced that he would resign if
Nissan was not profitable by March 2001.

Principal Subsidiaries:  Autech Japan, Inc.; JATCO Corporation;

NDC Co., Ltd.; Nissan Altia Co., Ltd.; Nissan Car Leasing Co., Ltd.;
Nissan Finance Co., Ltd.; Nissan Koe Co., Ltd.; Nissan Kohki Co., Ltd.;
Nissan Motor Car Carrier Co., Ltd.; Nissan Texsys Co., Ltd.; Nissan
Trading Co., Ltd.; Nissan Transport Co., Ltd.; Rhythm Corporation;
Tachi-S Co., Ltd.; Tennex Co., Ltd.; Vantec Corporation; Nissan Sunny
Tokyo Motor Sales Co., Ltd.; Nissan Prince Tokyo Motor Sales Co., Ltd.;
Tokyo Nissan Motor Sales Co.; Aichi Nissan Motor Co., Ltd.; Nissan
Capital of America, Inc. (U.S.A.); Nissan CR Corporation (U.S.A.);
Nissan Design International, Inc. (U.S.A.); Nissan Finance of America,
Inc. (U.S.A.); Nissan Forklift Corporation, North America (U.S.A.);
Nissan Motor Acceptance Corporation (U.S.A.); Nissan Motor
Corporation in Guam; Nissan Motor Corporation in Hawaii, Ltd. (U.S.A.);
Nissan North America, Inc. (U.S.A.); Nissan Research & Development,
Inc. (U.S.A.); Nissan Textile Machinery Corporation in U.S.A.; Nissan
Canada, Inc.; Nissan Canada Finance, Inc.; Nissan Mexicana, S.A. de
C.V. (Mexico); Nissan European Technology Centre Ltd. (U.K.); Nissan
International Finance (Europe) PLC (U.K.); Nissan Motor (GB) Ltd.
(U.K.); Nissan Motor Manufacturing (UK) Ltd.; Nissan Europe N.V.
(Netherlands); Nissan Finance, B.V. (Netherlands); Nissan International
Finance (Netherlands) B.V.; Nissan Motor Netherland B.V.; Nissan
France S.A.; Nissan Bank GmbH (Germany); Nissan Design Europe
GmbH (Germany); Nissan Motor (Schweiz) AG (Switzerland); Nissan
Motor Iberica, S.A. (Spain); Nissan Financiacion, S.A. (Spain); Nissan
Motor España, S.A. (Spain); Nissan European Technology Centre
España, S.A. (Spain); Nissan Italia S.p.A. (Italy); Nissan Finanziaria
S.p.A. (Italy); Nissan Motor Co. (Australia) Pty, Ltd.; Nissan Datsun
Holdings Ltd. (New Zealand); Nissan Middle East F.Z.E. (United Arab
Emirates); Nissan Motor (China) Ltd.

Principal Competitors :  Bayerische Motoren Werke AG;

DaimlerChrysler AG; Fiat S.p.A.; Ford Motor Company; Fuji Heavy
Industries Ltd.; General Electric Company; General Motors
Corporation; Honda Motor Co., Ltd.; Hyundai Group; Isuzu Motors
Limited; Kia Motors Co., Ltd.; Mazda Motor Corporation; Mitsubishi
Group; Outboard Marine Corporation; PSA Peugeot Citroen S.A.; Saab
Automobile AB; Suzuki Motor Corporation; Toyota Motor Corporation;
Volkswagen AG; AB Volvo; Yamaha Corporation.

History

Beginnings of Datsun name from 1914

Nissan Model 70 Phaeton, 1938

The new car's name was an acronym of the company's partners' family

names:

 Kenjiro Den 
 Rokuro Aoyama Meitaro Takeuchi It was renamed
to Kwaishinsha
 Motorcar Co. in 1918, and again to DAT Motorcar Co. in 1925.
DAT
 Motors built trucks in addition to the DAT and Datsun passenger
cars. The vast majority of its output were trucks, due to an almost
non-existent consumer market for passenger cars at the time.
Beginning in 1918, the first DAT trucks were produced for the military
 market. It was the low demand of the military market in the 1920s that
forced DAT to merge in 1926 with Japan's 2nd most successful truck
maker, Jitsuyo Motors.
In 1926 the Tokyo-based DAT Motors merged with the Osaka-based
Jitsuyo Jidosha Co., Ltd Jitsuyō Jidōsha Seizō Kabushiki-
Gaisha?) a.k.a. Jitsuyo Motors(established 1919, as
a Kubota subsidiary) to become DAT Automobile Manufacturing Co., Ltd
Datto Jidōsha Seizō Kabushiki-Gaisha?) in Osaka until 1932.
In 1931, DAT came out with a new smaller car, the first "Datson",
meaning "Son of DAT". Later in 1933 after Nissan took control of DAT
Motors, the last syllable of Datson was changed to "sun", because "son"
also means "loss" in Japanese, hence the name "Datsun" Dattosan?).
In 1933, the company name was Nipponized to Jidosha-Seizo Co.,
Ltd. (Jidōsha Seizō Kabushiki-Gaisha?, "Automobile Manufacturing Co.,
Ltd.") and was moved toYokohama.

Nissan name first used in 1930s

First President Yoshisuke Aikawa in 1939

In 1928, Yoshisuke Aikawa founded the holding company Nippon

Sangyo (Japan Industries or Nippon Industries). "The name 'Nissan'
originated during the 1930s as an abbreviation"[4] used on the Tokyo
stock market for Nippon Sangyo. This company was the famous Nissan
"Zaibatsu" (combine) which included Tobata Casting and Hitachi. At this
time Nissan controlled foundries and auto parts businesses, but Aikawa
did not enter automobile manufacturing until 1933.[5]
Nissan would eventually grow to include 74 firms, and to be the fourth-
largest combine in Japan during World War II.[6]

In 1930, Aikawa purchased controlling(?) shares in DAT Motors, and

then in 1933 it merged Tobata Casting's automobile parts department
with DAT Motors. As Tobata Casting was a Nissan company, this was
the beginning of Nissan's automobile manufacturing.[7]
Nissan Motors founded in 1934
In 1934, Aikawa "separated the expanded automobile parts division of
Tobata Casting and incorporated it as a new subsidiary, which he
named Nissan Motor (Nissan)". Nissan Motor Co., Ltd.  Nissan
Jidōsha?). The shareholders of the new company however were not
enthusiastic about the prospects of the automobile in Japan, so Aikawa
bought out all the Tobata Casting shareholders (using capital from
Nippon Industries) in June, 1934. At this time Nissan Motors effectively
became owned by Nippon Sangyo and Hitachi.[8]

Nissan built trucks, airplanes, and engines for the Japanese military. The
company's main plant was moved to China after land there was captured
by Japan. The plant made machinery for the Japanese war effort until it
was captured by American and Russian forces. From 1947 to 1948 the
company was called Nissan Heavy Industries Corp.
Nissan's early American connection
DAT had inherited Kubota's chief designer, American William R.
Gorham. This, along with Aikawa's inspiring 1908 visit to Detroit, was to
greatly affect Nissan's future.
Although it had always been Aikawa's intention to use cutting-edge auto
making technology from America, it was Gorham that carried out the
plan. All the machinery, vehicle designs and engine designs originally
came out of the United States. Much of the tooling came from the
Graham factory and Nissan had a Graham license under which trucks
were made. The machinery was imported into Japan by Mitsubishi[9]on
behalf of Nissan, which went into the first Yokohama factory to produce
cars.
Relationship with Ford Motor Company
From 1993 to 2002, Nissan partnered with Ford to market the Mercury
Villager and the Nissan Quest. The two minivans were manufactured
with all the same parts and were virtually identical aside from several
cosmetic differences. In 2002, Ford discontinued the Villager to make
room for its Freestar and Monterey. Nissan brought out a new version of
the Quest in 2004, which was designed in-house and no longer bore any
relation to Ford's models.

In 1992, Nissan relaunched its Terrano four-wheel drive, which was

cosmetically and mechanically identical to the Ford Maverick. Both cars
were built in Spain. Although the Maverick was discontinued in 1998 due
to disappointing sales, the Nissan Terrano was a strong seller and
remained in production until 2005, when it was replaced by the Nissan
Pathfinder.
Austin Motor Company
In early 1950s, Nissan partnered with an established European company
to gain access to up-to-date automobile and engine designs. Nissan
chose Austin of the United Kingdom, which later became the British
Motor Corporation by its merger with Morris et al. Nissan began
building Austin 7s in 1930, though the legitimacy of their license at that
time is debated. After the success of Nissan, Hino and Isuzufollowed to
partner with Renault and Hillman respectively.[10]
In 1952 Nissan Motor Company of Japan entered into a legal agreement
with Austin ,[11] for Nissan to assemble 2,000 Austins from imported
partially assembled sets and sell them in Japan under the Austin
trademark. The agreement called for Nissan to make all Austin parts
locally within three years, a goal Nissan met. Nissan produced and
marketed Austins for seven years. The agreement also gave Nissan
rights to use Austin patents, which Nissan used in developing its own
engines for its Datsun line of cars. In 1953 British-built Austins were
assembled and sold, but by 1955, the Austin A50 -- completely built by
Nissan and featuring a slightly larger body with new 1489 cc engine—
was on the market in Japan. Nissan produced 20,855 Austins from
1953-1959.[12]
Nissan leveraged the Austin patents to further develop their own modern
engine designs past what the Austin's A- and B-family designs offered.
The apex of the Austin-derived engines was the new design A series
engine in 1967. Also in 1967 Nissan introduced its new highly advanced
four cylinder overhead cam (OHC) Nissan L engine, which while similar
to Mercedes-Benz OHC designs was a totally new engine designed by
Nissan. This engine powered the new Datsun 510, which gained Nissan
respect in the worldwide sedan market. Then, in 1969 Nissan introduced
the Datsun 240Z sports car which used a six-cylinder variation of the L
series engine. The 240Z was an immediate sensation and lifted Nissan
to world class status in the automobile market.
Merger with Prince Motor Company
In 1966, Nissan merged with the Prince Motor Company, bringing more
up market cars, including the Skyline and Gloria, into its selection. The
Prince name was eventually abandoned, and successive Skylines and
Glorias bore the Nissan name. "Prince," however, is still used in the
names of certain Japanese Nissan dealerships. Nissan introduced a
new luxury brand for the US market in 1989 called Infiniti.
Foreign expansion
In the 1950s, Nissan decided to expand into worldwide markets. Nissan
management realized their Datsun small car line would fill an unmet
need in markets such as Australia and the world's largest car market,
the United States. They first showed cars at the 1959 Los Angeles Auto
Show and sold a few that year in the United States. The company
formed a U.S. subsidiary, Nissan Motor Corporation U.S.A., in 1959,
headed by Yutaka Katayama. Nissan continued to improve their sedans
with the latest technological advancements and chic Italianate styling in
sporty cars such as the Datsun Fairlady roadsters, the race-winning 411
series, the Datsun 510 and the world-class Datsun 240Z, and by 1970,
they had become one of the world's largest exporters of automobiles.

In the wake of the 1973 oil crisis, consumers worldwide (especially in the

lucrative U.S. market) began turning in rapidly increasing numbers to
high-quality small economy cars. To meet the growing demand, the
company built new factories in Mexico, Australia, Taiwan and South
Africa.
The "Chicken Tax" of 1964 placed a 25% tax on imported commercial
vans. response, Nissan,Toyota Motor Corp. and Honda Motor Co. began
building plants in the U.S. in the early 80s.
Nissan's initial assembly plant, in Smyrna, Tennessee, at first built only
trucks such as the 720 andHardbody, but has since expanded to
produce several car and SUV lines, including the Altima, Maxima, Xterra
and Pathfinder. An engine plant in Decherd, Tennessee followed, and
most recently a second assembly plant in Canton, Mississippi.
In 1998 Nissan announced that it was selling one of its headquarter
buildings to the Mori Group for $107.8 million.
In order to overcome export tariffs and delivery costs to its European
customers, Nissan contemplated establishing a plant in Europe. After an
extensive review, Sunderland in the north east of the United Kingdom
was chosen for the local availability of a highly skilled workforce and its
position near major ports. The plant was completed in 1986 as the
subsidiary Nissan Motor Manufacturing (UK) Ltd. By 2007, it was
producing 400,000 vehicles per year, landing it the highly coveted title of
the most productive plant in Europe.
Financial difficulties (approaching billions) in Australia in the late 1980s
caused Nissan to cease production there. Due to the "Button Plan" the
Australian operation was unique as the Nissan products were also
rebranded both by General Motors Holden: Pulsar as the Holden Astra),
and Ford: Bluebird as the Ford Corsair).
In 2005, Nissan setup operations in India, through its subsidiary Nissan
Motors India Pvt. Ltd.[15] With its global alliance partner, Renault, Nissan
is investing $920 Million to set up a manufacturing facility in Chennai to
cater to the Indian market as well as a base for exports of small cars
to Europe.[16]
Nissan sold nearly 520,000 new vehicles in China in 2009 in joint
venture with Dongfeng Motor, and aims for 1 million in 3 or 4 years. To
meet that target, Dongfeng-Nissan is expanding its production base
in Guangzhou, which would become Nissan's largest factory around the
globe in terms of production capacity upon completion.[17]
Trucks

The Nissan Titan was introduced in 2004, as a full-size pickup truck

produced for the North American market, the truck shares the
stretched Nissan F-Alpha platform with the Nissan Armada and Infiniti
QX56 SUVs.
The Titan features a 32 valve 5.6 L VK56DE V8 engine which generates
317 hp, and is capable of towing approximately 9500 pounds. The
Nissan Titan comes in four basic trim levels: XE, SE,Pro-4X, and LE;
that for the 2011 it will be S, SV, PRO-4X and SL.The trim levels are
combinations of the features offered on the truck. It was listed
by Edmunds.com as the best full-size truck. The Titan was nominated for
the North American Truck of the Year award for 2004.
Alliance with Renault
In 1999, with Nissan facing severe financial difficulties, Nissan entered
an alliance with Renault S.A. of France.[18]
Signed on March 27, 1999, the Renault-Nissan Alliance is the first of its
kind involving a Japanese and French car manufacturer, each with its
own distinct corporate culture and brand identity. The same year,
Renault appointed its own Chief Operating Officer, Carlos Ghosn, as
Chief Operating Officer of Nissan and took a 22.5% stake in Nissan
Diesel. Later that year, Nissan fired its top Japanese executives.
The Renault-Nissan Alliance has evolved over years to Renault holding
44.3% of Nissan shares, while Nissan holds 15% of Renault shares
which does not give Nissan a voting or board representation due to legal
restriction in France.

Under CEO Ghosn's "Nissan Revival Plan" (NRP), the company has
rebounded in what many leading economists consider to be one of the
most spectacular corporate turnarounds in history, catapulting Nissan to
record profits and a dramatic revitalization of both its Nissan
andInfiniti model line-ups. In 2001, the company initiated Nissan 180,
capitalizing on the success of the NRP. The targets set with 180 were an
additional sale of 1 million cars, achieving operating margins of 8%, and
to have zero automotive debts. Ghosn has been recognized in Japanfor
the company's turnaround in the midst of an ailing Japanese economy.
Ghosn and the Nissan turnaround were featured in Japanesemanga and
popular culture. His achievements in revitalizing Nissan were noted by
Japanese Government, which awarded him the Japan Medal with Blue
Ribbon in 2004.
Expansion of alliance to include both Daimler and Renault

On April 7, 2010, Daimler AG exchanged a 3.9% share of its holdings for

3.9% from both Nissan and Renault. This triple alliance allows for the
increased sharing of technology and development costs, encouraging
global cooperation and mutual development.[  The alliance with Daimler
is believed to have a focus on battery/electric technologies.
Nissan Motor Co v. Nissan Computer Corporation

In December 1999, legal action was instituted by Nissan Motors seeking

$10,000,000 in damages from Uzi Nissan, president of Nissan
Computer. In December 2002, Uzi Nissan was handed an injunction
restricting his use of the Nissan name and the domains Nissan.com and
Nissan.net which he owns.
In 2004, the Ninth Circuit Court of Appeals, allowed Nissan Computer to
appeal the case, which resulted in reversal of some findings previously
in favor of Nissan Motors.
On February 5, 2008, Final Judgement was entered for the case, with
Nissan Computer being awarded costs and neither party prevailing.
Immediately following the ruling, Nissan Motors filed a trademark
application for Computer Equipment in March 2008 viewed by some as
an attempt to acquire the domain through UDRP, an arbitration panel
proceeding which often finds in favor of trademark holders.
[Recent news

In 2010, Nissan announced that its own hybrid technology no longer is

based on Toyota's.
On April 7, 2010, Daimler AG exchanged a 3.9% share of its holdings for
3.9% from both Nissan and Renault. This triple alliance allows for the
increased sharing of technology and development costs, encouraging
global cooperation and mutual development.[20]
The Nissan Note and Qashqai in the UK are both produced at their UK
factory in Sunderland, Tyne & Wear. On January 9, 2009, it was
announced that 1,200 jobs were to be cut at the Sunderland plant. The
decision was blamed on economic reasons, including a downturn in the
car selling market. Nissan's senior vice-president for manufacturing in
Europe, Trevor Mann, said the company was "right-sizing our operations
to the market demand." Nissan also produces cars at its factory at
Roslyn, near Pretoria, South Africa.

Nissan North America relocated its headquarters from Gardena,

California to the Nashville, Tennesseearea in July 2006. A new
headquarters, Nissan Americas, was dedicated on July 22, 2008, in Cool
Springs (Nashville, Tennessee). Approximately 1500 employees work in
the facility.

On June 30, 2006, General Motors convened an emergency board

meeting to discuss a proposal by shareholder Kirk Kerkorian to form an
alliance between GM and Renault-Nissan. On October 4, 2006,
however, GM and Nissan terminated talks because of the chasm
between the two companies related to compensation to GM from Nissan.
On May 17, 2006 Nissan released the Atlas 20 hybrid truck in Japan. It
released a Cabstar hybrid truck at the 2006 Hannover Fair.
The company's head office moved from Tokyo back to Yokohama in
August 2009.
On February 23, 2008 The Tamil Nadu state government (India) signed
a memorandum of understanding (MoU) with auto manufacturing
consortium, Mahindra-Renault- Nissan to set up a production unit
at Oragadam in suburban Madras.
The consortium comprising Indian auto major Mahindra and Mahindra,
Renault (France) and Nissan (Japan) will begin with an initial investment
of Rs4000 crore to manufacture nearly 50,000 tractors every year other
than cars, utility vehicles and spare parts. The project is expected to
increase Tamil Nadu’s Gross Domestic Product (GDP) by
Rs18,000 crore annually while providing 41,000 jobs.
Nissan began development of fuel-cell vehicles (FCVs) in 1996 and
launched limited lease sales of the X-Trail FCV in Japan in fiscal year
2003.
In 2002, Toyota and Nissan agree to tie-up on hybrid technologies, and
in 2004, Nissan unveiled the Altima hybrid prototype.
vehicle recalls

On March 2, 2010 Nissan announced the recall of 540,000 vehicles to fix

brake pedals and gas gauges. The brake pedal recall affects 179,000
vehicles in the US and about 26,000 in the Middle
East, Canada, Russia and several other countries.
Certain 2008 to 2010 Nissan Titan pickups, Infiniti QX56 and Nissan
Armada Sports Utility Vehicles, and some 2008 and 2009 Nissan Quest
minivans are being recalled. Nissan also announced the recall of several
models of trucks and SUVs, including 2004–2006 Armadas and Titans,
2005–2006 Infiniti QX56s, and Frontiers, Pathfinders and Xterras made
in August 2003 and June 2006. The recall was made in response to a
risk that the electrical relays in the engine control modules for those
vehicles may fail, possibly rendering the engine inoperable. The recall
affects about 2,200,000 cars worldwide.
Environmental record

Prior to announcements about the Nissan Leaf, Nissan Motors has had

no special environmental record, at least as perceived relative to its
competition. This may change in the future owing to a new emphasis on
the development, production and marketing of electric automobiles.
Nissan is planning to sell electric cars in the US coastal markets by
December 2010, and within the US interior by June 2011. The company
claims its EV model, the Nissan Leaf, has a maximum speed of 90 mph
(140 km/h) and can go 100 miles per charge. It is projected to take eight
hours to charge the car fully. Nissan's car uses a lithium ion battery. The
vehicle is intended for short distances, and is not meant for replacing
traditional cars for long trips. As with other electric cars these products
from Nissan won't emit pollutants from their exhaust. Any pollution
involved in their operation would come from the production of the
electricity needed to charge the car, depending on the type of power
generation facility. Nissan has chosen to develop 100 percent electric
cars rather than biofuel or ethanol running cars based upon cost
analysis. On May 12, 2009, Nissan announced the company will produce
EVs at its Oppama plant from fall 2010 with capacity of 50,000 units a
year. Batteries for EVs will be supplied by Automotive Energy Supply
Corporation, a joint-venture between Nissan (51%),NEC
Corporation (42%) and NEC TOKIN Corporation (7%).

Leadership

Presidents and Chief Executive Officers of Nissan:

 1933–1939 Yoshisuke Aikawa
 1939–1942 Masasuke Murakami
 1942–1944 Genshichi Asahara
 1944–1945 Haruto Kudo
 1945 Takeshi Murayama
 1945–1947 Souji Yamamoto
 1947–1951 Taichi Minoura
 1951–1957 Genshichi Asahara
 1957–1973 Katsuji Kawamata
 1973–1977 Tadahiro Iwakoshi
 1977–1985 Takashi Ishihara
 1985–1992 Yutaka Kume
 1992–1996 Yoshifume Tsuji
 1996–2000 Yoshikazu Hanawa
 2000–present Carlos Ghosn
 Products

Automotive products

Older Style Nissan Logo (1984-2001)

Main articles:  List of Nissan vehicles  and  List of Nissan engines.

Nissan has produced an extensive range of mainstream cars
and trucks, initially for domestic consumption but exported around
the world since the 1950s. There was a major strike in 1953.

It also produced several memorable sports cars, including

the Datsun Fairlady 1500, 1600 and 2000 Roadsters, the Z-car, an
affordable sports car originally introduced in 1969; and the GT-R, a
powerfulall-wheel-drive sports coupe.

In 1985, Nissan created a tuning division, NISMO, for competition

and performance development of such cars. One of Nismo's latest
models is the 370Z NISMO.
Until 1982, Nissan automobiles in most export markets were sold
under the Datsun brand. Since 1989, Nissan has sold its luxury
models in North America under the Infiniti brand.

Nissan also sells a small range of kei cars, mainly as a joint

venture with other Japanese manufacturers
like Suzuki or Mitsubishi. Nissan does not develop these cars.
Nissan also has shared model development of Japanese domestic
cars with other manufacturers,
particularlyMazda, Subaru, Suzuki and Isuzu.

In China, Nissan produces cars in association with the Dongfeng

Motor Group including the 2006 Nissan Livina Geniss. This is the
first in the range of a new worldwide family of medium sized cars
and is to make its world debut at the Guangzhou International
Motor Show.

Nissan launches Qashqai SUV in South Africa, along with their new

motorsport Qashqai Car Games.

In 2010, Nissan created another tuning division, IPL, this time for
their premium/luxury brand Infiniti.
[edit]Electric vehicles
Main article:  Nissan electric vehicle

Nissan will launch electric cars in Europe in 2010 with different

business models in different countries.[30]
Nissan Motor Co. has nearly completed development of a lithium-
ion battery using a lithium nickel manganese cobalt
oxide cathode (NMC). The new system, which will reportedly offer
almost double the capacity of Nissan/AESC’s current manganese
spinel cell.[31]

The new Nissan Leaf is expected to be marketed in North America,

Europe, and Japan, beginning in late 2010. Nissan has announced
it will manufacture the new Leaf compact electric car at
its Sunderland plant in the UK. The annual production capacity will
be 50,000 vehicles at Sunderland.[32]
Non-automotive products
Nissan has also had a number of ventures outside the automotive
industry, most notably the Tu-Ka mobile phone service (est. 1994),
which was sold to DDI and Japan Telecom (both now merged
into KDDI Corporation) in 1999. Nissan also owns Nissan Marine, a
joint venture withTohatsu Corp that produces motors for boats and
other maritime equipment.
Global sales figures

Calendar Year Global Sales

1998 2,555,962

1999 2,629,044

2000 2,632,876

2001 2,580,757

2002 2,735,932

2003 2,968,357

2004 3,295,830

2005 3,597,851

2006 3,477,837
2007 3,675,574

2008 3,708,074

2009 3,358,413

2010 4,080,588

Manufacturing locations

Data extracted from Nissan's international corporate website.

World locations of Nissan Motors factories

  Japan
 Oppama, Yokosuka, Kanagawa (Oppama Plant & Research
Center)
 Kaminokawa, Tochigi (Tochigi Plant)
 Kanda, Fukuoka (Kyushu Plant & Nissan Shatai Kyushu
Plant)[34]
 Kanagawa-ku, Yokohama, Kanagawa (Yokohama Plant)
  Iwaki, Fukushima (Iwaki Plant)
 Hiratsuka, Kanagawa (Nissan Shatai Shonan Plant)
 Nagoya, Aichi (Aichi Machine Industry Atsuta & Eitoku
Plants)
 Matsusaka, Mie (Aichi Machine Industry Matsusaka Plant)
 Tsu, Mie (Aichi Machine Industry Tsu Plant)
 Uji, Kyoto (Auto Works Kyoto)
 Ageo, Saitama (Nissan Diesel Motor, currently owned by
the Volvo Group)
 Samukawa, Kanagawa (Nissan Kohki[dead link])
 Zama, Kanagawa (Zama Plant closed in 1995, currently
Global Production Engineering Center and storage unit for its
historic models)
  India
 Oragadam, Chennai
  Brazil
 São José dos Pinhais, Paraná
  Indonesia
 Cikampek, West Java
  Iran
 Karaj, Tehran
  Malaysia
 Segambut, Kuala Lumpur
 Serendah, Selangor
  Mexico
 Aguascalientes, Aguascalientes
 Cuernavaca, Morelos
  Morocco
 Tangier, Tangier Med port (Under construction, Renault-
Nissan plant)
  Egypt
 6th of October City, 6th of October Governorate
  Pakistan
 Karachi, Sindh
   Philippines
 Santa Rosa City, Laguna
  South Africa
 Rosslyn, Pretoria, Gauteng.
  Spain
 Barcelona
 Ávila
 Cantabria
 Montcada i Reixac
  Thailand
 Bangna, Samutprakarn
  Republic of China
 Taipei, Taiwan
  United Kingdom
 Sunderland, County Durham, North East England
  United States
 Smyrna, Tennessee
 Canton, Mississippi
 Decherd, Tennessee
  Russia

PRODUCTION

Yokohama, Japan, April 25, 2011 -- Nissan Motor Co., Ltd. today
announced production, sales and export figures for March 2011, as
well as accumulated figures for the 12-month period from April 2010
through March 2011.
1. Production

March 2011:

Nissan's global production in March increased 9.0% year-on-year to

382,704 units, marking an all-time record for the month of March.

Production in Japan decreased 52.4% year-on-year to 47,590 units, due

to effects of the earthquake on March 11, and the termination of the
government subsidy program for environmentally-friendly vehicles,
despite increased demand for Juke.

Production outside of Japan saw an increase of 33.3% year-on-year to

335,114 units, marking an all-time record for a single month.

In the U.S., production increased 22.1% year-on-year to 59,613 units,

mainly due to increased demand for Altima and Pathfinder.

In Mexico, production increased 37.6% year-on-year to 52,968 units,

due to increased demand for the new March, Tiida and Sentra.

In the U.K., production increased 28.7% year-on-year to 45,447 units,

due to increased demand for the new Juke and Qashqai.

In Spain, production saw a significant increase of 89.3% year-on-year

to 14,959 units, mainly due to increased demand for Primastar and
NV200.

In China, production increased 21.6% year-on-year to 115,482 units,

due to increased demand for the new Sunny and Qashqai, marking an
all-time record for a single month.

Production in other regions was remarkably higher, increasing 80.5%

year-on-year to 46,645 units, due to increased output in Thailand, India
and Indonesia, where the new March/Micra is produced.

April 2010 - March 2011 accumulated 12-months:

Global production for the 12-month period ended March 31, 2011
increased 24.5% year-on-year to 4,214,959 units, marking an all-time
record.

Production in Japan increased 4.6% year-on-year to 1,072,590 units,

due to increased demand for Juke launched in June last year and
export models led by Rogue and QX56.

Production outside of Japan increased 33.2% year-on-year to 3,142,369

units, marking an all-time record for the same 12-month period.

Production increased in the U.S., Mexico, the U.K., Spain, China and
other regions. In China, production saw an increase of 26.1% year-on-
year to 1,075,526 units, marking an all-time record for the April
through March period.

Production in other regions saw a huge increase of 87.5% year-on-year

to 421,877 units, due to increased output in India where production
begun in May 2010, together with Thai, Indonesia and Taiwan.

2. Sales

March 2011:

Global sales increased 12.9% year-on-year to 487,278 units, marking

an all-time record for a single month.

Including mini-vehicles, Nissan sold 60,584 units in Japan, down 35.7%

year-on-year.

In Japan, vehicle registrations in March decreased 37.7% year-on-year

to 45,696 units, due to the effect of the earthquake and the
termination of the government subsidy program for environmentally-
friendly vehicles, despite increased demand for Juke launched in June
last year and March.

Domestic sales of mini-vehicles were down 28.4% from the previous

year to 14,888 units, despite high demand for Roox.
Sales outside of Japan increased 26.4% year-on-year to 426,694 units,
marking an all-time record for a single month.

Sales in the U.S. increased 26.9% year-on-year to 121,141 units, due to

increased demand for the new Juke, Sentra and Rogue, marking an all-
time record for a single month.

In Europe, sales increased 53.8% year-on-year to 80,085 units, due to

sales recovery in Russia, increased demand for the new Juke launched
in October last year, the new Micra and Qashqai.

In China, sales saw an increase of 16.7% year-on-year to 116,333 units,

due to increased demand for the new Sunny launched in January and
Qashqai, marking an all-time record for a single month.

Sales in other regions increased 24.7% year-on-year to 82,492 units,

mainly due to increased demand in Thailand, Indonesia and India,
where the new March/Micra was launched.

April 2010 - March 2011 accumulated 12 months:

Global sales increased 17.4% year-on-year to 4,244,498 units, marking

an all-time record for the April to March accumulated 12-months.

Including mini-vehicles, Nissan sold 600,202 units in Japan, down 4.7%

year-on-year.

In Japan, Nissan's vehicle registrations from April, 2010 to March,

2011 decreased 7.1% from the previous year to 458,718 units, due to
the termination of the government subsidy program for
environmentally-friendly vehicles, despite increased demand for new
models.

Domestic sales of mini-vehicles increased 3.9% year-on-year to

141,484 units, due to increased demand for Roox.

Sales outside of Japan increased 22.1% year-on-year to 3,644,296

units, marking an all-time record for the April to March accumulated
12-month period.
Sales increased in the U.S., Europe, China and other regions. In China,
sales saw an increase of 26.3% year-on-year to 1,078,621 units,
marking an all-time record for the April to March accumulated 12-
months.

Sales in all other regions increased 28.5% year-on-year to 713,389

units. Specifically, sales in Thai increased 87.6% year-on-year to
64,888 units, Indonesia, 65.4% to 42,569 units, Brazil, 67.4% to 41,583
units, Chile, 89.5% to 38,649 units, and India, 3048.6% to 11,461 units.

3. Japan Exports

March 2011:

Nissan's exports in March decreased 12.5% year-on-year to 41,746

units, due to the effects from the Eastern Japan earthquake on March
11.

Exports to North America remained at the same level as the previous

year at 21,504 units, due to increased demand for the new Juke and
the new Quest, despite the damage from tsunami.

Exports to Europe increased 82.9% year-on-year to 5,949 units, due to

increased demand for X-Trail.

April 2010 - March 2011 accumulated 12 months:

Nissan's exports from April, 2010 to March, 2011 increased 30.4%

year-on-year to 681,139 units.

Exports to North America increased 36.0% year-on-year to 383,138

units, mainly due to increased demand for the new Juke, the new
Quest and Rogue.

Exports to Europe increased 81.8% year-on-year to 78,767 units, due to

increased demand for X-Trail, Teana and Murano.
Behind each Nissan vehicle is a dedicated group of imaginative
individuals setting new standards in the automotive industry, and
beyond. Our leadership team boasts backgrounds and talents as
diverse and rich as Nissan's tradition.

Carlos Ghosn—President and Chief Executive Officer

Nissan Motor Co., Ltd.

Carlos Ghosn is the president and chief executive officer of Nissan

Motor Co., Ltd., a global automotive company with 180,000 employees
and $83 billion in revenue. Mr. Ghosn joined the company as its chief
operating officer in June 1999, became its president in June 2000 and
was named chief executive officer in June 2001.

In May 2005, Mr. Ghosn was named president and chief executive
officer of Renault S.A. in addition to his current responsibilities at
Nissan. As head of the Renault-Nissan Alliance, Mr. Ghosn is
responsible for two separate companies with combined annual global
sales of 6.1 million vehicles.

Prior to joining Nissan, Mr. Ghosn served as executive vice president

of the Renault Group, a position he had held since December 1996. In
addition to supervising Renault activities in the Mercosur, he was
responsible for advanced research, car engineering and development,
car manufacturing, powertrain operations and purchasing.

Before he joined Renault, Mr. Ghosn had worked with Michelin for 18
years. As chairman and chief executive officer of Michelin North
America, Mr. Ghosn presided over the restructuring of the company
after its acquisition of the Uniroyal Goodrich Tire Company in 1990.
Previously, Mr. Ghosn had worked as the chief operating officer of
Michelin's South American activities based in Brazil; as head of
research and development for industrial tires in Ladoux, France; and
as plant manager in Le Puy, France.

Mr. Ghosn currently serves on the board of directors of Alcoa.

Mr. Ghosn was born in Brazil on March 9, 1954. He graduated with

engineering degrees from École Polytechnique in 1974 and from École
des Mines de Paris in 1978. He and his wife, Rita, have four children.

Marketing Strategy of Nissan Motor Company

Nissan Motor Company, Ltd. (Japanese: ,Nissan Jidōsha Kabushiki-

gaisha?) (TYO: 7201), shortened to Nissan, is a multinational
automaker headquartered in Japan. It was formerly a core member of
the Nissan Group, but has become more independent after its
restructuring under Carlos Ghosn (CEO).

It formerly marketed vehicles under the "Datsun" brand name and is

one of the largest car manufacturers in the world. As of August 2009,
the company's global headquarters is located in Nishi-ku, Yokohama.
In 1999, Nissan entered a two way alliance with Renault S.A. of
France, which owns 44.4% of Nissan while Nissan holds 15% of
Renault shares, as of 2008. The current market share of Nissan, along
with Honda and Toyota, in American auto sales represent the largest
of the automotive firms based in Asia that have been increasingly
encroaching on the historically dominant US-based "Big Three"
consisting of GM, Ford and Chrysler. In its home market Nissan is the
third largest car manufacturer, with Honda being second by a small
margin and Toyota in a very dominant first. Along with its normal range
of models, Nissan also produces a range of luxury models branded as
Infiniti.

The Nissan VQ engines, of V6 configuration, have been featured among

Ward's 10 Best Engines for 14 straight years.
Nissan Motor Co. is one of the major car manufacturers in the world.
Nissan Motor Co. is in automobile industry for over 70 years. Nissan
has spread out its manufacturing over all major countries and
territories of the world. Nissan Motor Co. founded in 1934, formally
known as Datsun until 1983, is a Japanese automobile manufacturer
and is Japan’s second largest company after Toyota. It is among the
top Asian rivals of the “big three” in the US. Initially, Nissan produced
military vehicles for Japans military. Nissan produces an extensive
range of mainstreams cars, trucks for domestic and international
consumers.
In Pakistan Nissan is operating in collaboration with Bibojee Services
(Pvt.) Limited with local brand name of Gandhara Nissan Limited.
Gandhara Nissan Limited was established in 1981 as a private Limited
Company and has sale license for distribution of Nissan vehicles. In
Pakistan Nissan’s net sales for year ending 30th June 2006 were about
Rs. 4 billion.
In Pakistan Nissan has following major cars already in market:
• Nissan Sunny

• Nissan Patrol

• Nissan Cefiro

• Nissan X-Trail

2.2. NISSAN’S VISION 

Nissan’s vision is to enhance the quality and safety of travel and
achieve customer satisfaction. Nissan focuses on maintain and
implement better quality standards to ensure people with more
comfortable and safe drive. 

There vision is expressed in their statement as: “Nissan-Enriching

people’s Lives.”

The significance of this is that Nissan aims to participate in the

development and progress of society through its business activities
worldwide. This is only achieved through set of objectives that needs
to be focused and better implemented through effectiveness and
efficiency.

2.3. NISSAN’S MISSION 

“Nissan provides unique and innovative automotive products and
services that deliver superior measurable values to all stakeholders”

3.0. NISSAN NEXT: MARKETING ENVIRONMENT

3.1. MICRO ENVIRONMENT

3.1.1. CONSUMERS

Consumers are the main target which needs to be understood and

satisfied in the market. Their purchasing behavior will most likely be
an impact affecting an organization in several unprecedented ways. It
is important to understand their mindset patterns of purchasing a
family car, the basic pattern includes affordability, fuel efficiency,
safety and comfort giving the consumer a mood of acceptance and
appreciation. The main focus of the Nissan will be the low level car
owners and low income consumers. It will also target product to bike
owners as they are very unsafe. 

3.1.2. COMPETITORS

With strong economic growth and government relaxation on taxes,

several companies are emerging to establish their market position.
Nissan next stands a good chance of competing with existing
competitors as several of Nissan products are already in the market.
Nissan will position the new product with features such attractive
look-n-feel. Direct - competitors are Toyota and Suzuki which have
substantial market share.
3.1.3. INTERMEDIARIES
Nissan will adopt both distribution channels, direct and indirect.
Intermediaries (i.e authorized dealers of Nissan) are important, since
indirect distribution of its product is carried out through them. This
will help to further enhance the reach-ability of the car. 

3.1.4. PUBLICS
Publics are the general public who are involved in the reputation of
Nissan and its products. Nissan has to provide several strategic
approaches in order to stand out with the public opinions. Any critics
against Nissan would impact the sales and repute. With such diverse
culture, consumers are highly deterred with public opinions. This very
thin line, the public offers, can effect production, distribution and
diversification of Nissan. Nissan will have to stand out in their primary
objective and not loose that position. 

3.2. MACRO ENVIRONMENT

3.2.1. DEMOGRAPHIC ENVIRONMENT

3.2.1.1. Education
The literacy rate of the country is increasing and as a result it has
increased the consciousness in people about safety and quality of
travel. People are now more sensitive about how safe and comfortable
is the automobile they are using. With the increased awareness in
people they have now shifted towards the automobiles which are
according to safety standards and give more comfortable travel. This
shift is also helping Nissan Motor Co.’s business as people are moving
towards it. 

3.2.1.2. Population
Population of Pakistan is increasing at rapid pace and has touched the
figures of 150 million in year 2006. This increase in population has also
increased the number of buyers and expanded the market of
automobiles. Requirement of more automobiles has grown. Automobile
industry has also responded to this scenario. But there is still a huge
gap between people demand and supply of cars. Nissan focuses on
this gap and is trying to avail this opportunity to its best. 
3.2.2 ECONOMIC ENVIRONMENT
With the rapid growth of national economy purchase power of people
has also increased. Also the priorities have changed a lot. The
affordability of cars has improved and this resulted in huge increase in
the sales of cars. This provides Nissan an opportunity to jump into
market with strong impact and grab a major share in automobile
industry.

3.2.3. TECHNOLOGICAL ENVIRONMENT

Rapid improvement and advancements in technology impacts the
automobile industry a great deal. It impacts the manufacturing,
assembling and furbishing of automobiles. New technological
advancements pace up the operations; results in more rapid
production of cars. Technological improvements also impact Nissan’s
operations a great deal and forces towards technological shift. Nissan
keeps on improving its technological structure with time and has to
continue its strategy of regular improvements.

4.0. NISSAN NEXT: PRODUCT EVALUATION

4.1. CORE, ACTUAL AND AUGMENTED PRODUCT

• The Core Product is an easily affordable Vehicle for consumers.
• The Actual Product is “Nissan next” car which is a new launch of
Nissan. It provides its users with an affordable choice to buy and
ensures a safe and comfortable travel.
• The Augmented Product is the added features this car provides to its
buyers. Major add-on features Nissan next provides to its buyers are :
o 1 year parts and service warranty.
o Integrated Tracking System.
o Highly attractive design.
o CNG installed in car for user convenience.

4.2. CONSUMER OR INDUSTRIAL PRODUCT?

“Nissan next” comes under the category of consumer products as it is
designed and launched for the satisfaction and facility of individual or
family users of middle class and low-earning income population.

4.3. CONVENIENCE, SHOPPING, SPECIAL OR UNSOUGHT PRODUCT

“Nissan next” is a shopping product, as there is high involvement of
buyers while buying cars. They want more information about the
product and also this is not daily purchase or frequent purchase
product. There is a huge demand of affordable and safe automobiles in
the market. Getting a comfortable travel facility has become a desire
of every person as frequency of travel has increased a lot. “Nissan
next” will provide users will all three major factors in demand for
automobiles i.e. economy, comfort, safety.

4.4. PRODUCT USES AND CONSUMER ACCEPTANCE

The consumer acceptance for this car will be highly as people are
becoming more and more sensitive towards traveling. People now
prefer cars which are more comfortable and look attractive. Economic
strengthening of the country has also improved the economic
condition of people resulting in more demand of automobiles.
Therefore there is a huge gap in market and Nissan next through its
low pricing, more safety and comfort will get huge consumer
acceptance. 

4.5. DISTRIBUTION – WIDE SPREAD OR NOT?

Distribution of “Nissan next” will be widespread as Nissan want to
reach all the major areas of the country. It will be launched at all the
showrooms and dealers of Nissan.

4.6. SWOT ANALYSIS

4.6.1. STRENGTHS

Following are some of the major strengths of company:

• Brand image of Nissan Motor Co. and Gandhara Nissan Limited.

• Variety of Automobiles being produced.

• Local Production of cars / low cost of production.

• Financially Nissan is a strong company.

• High Quality products.

4.6.2. WEAKNESSES

Following are some of the weaknesses of the Product and company:

• Currently Nissan has low share in market.

• Nissan next is currently being launched in two varieties only.

• Nissan has small distribution network currently.

4.6.3. OPPORTUNITIES

Following are some of the opportunities which Nissan can avail in

future to increase its market share:
• Increased awareness of people.

• Improved economic condition of people.

• Increased population/consumption

• Increased media influence on people.

• Increased market demand.

4.6.4. THREATS
Following are some of the threats which may be faced in the future:
• High competition in the market.

• New Entrants can also add to the competition.

• Presence of other brands in the market and their infrastructure.

5.0 CONSUMER EVALUATION

5.1 TYPE OF PURCHASE DECISION 

Automobile industry has a number of producers already in market

including Nissan, Nissan next will introduce a new image of the
company and will most likely attract consumers as it will be a
customized model for the people. Since any consumer will be a long
lasting relationship, it is important that it stands out in front of its
competitors and has a competitive edge. There will be high
involvement of user as it has to make a big purchase decision and also
there are competitors like Suzuki and Toyota etc. giving services to
people; so this purchase behavior will be categorized as Dissonance-
Reducing Buyer behavior. 

5.2 CONSUMPTION – CONSUMER RESPONSE

Commute has become a necessity and more roads infrastructure has

been established. More people are interested in purchasing as their
needs and interests increases. As competition is on the rise so public
is more informed about cars. They are more conscious about the
safety and economic features of the car. This awareness and
consciousness is increasing the buying and there is already a gap in
market so production of Nissan next will be tremendous. 
5.3 QUALITY, COMFORT & SAFETY
Gandhara Nissan Limited is working in collaboration with its mother
company in Japan, Nissan motor Co. Thus it has an international
image in local market & public mind stands on good grounds when
considering Quality, comfort and Design. The new image will provide a
new quality, price and comfort pattern which will be very favorable to
consumers. Since consumers relationship is going to last, it is
important that these variables are constantly improved. Nissan next
will be affordable most of all, and safety should be first priority so that
the consumer’s first impact would be that this is a car for my family.
Design will be unique from the rest of its competitors and will be
designed after evaluating customer buying patterns. 

5.4 CUSTOMER AWARENESS AND BRAND SWITCHING

Since this is a high value purchase, it is most likely that the brand
loyal consumers are loyal to the company and believe that the Nissan
products are much better than others. The new car will attract our
existing customers as it will contain additional unique features. Nissan
next aim is to capture the new market of its level and provide its
existing customer a new opportunity to experience a new ride
experience. Nissan will provide unique differentiated points to create
awareness and presentations proving the consumers the advantages
and luxury it can provide to a small family. With increase in awareness
in consumer minds, it is imperative that safety features are
emphasized and provide core values which the consumers like to see. 

5.5 BRAND PROSPECTS -- LOCATION AND INFLUENCE 

In Pakistan, 30% of the population is living below the poverty level
which be translated as earning less than $2 a day and about 5% comes
in the bracket of elite class. Therefore Nissan next will provide a very
different level of customization to different locations which will be
favorable to low-income families. Most of them travel by bikes and
buses. Nissan will introduce a better shift to its new car which is
Compaq, secure and most economical. 

6.0 COMPETITOR ANALYSIS

Major competitors of “Nissan next” are Suzuki, Toyota, Hyundai and

Cherry QQ. All products of these companies of same size and capacity
will give tough competition to “Nissan next”.
6.1 PRICING

As making cars more affordable is the major objective of launching

this car therefore the prices of this car are kept lower than that of all
the current competitors in the market. This will help grasping larger
market share and compete well in market.
• CNG plus AC car will be available at Rs. 3, 50,000 only.

• Only AC car will be available at Rs. 3, 15,000 only.

6.2 PROMOTION

Major competitors of “Nissan next” like Toyota and Suzuki; are

spending huge revenue on promotion of their brand and products.
Nissan will also make extensive effort and heavy investment on
creating awareness about “Nissan next” in market. Promotion of
“Nissan next” will be done at nation wide scale as Nissan aims at
targeting all major areas of country.

6.3 DISTRIBUTION

Nissan has currently distribution setup in the major divisional

headquarters only but the competitors specially; Toyota and Suzuki
has a wider network. There presence in more areas than Nissan is
giving tough competition to Nissan. For Nissan next , Gandhara Nissan
Limited will come up with a new strategy of distribution to reach all
those areas where there they are not currently present.

6.4 FUTURE COMPETITORS AND REPLACEMENT PRODUCTS

In future the most effective competitor for “Nissan next” can be a
small car from Honda Limited. Honda is a large car manufacturing
company but not currently producing small cars in Pakistan. Therefore
a step of producing small cars by Honda can give tough time to Nissan
next. Nissan should develop strategy to cope with the situation if
Honda also jumps into the market with small cars for consumers.

7.0 MARKETING OBJECTIVES

The goals and objectives of the marketing plan are usually defined
under the light of certain performance indicators which are related to
the probable increase in growth, sales and performance levels in terms
of increasing overall company revenues and image. Marketing
objectives leads to the increased sales if they are clear and
understandable
For “Nissan next” we’ll define performance parameters and baseline in
light of Nissan’s vision to achieve customer satisfaction. Also the
growth of automobile industry in Pakistan and increase in demand of
automobiles is kept under consideration.

GOALS AND OBJECTIVES

• Capture at least 25% of market share for small cars in defined Target
market.
• Occupy second position in the market following Suzuki Motor
Company.

• Target middle class and low earning income class specially by

providing them an affordable option.

• Create awareness among target audience. Use excessive advertising

especially using media preferred by the target market.

• Use unique features like good design, low prices and comfortable
environment to create attraction towards product.

• Create product belonging and position among buyer’s mind.

8.0 MARKETING STRATEGIES

This section of the plan basically outlines Nissan’s plan to achieve its
objectives that are mentioned above as well, it is the most essential
part of the marketing plan.

8.1 TARGET MARKET

Nissan nexc target market will be the low-level income group, middle
class and bike owners. Bike owners are the most critical as large
number of consumer currently in Pakistan travel through bikes. Safety
hazards of this type are tremendous considering the increasing
number of accidents that occur due to unsafe bikes. With constant
awareness and education about Nissan affordability and safety
features, this type of group could be acquired resulting in increase of
brand loyal consumers. People are more aware and therefore, they are
constantly more particular when deciding which car to purchase. With
strategic advertisement, consumers can be attracted with its latest
features and a new image Nissan will provide to owners. 

8.2 NISSAN NEXT TARGET MARKET: GEOGRAPHIC SEGMENT

The major concern of Nissan next is to capture all the district
headquarters of the country resulting in its coverage of almost all over
the country.
8.3 NISSAN NEXT TARGET MARKET: PSYCHOGRAPHICS
With new image Nissan next will provide to its buyers, owners will feel
more confident and proud considering that Nissan is an international
organization with strong background resulting driving Nissan next a
status symbol. Also safety and comfort are big factors of
considerations in a consumers mind so Nissan by focusing on these
factors will attract safety and comfort conscious people. Seeing its
potential, consumers will most likely shift to Nissan next.

8.4 NISSAN NEXT TARGET MARKET: DEMOGRAPHICS

Primary Target market belongs to middle class, upper middle class and
low earning income people in society, falling in income bracket of
below Rs. 50,000. Also the target will be people from 25 - 60year old
who are major automobile buyers.

9.0 MARKETING MIX STRATEGIES

“Nissan next’s” marketing efforts will be based on the priority of
expanding its market share and increase the brand loyalty among
buyer’s by achieving customer satisfaction.
Nissan is launching “Nissan next” at this particular time because of
boom in the automobile industry in Pakistan. The demand of cars for
private usage is increasing a great deal but there are a few car
production companies currently in the market. Nissan feels that there
is a very good opportunity to jump into the market at this time with a
quality product and grasp a major share in market.

9.1 PRODUCT STRATEGIES

the name of the car will be “Nissan next”. It should be a highly quality
product focusing on three important parameters of economy, safety
and comfort to compete the major competitors in the market i.e.
Suzuki and Toyota.

9.1.1 PACKAGING
Nissan next will be built on one standard size. It will be available in
both color types i.e. Metallic and Non-Metallic. The color range will be
5 major colors red, white, black, blue and green with capacity to
increase other colors on demand. The design of the car will be smooth
and catchy.
Imp. Recommendations
• the shape of the car should be kept different from the shape of
competitor’s products. 

• The design of the car is recommended to be kept innovative and

unique in order to attract customers. 

• The design should also be kept on improving on regular basis. 

9.1.2 LABELING

The Label of car presents only basic information about the car i.e.
brand name and car name. 
Imp. Recommendations

The name of the car proposed is “Nissan next”. The name represents
innovation and movement ahead as is the plan to move the car ahead
of its competitors in aspects like Affordability, comfort, design and
safety. The label of the car should be innovative and attractive. The
fonts used should be decent and attractive. Only precise text should
be presented.

9.1.3 PRODUCT LINE

Nissan next will be available in two major types of cars:
1. Nissan next CNG/AC

2. Nissan next AC

Imp. Recommendations 
It is recommended both products should be launched simultaneously
with major production and share to CNG car as demand of CNG is
much more than that of simple car. After three months time a survey
should be conducted to judge customer’s response to the car.

9.2 PRICING STRATEGIES

The price of the cars will be as following:

• Nissan next CNG/AC ------------- Rs. 3,50,000/-

• Nissan next AC ---------------- Rs. 3,15,000/-

Imp. Recommendations
The price of the car should be kept lesser than the competitors as
Nissan next’s major objective is providing economical car to users.
Also the target market of the car is Middle and low income class so it
should be kept in their affordability. This is accomplished by reducing
the overhead costs like OWN payment etc. by developing efficient
distribution mechanism. 

9.3 DISTRIBUTION STRATEGIES

Basically there are two types of distribution channels available: Direct

distribution and In-direct distribution
Recommendations
Nissan next will adopt both distribution channels for distribution of
car.
Use of Direct Channel: Nissan has its showrooms in major divisional
headquarters; at these stations Nissan next will use its direct
distribution channel. Also it is recommended to increase the direct
distribution coverage area by setting up showrooms in more areas to
have better control over distribution.
Use of In-direct Channel: In those areas where Nissan doesn’t have its
showrooms it will use its chain of authorized dealers to sell out its
cars in these areas.

9.4 PROMOTION STRATEGIES

Promotion is one of the most important factors of marketing; it is done

to affect the consumer behavior in order to achieve sales and increase
product image. In promotion the major task is to make consumers
aware of the product and to attract consumer towards the product by
highlighting the advantages of the product. Also it keep consumers
aware and well informed about product’s features and improvements. 
Recommendations

• Nissan can use electronic and print media to advertise about its car.
• Nissan can advertise on billboards, flex signs, bus boards,
telemarketing etc.

• Special advertisement campaigns can be launched e.g. seminars,

road shows publications etc. to create awareness about Nissan next.

• Nissan will sponsor special events like concerts etc. to introduce the
car to public.

9.4.1 ENVIRONMENT RESEARCH

An extensive market research will be conducted to have better idea

about consumers’ perception about Nissan and its competitors. For
this purpose Nissan will acquire services of marketing and research
agencies to better analyze market environment. This will enable
Nissan to learn about the consumers’ behavior, how they perceive us
and compare with the competitor. The media of the advertising a
product is always chosen after the market environment research to
get knowledge that if the target audience is interested in that mode of
advertisement or not

9.4.2 ADVERTISING

To advertise the product better and create awareness about product;

Nissan will use different advertisement methods to approach the
consumers. The diversity of advertisement channels will help in
reaching the masses of different mindsets.
Following Advertisement methods will be used:
• Nisan will use print and electronic media to introduce the product to
consumers.

• Special events will be sponsored by Nissan.

• Use of Billboards, flex signs etc for massive introduction of car’s

launch.
• Special road shows and displays will be set at dealers outlets.

• Prize contest will be conducted to attract people towards the car.

9.5 POSITIONING STRATEGY

Nissan next will use the image of NISSAN MOTOR CO. and hope that it
will attract the customers towards the car. Also Nissan next’s
extensive marketing with focus on its special features like economy,
safety and comfort will draw attention of buyers and create room for
the product in the market. 

9.6 ACTION PLAN

The action plan will commence from the month of January 2007 and
will go up to June 2007.

PROMOTION ACTIVITY DURATION RESPONSIBILITY

Launch a blind ad campaign on billboards and magazines in all A class
areas of major cities and magazine. 2 weeks Marketing department
Heavy advertising on TV, newspapers and magazines 4 weeks
Marketing department

Sponsor a highly prestigious chain of events or concerts. 3 weeks

Marketing department,

Finance Department

Set displays of car at all the Nissan showrooms and major dealer
outlets in all cities. 3 weeks Marketing department
A contest will be held and people who win will get prizes (Car Info.
Books, Key chains, phone cards etc.) April Finance Department,

Marketing Department.

Reduce number of billboards, television and magazines

advertisements. May Marketing department
Continue Advertising June Marketing department

10.0 EVALUATION, MONITORING AND CONTROL

The goal of the marketing plan is to outline the strategies, tactics, and
programs that will make the sales goals outlined in the Nissan next
business plan a reality by the end of the season. There are a number of
KPI ’s which are needed to be measured for better evaluation of the
performance.

The monthly and the annual revenue generation, then the amount of
expenses incurred in a month or in a year, then the increased level of
customer satisfaction and ensuring the brand loyalty..
For complying with these scenarios the advertising efforts made by
the company, strength of the distribution channels, launch of the new
products and the pricing will be measured. The possible increase in
growth of the target market also depend all these efforts made by
Nissan next.

The people who are responsible for the monitoring and control of the
marketing plan involves, the Marketing Executives, Sales Managers,
Media Managers, Market Research Departments, and the Production
Managers. 

Some activities must be carried out for precisely and closely

evaluating the effectiveness of the strategies and tactics for example
the gathering and structuring of data regarding market, product,
consumers and the pricing trends, then the generation of daily sales
report should be maintained and then in the end continuous
reconfirming of the marketing budget and activities by the managers
of different divisions.

11.0 BUDGET

As Nissan has a tough competition with some big names like Suzuki
and Toyota so there is need of strong financial support to all marketing
activities. Nissan has allocated initially Rs. 30 millions for the
marketing of Nissan next. This budget will be used during the fiscal
year of 2006-2007.

This amount will be further sub-allocated to different areas. Rs. 15

millions has been allocated to the budget of initial cost for the
marketing analysis and all activities of advertising and promotion
during first quarter of the year. For the continuity of the promotional
and advertisement activities Rs. 15 millions has been sub-allocated for
each quarter over the years as Rs. 5 million per quarter. 

• These allocations of finances can be altered with respect to the

future requirements

11.1 MARKET ANALYSIS COST

Nissan’s marketing department includes professionals for market

analysis, competitor analysis, etc. These people are advised to do
their best and for more extensive approach. Nissan has also acquired
the services of marketing research and analysis agencies for better
approach and more in-depth research. The cost estimated for market
research is Rs. 2 million.
The further subdivision of this cost is given below in table 1.2 in

11.2 QUESTIONNAIRE COST

Nissan’s has conducted an extensive questionnaire with general public

to have better idea about the mindset and understanding of general
public. This survey costs for its development, execution and then
process of interpretation. Cost estimated for this survey is Rs. 1
million.
The further subdivision of this cost is given below in table 1.3 in

11.3 ADVERTISING AND PROMOTIONAL COST

The cost allocated for advertising and promotion is Rs. 12 million. This
cost is allocated to the areas of advertisements, sponsorships,
promos, etc. 

The further subdivision of this cost is given below in table 1.4 in

Appendix B.

11.3.1 ADVERTISING COST

Advertising costs includes advertisement on electronic media, print
media (news papers, magazines, etc.), billboards, road shows, displays
etc. etc. These all activities have been allocated Rs. 8 million.
The further subdivision of this cost is given below in table 1.4.1 in
Appendix B.

11.3.2 PROMOS COST

Promo cost includes the cost of handouts; information books, prize

contests etc. these all promo activities will cost around Rs. 2 million.
The further subdivision of this cost is given below in table 1.4.2 in
Appendix B.
11.2.3 SPONSORSHIPS

Nissan will sponsor different events like concerts, seminars and other
social activities etc. to promote the car in masses and attract people.
This sponsorship of a chain of activities over time will cost about to
Rs. 2 million.

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Nissan Motors: a fundamental analysis

By: Paul J. Scalise

Abstract: What is the key to Nissan Motor's meteoric share price rise? Are the rumors of the
turnaround as real as its publicity machine would have us believe? Why did Nissan-Renault
succeed, but Mazda-Ford and DC-MMC fail? In this essay, I analyze the fundamentals of these
companies looking at the usual metrics of a comparative cross-sectional and time-series
analysis. Emphasis is placed on public information before and after their respective tie-ups for a
long-term overview of change. The conclusion: change has taken place, to be sure, but not every
metric is as rosy as advertised at Nissan Motors.Buyer beware.

 
F undamental analysis, in contrast to technical (chartist) analysis, is predicated on the belief that
a firm's share price is determined by its so-called "core intrinsic value," or future course of 
earnings. These future earnings are valuable in that, theoretically, larger profits eventually lead to 
larger dividend payouts to shareholders. The fundamental analyst, either through a "top-down"
(i.e., economic analysis, industry analysis, and then stock analysis) or "bottom-up" (i.e., stock
analysis only) approach, tries to determine this value by forecasting publicly available data. The
process usually includes, but is not limited to, an assessment of the firm's balance sheet, income
(profit & loss) statement, and cash flow statement.

By using data in a time series to compare the fundamentals of three similar Japanese automotive
companies that are engaged in foreign tie-ups, we should be able to analyze the relative
strengths of management in controlling profitability as well as the market's confidence in the value
of their company's future course of earnings growth. The proceeding sections will, in small part,
try to  demonstrate the process.  

Nissan Motors: Share Price Follows Earnings Growth?

The first chart shows the the absolute share price performance of Nissan Motor Co (JP Stock
Code: 7201) and its corresponding earnings potential. The stock faced downward pressure
beginning in May 1989. The share price peaked at 1560 yen per share and fell to as low as 360
yen per share by October 1998. In keeping with the fundamentalist view of stock valuation, this
80% decline in Nissan Motor's share price tracked the relative decline in the firm's future course
of earnings. The operating profit margin, or OPM, is one such metric of the firm's profitability; it
measures only what management directly controls (i.e., its "core" business profitability as a
percentage of total sales) less interest payments and taxes. The OPM peaked at 3.5% in 1989,
fell to as low as -0.1% in 1992, and proceeded to average 1.5% thereafter.  These "squeezed"
margins are one indication to shareholders that  the future course of earnings, and therefore the
firm's share price, may be overvalued. 

 
 

The Effects of "Turnaround"

Nissan Motor Co's "turnaround" corresponds with its tie-up with French automobile corporation,
Renault. The Renault Nissan Alliance was signed on March 27, 1999. Renault gave Nissan a
$5.4bn cash infusion in exchange for a 36.8% equity stake in the company. Carlos Gohn, then
executive vice president at Renault, was appointed Nissan's chief operating officer (COO), arrived
in Japan in the spring of 1999 and implemented the so-called Nissan Revival Plan (NRP). The
NRP began to produce immediate results.

The OPM (above) increased from 2% in 1999 to as high as 11.1% in 2003 -- the highest among
global automotive companies (below).   In addition to increased sales growth, asset streamlining,
and cost-cutting, Nissan Motor Co. achieved on-going market share expansion from 4.6%
globally in 1999 to 5.3% in 2003 (below). 

 
 
How does Nissan Motors compare to its sector peers? The two charts below plot the same
profitability ratios of Mazda Motors (Code: 7261) and Mitsubishi Motors (Code: 7211) alongside
their respective share prices in a time series. All three companies have similar  product lines,
revenue streams, market exposures, and asset bases. 

Unlike the Renault Nissan Alliance, the Ford-Mazda and DaimlerChrysler-Mitsubishi Motors tie-
ups produced limited success for these Japanese automakers. Time series and cross sectional
analyses should provide some answers as to why. 

Time-Series Analysis

Like Nissan Motors, both Mazda and Mitsubishi Motors (hereafter MMC) experienced modest
OPM expansion and  brief, albeit strong, share price gains from 1987 to 1991. The bursting of the
bubble economy in 1991 led to an economic downturn, thereby suppressing domestic demand for
new automobiles. Net parent revenues for all three companies were generally stagnant from 1991
to 1995 as unit car sales were sluggish, significant cost cutting did not prevent gross profit and
operating profit margin erosion, and return on capital subsequently fell.

Following the appreciation of the yen, unit sales started their long decline for all three companies
(starting in 1997).  However, a series of vehicle defect recalls and cover-up scandals at MMC
have seriously hindered the demand for domestic sales over the past few years. With falling
sales, a badly tarnished brand image and automotive-division debts of more than ¥700bn, MMC
stands on financially uncomfortable ground relative to its sector peers. What is clear is that,
despite popular opinion, exchange rate shifts should not have a major impact on Mazda or MMC.
(Click here for a sensitivity analysis of foreign exchange exposure.)

 
 

Cross-Sectional Analysis

The firm's ability to operate profitably can be measured directly by measuring its return on assets.
ROA (return on assets) is the ratio of a firm's operating profit to its total assets, expressed as a
percentage. ROA measures how well a firm's management uses its assets to generate profits. It
is a better measure of operating efficiency than ROE, which only measures how much profit is
generated on the shareholders equity but ignores debt funding.

As the table indicates, Nissan currently has the highest consolidated ROA. Its turnaround is
largely the increase in short-term operating efficiency gains and, to a lesser extent, changes in its
capital structure. Moreover, the recent build-up in the U.S. division and global marketing strength
have all contributed to its 10.9% ROA. However, a 7.3% ROA in Japan, while good, still suggests
the firm may be hindered by overcapacity.  Both Mazda and MMC continue to hold minimal
market share (4.2%) in a fairly fragmented sector. MMC continues to see an erosion of its market
share and is now the seventh largest domestic manufacturer, down from sixth-place last year
(see chart below). Its concentration of total consolidated assets in the Japanese  and US markets
(56.2% and 31.8%, respectively) continues to be a problem for shareholders.

The combination of asset growth to unit price deflation and weak sales growth led to a sharp
deterioration in asset turnover for Nissan and Toyota. This decline in asset turnover can be
viewed as a sharp decline in overall network productivity. I believe this may be a cause for
concern in the future if previous expectations continue to outpace productivity gains.

 
  Mazda Nissan MMC Toyota

Japan, ROA 3 7.3 1.7 10.9

% total assets 86.7 61.1 56.2 45.7

America, ROA 3.2 10.9 -18.6 4.4

% total assets 11.2 46.6 31.8 31.7

Europe, ROA 4.6 8.1 5.5 -1

% total assets 6.6 7.7 7.7 31.7

Consolidated, ROA 2.8 10.5 -4.6 6.6

 

Internal Liquidity (Solvency) Analysis

Solvency ratios look at business risk. The stronger a firm is from a financial standpoint, the less
risky it is. The current ratio compares current assets (i.e., cash, marketable securities, accounts
receivable, inventory, etc.) to current liabilities. However, its usefulness is hampered in two ways:
current liabilities have to be paid with only one kind of current asset--cash. Therefore, the ratio is
only a good measure of solvency if the accounts receivables and inventories are relatively liquid
(i.e., their turnover rates are relatively high.) If inventories are not liquid, the quick ratio may be a
more appropriate metric. If neither inventories nor receivables are liquid, the cash ratio may be
the better indicator of solvency, because it is the most conservative solvency measure.

Judging from the financial ratios of the Japanese automotive companies below, the sector's
leader in solvency is Toyota Motors. The sector's average inventory turnover for the past seven
years is 9.7x. Toyota, the largest automotive company, has an above-average inventory turnover
(11.9x) suggesting a solid stream of sales; an above-average cash ratio (1.4x) suggesting it may
be hoarding cash; and an above-average quick ratio (0.6x). Branding, quality, innovation and the
optimal capital structure (suggesting managerial strength) all contribute to Toyota's internal
liquidity ratios. 

Nissan Motor's pre-Renault alliance (1999) indicates a company with serious financial difficulties:
liquidity ratios were below the sector average, asset turnover suggested operating inefficiencies
throughout the consolidated network, and payables turnover was low. Carlos Ghosn's 3 year
revival plan changed that. First, Nissan's receivables turnover improved over the seven year
period from 11.7x in 1997 to 16.1x in 2003 suggesting sterner credit policies. In effect, the rise in
receivables also explains the improved current ratio. Second, its declining quick ratio stems more
from the short-term sale of its marketable securities in such cross-share holdings as Subaru than
unwise short-term investments.
Mazda and MMC, however, appear to be operating at the lower end of the historical sector
average. The current ratio for both companies is below 1x indicating that current liabilities exceed
current assets. This partially explains Mazda's relatively high receivables turnover. In order for
liquidity to be maintained, the company needs to have a fairly strict credit policy. The risk comes
to such high turnover adversely affecting net sales. At one point, customers may prefer the type
of 0% down, 0% payments for 12 month periods that MMC tried (and failed) to implement
effectively in the United States. (Note that decline in MMC receivables turnover from 2002 to
2003.)  Also, Mazda and MMC continue to demonstrate relatively low inventory turnovers for the
past several years. In the case of MMC, this inefficiency can be partially explained by MMC's
cover-up scandals lowering sales. In the case of Mazda,  the inefficiency stems more from its
failure to effectively promote new models.

Mazda 1997 1998 1999 2000 2001 2002 2003

Current ratio 0.98 0.86 0.79 0.76 0.79 0.82 0.87

Quick ratio 0.69 0.6 0.49 0.45 0.37 0.45 0.45

Cash ratio 0.25 0.23 0.3 0.32 0.25 0.31 0.29

Asset turnover 1.4 1.39 1.47 1.16 1.21 1.35 1.62

Inventory turnover 8.43 10.67 9.05 7.51 6.03 7.26 8.07

Receivables turnover 5.62 6.78 13.51 16.03 18.51 17.85 20

Payables turnover 9.18 9.93 8.32 7.53 6.78 6.2 7.61

             

MMC              

Current ratio 0.73 0.66 0.7 0.63 0.53 0.58 0.55

Quick ratio 0.12 0.39 0.39 0.29 0.22 0.18 0.24

Cash ratio 0.07 0.09 0.09 0.06 0.05 0.05 0.12

Asset turnover 1.11 1.15 1.2 1.1 1.11 1.6 1.24

Inventory turnover 5.67 7.4 8.17 7.85 8.67 11.6 7.84

Receivables turnover 38.38 5.88 6.46 7.38 9.2 18.66 13.47

Payables turnover 5.84 5.82 5.77 4.35 5.3 7.69 6.26

             

Nissan              

Current ratio 0.75 0.79 0.95 0.98 1.17 1.27 1.21

Quick ratio 0.32 0.39 0.41 0.28 0.27 0.26 0.21

Cash ratio 0.2 0.25 0.25 0.09 0.09 0.09 0.06

Asset turnover 0.83 0.95 0.91 0.94 0.86 0.93 0.95

Inventory turnover 7.11 10.62 11.77 11.13 11.91 12.34 9.78

Receivables turnover 11.74 13.15 12.14 10.67 11.63 13.63 16.06

Payables turnover 6.5 7.81 7.49 7.71 7.44 7.42 6.91

             

Toyota              

Current ratio 1.42 1.33 1.42 1.45 1.45 1.46 1.28

Quick ratio 0.67 0.62 0.63 0.57 0.54 0.51 0.76

Cash ratio 0.39 0.38 0.39 0.34 0.32 0.3 0.43

Asset turnover 0.84 0.86 0.78 0.77 0.76 0.77 1.17

Inventory turnover 12.42 12.71 12.03 11.33 11.26 11.33 12.47

Receivables turnover 9.38 10.48 9.82 9.85 9.67 10.14 11.12

Payables turnover 8.69 7.94 7.58 7.91 7.77 7.68 7.97

Source: Company reports, JapanReview.Net

 
Analyst Recommendations

Nissan (Code: 7201)

Recommendations  Current  1 Month Ago  2 Months Ago  3 Months Ago

 Strong Buy 7 7 8 8

 Moderate Buy 9 9 8 8

 Hold 4 4 4 4

 Moderate Sell 0 0 0 0

 Strong Sell 0 0 0 0

 Mean Rec.  1.85  1.85  1.80  1.80

         

Mazda (Code: 7261)

Recommendations  Current  1 Month Ago  2 Months Ago  3 Months Ago

 Strong Buy 1 1 1 1

 Moderate Buy 7 6 4 5

 Hold 7 7 7 10

 Moderate Sell 2 2 2 2

 Strong Sell 3 3 3 1

 Mean Rec. 2.95 3 3.12 2.84

         

MMC (Code: 7211)

Recommendations  Current  1 Month Ago  2 Months Ago  3 Months Ago

 Strong Buy 0 0 0 0

 Moderate Buy 0 0 0 0

 Hold 1 1 3 2

 Moderate Sell 6 7 6 8

 Strong Sell 5 5 4 3

 Mean Rec. 4.33 4.31 4.08 4.08

Essay first published August 6, 2004.

 

Note: The information and opinions in this report constitute the

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F undamental analysis, in contrast to technical (chartist) analysis, is predicated on the belief that a firm's
share price is determined by its so-called "core intrinsic value," or future course of  earnings. These future
earnings are valuable in that, theoretically, larger profits eventually lead to  larger dividend payouts to
shareholders. The fundamental analyst, either through a "top-down" (i.e., economic analysis, industry
analysis, and then stock analysis) or "bottom-up" (i.e., stock analysis only) approach, tries to determine
this value by forecasting publicly available data. The process usually includes, but is not limited to, an
assessment of the firm's balance sheet, income (profit & loss) statement, and cash flow statement.

By using data in a time series to compare the fundamentals of three similar Japanese automotive
companies that are engaged in foreign tie-ups, we should be able to analyze the relative strengths of
management in controlling profitability as well as the market's confidence in the value of their company's
future course of earnings growth. The proceeding sections will, in small part, try to  demonstrate the
process.  

Nissan Motors: Share Price Follows Earnings Growth?

The first chart shows the the absolute share price performance of Nissan Motor Co (JP Stock Code:
7201) and its corresponding earnings potential. The stock faced downward pressure beginning in May
1989. The share price peaked at 1560 yen per share and fell to as low as 360 yen per share by October
1998. In keeping with the fundamentalist view of stock valuation, this 80% decline in Nissan Motor's share
price tracked the relative decline in the firm's future course of earnings. The operating profit margin, or
OPM, is one such metric of the firm's profitability; it measures only what management directly controls
(i.e., its "core" business profitability as a percentage of total sales) less interest payments and taxes. The
OPM peaked at 3.5% in 1989, fell to as low as -0.1% in 1992, and proceeded to average 1.5% thereafter. 
These "squeezed" margins are one indication to shareholders that  the future course of earnings, and
therefore the firm's share price, may be overvalued. 
 

The Effects of "Turnaround"

Nissan Motor Co's "turnaround" corresponds with its tie-up with French automobile corporation, Renault.
The Renault Nissan Alliance was signed on March 27, 1999. Renault gave Nissan a $5.4bn cash infusion
in exchange for a 36.8% equity stake in the company. Carlos Gohn, then executive vice president at
Renault, was appointed Nissan's chief operating officer (COO), arrived in Japan in the spring of 1999 and
implemented the so-called Nissan Revival Plan (NRP). The NRP began to produce immediate results.

The OPM (above) increased from 2% in 1999 to as high as 11.1% in 2003 -- the highest among global
automotive companies (below).   In addition to increased sales growth, asset streamlining, and cost-
cutting, Nissan Motor Co. achieved on-going market share expansion from 4.6% globally in 1999 to 5.3%
in 2003 (below). 

 
 
How does Nissan Motors compare to its sector peers? The two charts below plot the same profitability
ratios of Mazda Motors (Code: 7261) and Mitsubishi Motors (Code: 7211) alongside their respective share
prices in a time series. All three companies have similar  product lines, revenue streams, market
exposures, and asset bases. 

Unlike the Renault Nissan Alliance, the Ford-Mazda and DaimlerChrysler-Mitsubishi Motors tie-ups
produced limited success for these Japanese automakers. Time series and cross sectional analyses
should provide some answers as to why. 

Time-Series Analysis

Like Nissan Motors, both Mazda and Mitsubishi Motors (hereafter MMC) experienced modest OPM
expansion and  brief, albeit strong, share price gains from 1987 to 1991. The bursting of the bubble
economy in 1991 led to an economic downturn, thereby suppressing domestic demand for new
automobiles. Net parent revenues for all three companies were generally stagnant from 1991 to 1995 as
unit car sales were sluggish, significant cost cutting did not prevent gross profit and operating profit
margin erosion, and return on capital subsequently fell.

Following the appreciation of the yen, unit sales started their long decline for all three companies (starting
in 1997).  However, a series of vehicle defect recalls and cover-up scandals at MMC have seriously
hindered the demand for domestic sales over the past few years. With falling sales, a badly tarnished
brand image and automotive-division debts of more than ¥700bn, MMC stands on financially
uncomfortable ground relative to its sector peers. What is clear is that, despite popular opinion, exchange
rate shifts should not have a major impact on Mazda or MMC. (Click here for a sensitivity analysis of
foreign exchange exposure.)

 
 

Cross-Sectional Analysis

The firm's ability to operate profitably can be measured directly by measuring its return on assets. ROA
(return on assets) is the ratio of a firm's operating profit to its total assets, expressed as a percentage.
ROA measures how well a firm's management uses its assets to generate profits. It is a better measure of
operating efficiency than ROE, which only measures how much profit is generated on the shareholders
equity but ignores debt funding.

As the table indicates, Nissan currently has the highest consolidated ROA. Its turnaround is largely the
increase in short-term operating efficiency gains and, to a lesser extent, changes in its capital structure.
Moreover, the recent build-up in the U.S. division and global marketing strength have all contributed to its
10.9% ROA. However, a 7.3% ROA in Japan, while good, still suggests the firm may be hindered by
overcapacity.  Both Mazda and MMC continue to hold minimal market share (4.2%) in a fairly fragmented
sector. MMC continues to see an erosion of its market share and is now the seventh largest domestic
manufacturer, down from sixth-place last year (see chart below). Its concentration of total consolidated
assets in the Japanese  and US markets (56.2% and 31.8%, respectively) continues to be a problem for
shareholders.

The combination of asset growth to unit price deflation and weak sales growth led to a sharp deterioration
in asset turnover for Nissan and Toyota. This decline in asset turnover can be viewed as a sharp decline
in overall network productivity. I believe this may be a cause for concern in the future if previous
expectations continue to outpace productivity gains.

 
  Mazda Nissan MMC Toyota

Japan, ROA 3 7.3 1.7 10.9

% total assets 86.7 61.1 56.2 45.7

America, ROA 3.2 10.9 -18.6 4.4

% total assets 11.2 46.6 31.8 31.7

Europe, ROA 4.6 8.1 5.5 -1

% total assets 6.6 7.7 7.7 31.7

Consolidated, ROA 2.8 10.5 -4.6 6.6

 

Internal Liquidity (Solvency) Analysis

Solvency ratios look at business risk. The stronger a firm is from a financial standpoint, the less risky it is.
The current ratio compares current assets (i.e., cash, marketable securities, accounts receivable,
inventory, etc.) to current liabilities. However, its usefulness is hampered in two ways: current liabilities
have to be paid with only one kind of current asset--cash. Therefore, the ratio is only a good measure of
solvency if the accounts receivables and inventories are relatively liquid (i.e., their turnover rates are
relatively high.) If inventories are not liquid, the quick ratio may be a more appropriate metric. If neither
inventories nor receivables are liquid, the cash ratio may be the better indicator of solvency, because it is
the most conservative solvency measure.

Judging from the financial ratios of the Japanese automotive companies below, the sector's leader in
solvency is Toyota Motors. The sector's average inventory turnover for the past seven years is 9.7x.
Toyota, the largest automotive company, has an above-average inventory turnover (11.9x) suggesting a
solid stream of sales; an above-average cash ratio (1.4x) suggesting it may be hoarding cash; and an
above-average quick ratio (0.6x). Branding, quality, innovation and the optimal capital structure
(suggesting managerial strength) all contribute to Toyota's internal liquidity ratios. 

Nissan Motor's pre-Renault alliance (1999) indicates a company with serious financial difficulties: liquidity
ratios were below the sector average, asset turnover suggested operating inefficiencies throughout the
consolidated network, and payables turnover was low. Carlos Ghosn's 3 year revival plan changed that.
First, Nissan's receivables turnover improved over the seven year period from 11.7x in 1997 to 16.1x in
2003 suggesting sterner credit policies. In effect, the rise in receivables also explains the improved
current ratio. Second, its declining quick ratio stems more from the short-term sale of its marketable
securities in such cross-share holdings as Subaru than unwise short-term investments.

Mazda and MMC, however, appear to be operating at the lower end of the historical sector average. The
current ratio for both companies is below 1x indicating that current liabilities exceed current assets. This
partially explains Mazda's relatively high receivables turnover. In order for liquidity to be maintained, the
company needs to have a fairly strict credit policy. The risk comes to such high turnover adversely
affecting net sales. At one point, customers may prefer the type of 0% down, 0% payments for 12 month
periods that MMC tried (and failed) to implement effectively in the United States. (Note that decline in
MMC receivables turnover from 2002 to 2003.)  Also, Mazda and MMC continue to demonstrate relatively
low inventory turnovers for the past several years. In the case of MMC, this inefficiency can be partially
explained by MMC's cover-up scandals lowering sales. In the case of Mazda,  the inefficiency stems more
from its failure to effectively promote new models.

Mazda 1997 1998 1999 2000 2001 2002 2003

Current ratio 0.98 0.86 0.79 0.76 0.79 0.82 0.87

Quick ratio 0.69 0.6 0.49 0.45 0.37 0.45 0.45

Cash ratio 0.25 0.23 0.3 0.32 0.25 0.31 0.29

Asset turnover 1.4 1.39 1.47 1.16 1.21 1.35 1.62

Inventory turnover 8.43 10.67 9.05 7.51 6.03 7.26 8.07

Receivables turnover 5.62 6.78 13.51 16.03 18.51 17.85 20

Payables turnover 9.18 9.93 8.32 7.53 6.78 6.2 7.61

             

MMC              

Current ratio 0.73 0.66 0.7 0.63 0.53 0.58 0.55

Quick ratio 0.12 0.39 0.39 0.29 0.22 0.18 0.24

Cash ratio 0.07 0.09 0.09 0.06 0.05 0.05 0.12

Asset turnover 1.11 1.15 1.2 1.1 1.11 1.6 1.24

Inventory turnover 5.67 7.4 8.17 7.85 8.67 11.6 7.84

Receivables turnover 38.38 5.88 6.46 7.38 9.2 18.66 13.47

Payables turnover 5.84 5.82 5.77 4.35 5.3 7.69 6.26

              

Nissan              

Current ratio 0.75 0.79 0.95 0.98 1.17 1.27 1.21

Quick ratio 0.32 0.39 0.41 0.28 0.27 0.26 0.21

Cash ratio 0.2 0.25 0.25 0.09 0.09 0.09 0.06

Asset turnover 0.83 0.95 0.91 0.94 0.86 0.93 0.95

Inventory turnover 7.11 10.62 11.77 11.13 11.91 12.34 9.78

Receivables turnover 11.74 13.15 12.14 10.67 11.63 13.63 16.06

Payables turnover 6.5 7.81 7.49 7.71 7.44 7.42 6.91

             

Toyota              

Current ratio 1.42 1.33 1.42 1.45 1.45 1.46 1.28

Quick ratio 0.67 0.62 0.63 0.57 0.54 0.51 0.76

Cash ratio 0.39 0.38 0.39 0.34 0.32 0.3 0.43

Asset turnover 0.84 0.86 0.78 0.77 0.76 0.77 1.17

Inventory turnover 12.42 12.71 12.03 11.33 11.26 11.33 12.47

Receivables turnover 9.38 10.48 9.82 9.85 9.67 10.14 11.12

Payables turnover 8.69 7.94 7.58 7.91 7.77 7.68 7.97

Source: Company reports, JapanReview.Net

 
Analyst Recommendations

Nissan (Code: 7201)

Recommendations  Current  1 Month Ago  2 Months Ago  3 Months Ago

 Strong Buy 7 7 8 8

 Moderate Buy 9 9 8 8

 Hold 4 4 4 4

 Moderate Sell 0 0 0 0

 Strong Sell 0 0 0 0

 Mean Rec.  1.85  1.85  1.80  1.80

         

Mazda (Code: 7261)

Recommendations  Current  1 Month Ago  2 Months Ago  3 Months Ago

 Strong Buy 1 1 1 1

 Moderate Buy 7 6 4 5

 Hold 7 7 7 10

 Moderate Sell 2 2 2 2

 Strong Sell 3 3 3 1

 Mean Rec. 2.95 3 3.12 2.84

         

MMC (Code: 7211)

Recommendations  Current  1 Month Ago  2 Months Ago  3 Months Ago

 Strong Buy 0 0 0 0

 Moderate Buy 0 0 0 0

 Hold 1 1 3 2

 Moderate Sell 6 7 6 8

 Strong Sell 5 5 4 3

 Mean Rec. 4.33 4.31 4.08 4.08

Model of Nissan motars

Jidosha Seizo Co. Ltd. was the founder of Nissan Motor Company. Ltd.
The company was established in Yokohama in the year 1933. After a
year in 1934, Japan based Nissan Motor Company Limited changed its
name from Datsum. 
Apart from Nissan cars, the company also manufactures and designs
various other products such as pleasure boats, machinery and
communications satellites. The headquarters of this company is based
in Tokyo. Nissan Motors Co. Ltd. is mainly engaged in the production
and sales of vehicles and spare parts. 

Nissan Motors started capturing Indian automobile market with the

introduction of Nissan X-TRAIL and compact Sports Utility Vehicles.
Widely scattered dealer network of Nissan Motors Pvt. Ltd. is in India
covers Delhi, Mumbai, and Chennai etc. During the war years (from
1938) the company converted entirely from manufacturing Nissan
motors cars to the production of trucks and military vehicles. 

During the 2nd world war (from 1938), the company converted entirely
into the production of trucks and military vehicles. The main NISSAN
Plant was seized by the Allied occupation forces in 1945, though
allowing production of Nissan car models and Datsun vehicles to
resume at one plant; they did not restore all other facilities to Nissan
until 1955. After that, when Nissan entered the world market in 1960,
its production and sales increased phenomenally. The company is
engaged in joint ventures abroad, and Nissan has established
assembly plants in several foreign countries, including Australia, Peru,
Mexico, the United States, and Germany.
Some of the most well known Nissan Motors car models are 

MODELS OF NISSAN MOTORS CARS

MODEL TYPE

Nissan Micra Small Car

Nissan 370Z Premium

Nissan X-Trail Sport Utility Vehicle

 Comfort

 Elegance

Nissan Teana Premium

AWAITED MODEL OF NISSAN CARS

MODEL TYPE

Nissan NV200 Multi Utility Vehicle

Nissan New 2011 X-Trail Sport Utility Vehicle

Nissan Micra Diesel Hatchback Car

Nissan Micra Automatic Hatchback Car

Nissan Sunny Sedan

Nissan Pixo Hatchback Car

Nissan Murano Sport Utility Vehicle

Nissan GT-R Sport Utility Vehicle

Nissan Livina Sedan car

Nissan Infiniti G35 Mid Size Car

Nissan Micra Versions

Nissan Micra comes in following 6 versions with 2 engine and 1
transmission options..

Starts at Rs. 21,58,966

Nissan Teana Versions
Nissan Teana comes in following 2 versions with 1 engine and 1
transmission options.

Rs. 21,58,966

Nissan X-Trail Versions

Nissan X-Trail comes in following 3 versions with 1 engine and 2
transmission options.

Rs. 22,22,762
.  Micra comes in following 6 versions with 2 engine and 1
transmission option 

Rs.55,14,825

Nissan 370Z Review

Remember Nissan 350Z? The Drift King character in The Fast and the
Furious: The Tokyo Drift might remind you. The 370Z is a predecessor of the
350Z. It's a sixth-generation Z car and is also known as the FairLady in
Japan.
BMW 6-Series Review

The German automobile manufacturer BMW launched its 6 Series in

India in 2007. The range of cars was quite obviously meant for those
distinguished super-rich Indian consumers. The second-generation
two-door coupe flaunts striking exteriors, which are well
complemented by spacious interiors. The sports-car-look of the vehicle
gives it a smooth look and feel and the engine gives it the energy to
surge to top speeds. Seamless transmission, advanced safety
features, high stability and handing quality are only some of the
highlights of BMW 6 Series coupe.

Design 

The long bonnet and the wide posture of the BMW 6 Series Coupe, give
it its unique and at the same point in time a sexy look. The 6 Series
has body coloured bumpers, sparkling headlamps and a sleeker front
grille. The car also comes with clear lens jewel-like fog lamps that
dazzle the front of the car. The rear end of the Coupe is muscular and
the look is enhanced by dazzling tail lamps and an additional brake
light which is integrated in the spoiler lip. The interiors of the car are
roomy and very comfortable. There is enough space for four people to
squeeze into the two door coupe. 
The interiors of the car as good as they could get. The interiors
definitely compliment the exterior of the car. The use of top quality
materials provide functionality and exclusivity to the car. The 2+2
seater has a generous boot space and the passengers at the rear seat
do not feel cramped up.

Upholstered in finest Dakota leather, the cabin gets some sleek

wooden trim in the trendy instrument cluster and leather wrapped
steering wheel with multi-functional buttons. Standard features found
in the 650i variant of BMW 6 Series coupe include automatic air-
conditioning, power windows and power door locks.
Power train

since only the 650i variant is the only one available in India, it has to
have a powerful engine and thats exactly what it has. The car is
powered by a 4.8L V8 engine which of course is good and churns out a
good 360 bhp. The eight-cylinder V8 engine not only makes the car
quick but makes it efficient when it comes to fuel consumption. The
engine makes for a great driving experience as you can push the limit
and expect the car to stand firm on the ground. 

Handling and Safety

The Active Steering System of the coupe makes use of an electric

motor, which modifies the wheel angle according to the acceleration
and deceleration of the car. The optional Dynamic Drive active
suspension system takes handling precision to an altogether new
level. The suspension provides the car with better stability and also
offers a high level of riding comfort by minimizing body roll via the
active anti-roll bars, positioned on the front and rear axles. This
ensures a smooth ride for all the passengers in the car. 

Passenger safety has been improved in the latest version of BMW 6

Series coupe. One of the advanced safety features of the coupe is the
crash-active headrest, which reduces the risk of neck injury. Sidewalls
of the run-flat tyres have been strengthened, which increases the
durability of the tyres. Night vision, optional in the coupe, reduces the
stress of trying to see people in low light conditions. Side impact
protection and crumple zones shield the passengers from the impact
of collisions.

Overall Evaluation

The only variant of the BMW 6 Series coupe available in India is the
650i petrol model. It is priced at Rs 79,70,000. The car is available in
colours like Deep Sea Blue, Monaco Blue, Black Sapphire, Stratus
Grey, Space Grey, Atlantic Blue, Mineral Silver, Titanium Silver and
Alpine White. The sports car is of course meant for a certain crowd.
Though a crowd puller for sure, the price will attract only those who
have the means to buy and maintain it. 

BIBLOGRAPHY

About Gateway Hyundai Nissan

Gateway Hyundai Nissan is a Fargo,

North Dakota and Moorhead,
Minnesota Hyundai and Nissan
dealer with new car and used car
sales, leasing, online inventory,
financing, service, parts,
accessories, and collision center.
Your premiere Fargo and Moorhead
new car dealer and used car dealer is Gateway Hyundai Nissan.

Gateway Hyundai Nissan is proud to serve the Fargo-Moorhead area as

a premiere Hyundai and Nissan new and used car dealer. Gateway,
located just off I-94 on South University Drive in Fargo, has a large
inventory of new and used cars and trucks. Our parts department is
always stocked with a full range of parts and accessories to keep your
Hyundai or Nissan looking great and running great!

Whether you live in Fargo, Moorhead, West Fargo, Dilworth, or

anywhere in the Fargo ND and Moorhead MN area, Gateway Hyundai
Nissan is the place to purchase your next Hyundai or Nissan car,
truck, minivan or SUV.
 Conclusion

So on about 3 cars so far ive been messing with my PCV valve setup. 4
catch cans and about $300 in hoses and vac blocks and 7 years later
ive came to the conclusion.

The PCV valve/system is completely worthless, and is only in place to

satisfy emissions.

The OEM or any high flowing 3/8ths PCV valve no matter what will NOT
draw vapors from the crankcase. The crankcase is always in positive
pressure. even @ idle the vacuum meets the PCV valve, and carries the
pressures/vapors that were FORCED past the pcv valve. Most engines
with 100+k miles will also have gasket leaks which will NEVER provide
vacuum inside the crankcase. 

The issue gets worse with ANY aftermarket intake, because the valve
cover to intake hose does not have the flow restrictor built into it,
which provides resistance to 1 direction.

The reason the PCV valve is in place is because of emissions. It is

illegal to VTA, thus they needed to recycle the unburnt fume/vapors
along with venting pressure. The only way they could do this in a
closed system was having a restrictor to keep the static vacuum leak
to a minimum, and to prevent @ 21/hg vac sucking pure oil into the
intake manifold. The way it works is the PCV system is always in
positive pressure, however the pressure pushes the valve open, where
any slight vacuum durring cruising then sucks the vapors from the
valve to be reburnt. The vacuum doesnt pull from the crankcase, it
pulls before the valve. There is no way the small amount of flow the
PCV valve provides can put negative pressure on the crank case when
the opposite end (intake-valvecover hose/restrictor) flows about 5x as
much.

blowby vapors are minimal durring vac, where the pcv valve is open
and your not sucking blowby, but more oil mist. Anything after idle the
pressures will force themselves past the valve, where the negative
manifold pressure assists removal.

Oil contamination? None. UOA's show no more wear or fuel dilution

than running with a closed system. The OEM setup is restricted for a
steady idle and to prevent oil from being burned

High HP hondas use the endyn setup. 2x AN fittings in the valve cover
for added pressure relief, and tap into a freeze plug on the rear of the
block. If were not having the negative vac assist pulling the pressures
fast the valve, then we need to have 0 positive pressure in the system.

Here is StevieC (one of the most respected members of BITOG) and a

thread I made. Venting PCV and Oil contamination. - Bob Is The Oil Guy

Heres another thing. The FSM states that under heavy load/high
blowby where the OEM pcv cant pass the vapors through, the flow will
reverse and go through the intake hose into the TB. However on a
newly freshened engine with no leaks, doesnt the PCV valve close
when pressure is reversed? thus another flaw clearly meaning the
pressure is forced out, thus a freely flowing system is the only way to
go here.

Good stuff, I hope to also on the ka24de VTA and do a UOA after 5k
miles on some amsoil SSO

Heres an Audi that is venting and here is the UOA