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 fourwheel 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 cashhungry 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 nonexistent 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 Jitsuy Jid sha Seiz KabushikiGaisha?) a.k.a. Jitsuyo Motors(established 1919, as a Kubota subsidiary) to become DAT Automobile Manufacturing Co., Ltd Datto Jid sha Seiz 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. (Jid sha Seiz 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 fourthlargest 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 Jid sha?). 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 engine² 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: 
             

1933²1939 Yoshisuke Aikawa 1939²1942 Masasuke Murakami 1942²1944 Genshichi Asahara 1944²1945 Haruto Kudo 1945 Takeshi Murayama 1945²1947 Souji Yamamoto 1947²1951 Taichi Minoura 1951²1957 Genshichi Asahara 1957²1973 Katsuji Kawamata 1973²1977 Tadahiro Iwakoshi 1977²1985 Takashi Ishihara 1985²1992 Yutaka Kume 1992²1996 Yoshifume Tsuji 1996²2000 Yoshikazu Hanawa 2000²present 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 lithiumion 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, RenaultNissan 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-onyear 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 environmentallyfriendly 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 alltime 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 12months. 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 Ghosn³President 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 Jid sha Kabushikigaisha?) (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 threeµ 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.µ 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 stakeholdersµ 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 nextµ 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 o o o

1 year parts and service warranty. Integrated Tracking System. Highly attractive design. CNG installed in car for user convenience.

4.2. CONSUMER OR INDUSTRIAL PRODUCT? ´Nissan nextµ 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 nextµ 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 nextµ 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 ² WIDE SPREAD OR NOT? Distribution of ´Nissan nextµ 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 DissonanceReducing Buyer behavior. 5.2 CONSUMPTION ² 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 nextµ are Suzuki, Toyota, Hyundai and Cherry QQ. All products of these companies of same size and capacity will give tough competition to ´Nissan nextµ.

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 nextµ 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 nextµ in market. Promotion of ´Nissan nextµ 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 nextµ 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 nextµ 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·sµ 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 nextµ 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 nextµ. 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 nextµ. 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.

Services of Nissan motars

Nissan Murano Preview Nissan India have been on a roll since their success with the bread and butter Micra model. They are to shoe-horn a diesel version into it shortly to increase the sales. Coming on the heels of the Micra Diesel would be a slew of SUVs. First amongst...

Nissan Ultra Low Car {ULC} in India Nissan India are on a roll after the launch of the Micra. They now have firm plans to take more pie from the Indian car market. They plan on launching atleast 11 cars in the Indian markets by 2012. This means that we would get the whole SUV range...

2010 Nissan Micra diesel ² Preview Nissan India started their operations in India just 5 years back in 2005. The first vehicle they launched was the X-trail which was a CBU and still is unabashedly so. Their second launch was the luxury yacht type car, the Teana. The third one is...

Chevrolet Captiva vs Nissan X-Trail vs Hyundai Santa Fe The Indian soft roader scene has become very tough now. Earlier it was the sole dominion of the Honda CR-V with the occasional fight from the Hyundai Tucson. Later on, the Chevrolet Captiva joined the party and due to its diesel power plant and...

2011 Nissan NV200 in India Introduction â½´ Nissan NV200 Review Nissan Motors has enjoyed good success in the Indian market with the well received and highly successful small car Micra. The car manufacturer riding on this success is planning on introducing a whole range of...

Nissan Micra XV test drive The baby supermini hatch from Nissan Motors India has been finally launched. It is known by various names across the world like March

etc however in India it is christened the Nissan Micra. The earlier production version of the Nissan Micra...

2011 Nissan Sunny in India Nissan Sunny India Japanese car manufacturer Nissan is aggressively introducing a range of cars into the Indian market as it is trying to make up for lost time. It has taken a while for Nissan to realize the full potential that the Indian market has...

Nissan X-trail test drive Nissan Motors India Limited are looking to expand their portfolio of cars in India and clearly want to gain a market share with the burgeoning car market in India.They first launched the Nissan X-trail soft roader in 2004. Now, after 6 years, Nissan...

Nissan Sunny launch in India Nissan Motors India Limited are planning to expand their base in India on a huge basis. That they have launched their small car, the Nissan Micra in India as well as its diesel avatar after a few months is commendable. Not to mention, the resounding...

Nissan 370Z in India test drive Riding bikes and not driving cars is my favourite hobby for the weekend. Yes, inspite of the fact that I write about cars so much, I am not interested in them as I am in bikes. The thrills of open air riding and cutting lanes (of course with the.

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.

Fundamental 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 tieups 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
Japan, ROA % total assets America, ROA % total assets Europe, ROA % total assets Consolidated, ROA

Nissan 3 86.7 3.2 11.2 4.6 6.6 2.8

MMC 7.3 61.1 10.9 46.6 8.1 7.7 10.5

Toyota 1.7 56.2 -18.6 31.8 5.5 7.7 -4.6 10.9 45.7 4.4 31.7 -1 31.7 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 Current ratio Quick ratio Cash ratio Asset turnover Inventory turnover Receivables turnover Payables turnover

1997 0.98 0.69 0.25 1.4 8.43 5.62 9.18

1998 0.86 0.6 0.23 1.39 10.67 6.78 9.93

1999 0.79 0.49 0.3 1.47 9.05 13.51 8.32

2000 0.76 0.45 0.32 1.16 7.51 16.03 7.53

2001 0.79 0.37 0.25 1.21 6.03 18.51 6.78

2002 0.82 0.45 0.31 1.35 7.26 17.85 6.2

2003 0.87 0.45 0.29 1.62 8.07 20 7.61

MMC Current ratio Quick ratio Cash ratio Asset turnover Inventory turnover 0.73 0.12 0.07 1.11 5.67 0.66 0.39 0.09 1.15 7.4 0.7 0.39 0.09 1.2 8.17 0.63 0.29 0.06 1.1 7.85 0.53 0.22 0.05 1.11 8.67 0.58 0.18 0.05 1.6 11.6 0.55 0.24 0.12 1.24 7.84

Receivables turnover Payables turnover

38.38 5.84

5.88 5.82

6.46 5.77

7.38 4.35

9.2 5.3

18.66 7.69

13.47 6.26

Nissan Current ratio Quick ratio Cash ratio Asset turnover Inventory turnover Receivables turnover Payables turnover 0.75 0.32 0.2 0.83 7.11 11.74 6.5 0.79 0.39 0.25 0.95 10.62 13.15 7.81 0.95 0.41 0.25 0.91 11.77 12.14 7.49 0.98 0.28 0.09 0.94 11.13 10.67 7.71 1.17 0.27 0.09 0.86 11.91 11.63 7.44 1.27 0.26 0.09 0.93 12.34 13.63 7.42 1.21 0.21 0.06 0.95 9.78 16.06 6.91

Toyota Current ratio Quick ratio Cash ratio Asset turnover Inventory turnover Receivables turnover Payables turnover 1.42 0.67 0.39 0.84 12.42 9.38 8.69 1.33 0.62 0.38 0.86 12.71 10.48 7.94 1.42 0.63 0.39 0.78 12.03 9.82 7.58 1.45 0.57 0.34 0.77 11.33 9.85 7.91 1.45 0.54 0.32 0.76 11.26 9.67 7.77 1.46 0.51 0.3 0.77 11.33 10.14 7.68 1.28 0.76 0.43 1.17 12.47 11.12 7.97

Source: Company reports, JapanReview.Net

Analyst Recommendations

Nissan (Code: 7201) Recommendations Strong Buy Moderate Buy Hold Moderate Sell Strong Sell Mean Rec. Current 7 9 4 0 0 1.85 1 Month Ago 7 9 4 0 0 1.85 2 Months Ago 8 8 4 0 0 1.80 3 Months Ago 8 8 4 0 0 1.80

Mazda (Code: 7261) Recommendations Strong Buy Moderate Buy Hold Moderate Sell Strong Sell Current 1 7 7 2 3 1 Month Ago 1 6 7 2 3 2 Months Ago 1 4 7 2 3 3 Months Ago 1 5 10 2 1

Mean Rec.

2.95

3

3.12

2.84

MMC (Code: 7211) Recommendations Strong Buy Moderate Buy Hold Moderate Sell Strong Sell Mean Rec. Current 0 0 1 6 5 4.33 1 Month Ago 0 0 1 7 5 4.31 2 Months Ago 0 0 3 6 4 4.08 3 Months Ago 0 0 2 8 3 4.08

Essay first published August 6, 2004.

Note: The information and opinions in this report constitute the judgment of its author, Paul J. Scalise, and notJapanReview.Net, as at the date of this report and are subject to change without notice. This report does not constitute or form part of, and should not be construed as, any offer for sale or subscription of, or any invitation to offer to buy or subscribe for, any securities, nor should it or any part of it form the basis of, or

be relied on any connection with, any contract or commitment whatsoever. The information and opinions contained in this report have been compiled or arrived at from sources believed to be reliable and in good faith, but no representation or warranty, express or implied, is made as to their accuracy, completeness or correctness. JapanReview.Net accepts no liability whatsoever for any direct or consequential loss or damage arising from any use of this report or its contents. While JapanReview.Net may provide hyperlinks to websites of entities mentioned in this report, the inclusion of a link does not imply that JapanReview.Net endorses, recommends or approves any material on the linked page or accessible from it. JapanReview.Net accepts no responsibility whatsoever for any such material, nor for any consequences of its use. This report is for the general reader and should not be relied upon as authoritative or taken in substitution for the exercise of judgment by any recipient.

Fundamental 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 costcutting, 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
Japan, ROA % total assets America, ROA % total assets Europe, ROA % total assets Consolidated, ROA

Nissan 3 86.7 3.2 11.2 4.6 6.6 2.8

MMC 7.3 61.1 10.9 46.6 8.1 7.7 10.5

Toyota 1.7 56.2 -18.6 31.8 5.5 7.7 -4.6 10.9 45.7 4.4 31.7 -1 31.7 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 Current ratio Quick ratio Cash ratio Asset turnover Inventory turnover Receivables turnover Payables turnover

1997 0.98 0.69 0.25 1.4 8.43 5.62 9.18

1998 0.86 0.6 0.23 1.39 10.67 6.78 9.93

1999 0.79 0.49 0.3 1.47 9.05 13.51 8.32

2000 0.76 0.45 0.32 1.16 7.51 16.03 7.53

2001 0.79 0.37 0.25 1.21 6.03 18.51 6.78

2002 0.82 0.45 0.31 1.35 7.26 17.85 6.2

2003 0.87 0.45 0.29 1.62 8.07 20 7.61

MMC Current ratio Quick ratio Cash ratio Asset turnover Inventory turnover Receivables turnover 0.73 0.12 0.07 1.11 5.67 38.38 0.66 0.39 0.09 1.15 7.4 5.88 0.7 0.39 0.09 1.2 8.17 6.46 0.63 0.29 0.06 1.1 7.85 7.38 0.53 0.22 0.05 1.11 8.67 9.2 0.58 0.18 0.05 1.6 11.6 18.66 0.55 0.24 0.12 1.24 7.84 13.47

Payables turnover

5.84

5.82

5.77

4.35

5.3

7.69

6.26

Nissan Current ratio Quick ratio Cash ratio Asset turnover Inventory turnover Receivables turnover Payables turnover 0.75 0.32 0.2 0.83 7.11 11.74 6.5 0.79 0.39 0.25 0.95 10.62 13.15 7.81 0.95 0.41 0.25 0.91 11.77 12.14 7.49 0.98 0.28 0.09 0.94 11.13 10.67 7.71 1.17 0.27 0.09 0.86 11.91 11.63 7.44 1.27 0.26 0.09 0.93 12.34 13.63 7.42 1.21 0.21 0.06 0.95 9.78 16.06 6.91

Toyota Current ratio Quick ratio Cash ratio Asset turnover Inventory turnover Receivables turnover Payables turnover 1.42 0.67 0.39 0.84 12.42 9.38 8.69 1.33 0.62 0.38 0.86 12.71 10.48 7.94 1.42 0.63 0.39 0.78 12.03 9.82 7.58 1.45 0.57 0.34 0.77 11.33 9.85 7.91 1.45 0.54 0.32 0.76 11.26 9.67 7.77 1.46 0.51 0.3 0.77 11.33 10.14 7.68 1.28 0.76 0.43 1.17 12.47 11.12 7.97

Source: Company reports, JapanReview.Net

Analyst Recommendations

Nissan (Code: 7201) Recommendations Strong Buy Moderate Buy Hold Moderate Sell Strong Sell Mean Rec. Current 7 9 4 0 0 1.85 1 Month Ago 7 9 4 0 0 1.85 2 Months Ago 8 8 4 0 0 1.80 3 Months Ago 8 8 4 0 0 1.80

Mazda (Code: 7261) Recommendations Strong Buy Moderate Buy Hold Moderate Sell Strong Sell Mean Rec. Current 1 7 7 2 3 2.95 1 Month Ago 1 6 7 2 3 3 2 Months Ago 1 4 7 2 3 3.12 3 Months Ago 1 5 10 2 1 2.84

MMC (Code: 7211) Recommendations Strong Buy Moderate Buy Hold Moderate Sell Strong Sell Mean Rec. Current 0 0 1 6 5 4.33 1 Month Ago 0 0 1 7 5 4.31 2 Months Ago 0 0 3 6 4 4.08 3 Months Ago 0 0 2 8 3 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 Nissan Micra Nissan 370Z Nissan X-Trail
y y

TYPE
Small Car Premium Sport Utility Vehicle

Comfort Elegance
Premium

Nissan Teana

AWAITED MODEL OF NISSAN CARS

MODEL Nissan NV200 Nissan New 2011 X-Trail Nissan Micra Diesel Nissan Micra Automatic Nissan Sunny Nissan Pixo Nissan Murano Nissan GT-R Nissan Livina

TYPE
Multi Utility Vehicle Sport Utility Vehicle Hatchback Car Hatchback Car Sedan Hatchback Car Sport Utility Vehicle Sport Utility Vehicle 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 airconditioning, 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