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