Nissan to cut loss-making exports

Nissan Motor employees assemble the electric Leaf at the Oppama plant in Yokosuka city, suburban Tokyo.

Nissan Motor Co. said yesterday it aimed to boost its sales in Japan in a move that would also help reduce exports by as much as a third and reduce the impact of the yen’s crippling strength.

The dollar’s plunge below 80 yen to near record lows has hit profits at Japanese automakers such as Nissan, which exported 610,000, or 57 percent, of its domestically produced vehicles last year.

Despite the headwinds from tough exchange rates, high labor costs and risks of disruption from earthquakes, Nissan has vowed to keep production of at least 1 million vehicles a year in Japan to protect jobs and hone its manufacturing expertise.

By selling more cars in Japan and building more vehicles for other brands under original equipment manufacturing deals, Nissan aims to boost production of vehicles sold locally in Japan from 460,000 vehicles last year to 600,000, Executive Vice President Hiroto Saikawa said.

That would help the ratio of exports out of Japan fall to as low as 40 percent, he said, without specifying a time frame.

Nissan is Japan’s No. 2 brand with 13 percent of the world’s third-biggest auto market dominated by Toyota Motor Corp. In the business year to end-March 2011, Nissan sold 600,202 vehicles in Japan, of which 24 percent were Nissan-badged 660cc minivehicles built by other Suzuki Motor Corp and Mitsubishi Motors Corp.

Despite being Japan’s No. 2 brand, Nissan had just two models in the list of 10 best-selling vehicles last year excluding 660cc microcars, trailing Toyota with five and Honda Motor Co. with three.

To beef up its sales, Nissan was developing a new compact car that it hopes will make the top-10 list, Saikawa said, and eventually sell enough Leaf electric cars to join the top 20.



News
Entertainment
Sports
Lifestyle
Local

Tattooed, bearded suspect sought in Williamsburg bike theft:…

The suspected thief faces grand larceny charges after investigators said he entered the building on North 5th Street in Williamsburg.

Local

Report: Rich New Yorkers don't move from NYC…

An Independent Budget Office analysis found that the wealthiest residents don't move out of the city any more or less than other New Yorkers.

National

Pioneers for domestic violence push on

Reporter was commissioned to write this in-depth article. Two decades have passed since the O.J. Simpson trial captivated the country. But in the 20 years…

Local

Food truck with a mission hires at-risk New…

A group branding itself as food trucks for social justice specifically hires and trains young men and women with troubled pasts.

Entertainment

'Bachelorette' recap: Episode 10, 'Men Tell All'

Why does the #MenTellAll episode exist? Because they don’t, and it shouldn’t. Is it a lazy vehicle to sell more ad space? Is it to…

Television

Olivia Williams explains the ins and outs of…

Olivia Williams plays a botanist beginning to suspect her physicist husband's work on the Manhattan Project might be ominous in WGN America's "Manhattan."

Movies

Scarlett Johansson on 'Lucy':' 'I guess I’m the…

Scarlett Johansson continues her foray into action movies with thriller “Lucy”, admitting it’s been an unexpected adventure.

Movies

Review: Liking Woody Allen's 'Magic in the Moonlight'…

Woody Allen's latest, "Magic in the Moonlight," concerns a magician (Colin Firth) trying to debunk an alleged psychic (Emma Stone).

NFL

5 players to watch at Giants training camp

Metro takes a look at five players who will be on everyone’s mind when Giants training camp gets underway.

NFL

'Vicktory dogs' travel road to rehabilitation seven years…

Of the dozens of dogs groomed by Bad Newz Kennels, 48 were rescued and 22 of the pit bull terriers have emerged at Best Friends Animal Society.

MLB

Yankees looking at trade for Cliff Lee, according…

Yankees looking at trade for Cliff Lee, according to report

NFL

Giants lineman Chris Snee to retire: Reports

The Giants report to training camp on Tuesday, but Chris Snee may not be there when they do.

Parenting

Buy gently worn back-to-school clothes with Kidizen

Kidizen allows parents to buy and sell gently worn back-to-school clothes.

Wellbeing

Ruling could be beginning of the end for…

This morning, a federal appeals court threw out an IRS regulation that implements subsidies for low-income Americans who bought insurance through Obamacare. These Affordable Care…

Tech

RocketSkates let users roll with a motor

Los Angeles company Acton has raised funds on Kickstarter to roll out a nifty alternative – motor-powered "RocketSkates."

Tech

Knicks star Carmelo Anthony becomes a tech entrepreneur

He's been an All-Star, an Olympian, and a celebrity spokesperson. Now NBA player Carmelo Anthony is adding the position "tech entrepreneur" to his resume. Along…