Nissan cuts full-year forecasts as China row dents sales
back to dealerships, Nissan's Chief Operating Officer Toshiyuki Shiga told reporters, adding that Nissan's China market share dipped to 6.3 percent in July-September from 7.5 percent in January-June.
FIERCE COMPETITION
In the United States, Nissan's second-biggest market, the automaker faced production delays around July for its top-selling Altima mid-sized sedan, which faces intense competition in a crowded mid-size family sedan market from Toyota's Camry, the Honda Accord, Ford's Fusion, and models from GM, Hyundai Motor and Volkswagen .
Nissan's U.S. sales skidded 3.2 percent in October from a year ago, to 79,685 vehicles.
Nissan/Renault are at the forefront of the auto industry's push into electric cars, but Nissan has sold only around 38,000 of its Leaf EV since its launch almost two years ago, underperforming initial expectations as drivers have been put off by the short distances EVs can run without re-charging the battery. With the air conditioner on, the Leaf can run for about 120 km (75 miles). Nissan aims to boost that to about 200 km.
Shares in Nissan, 43.4 percent-held by Renault SA and valued at close to $39 billion, have slipped 2 percent so far this year, trailing Toyota's 26 percent gain and Honda's 3 percent rise. Nissan shares closed down 2 percent on Tuesday ahead of the earnings.
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