Nissan lifts U.S. output of electric Leaf as sales rise

Nissan lifts U.S. output of electric Leaf as sales rise
http://s1.reutersmedia.net/resources/r/?m=02&d=20140114&t=2&i=829469881&w=580&fh=&fw=&ll=&pl=&r=CBREA0D1ID300

DETROIT Tue Jan 14, 2014 2:34pm EST

A Nissan Motor logo is seen at the company’s global headquarters in Yokohama, south of Tokyo April 7, 2010.

Credit: Reuters/Issei Kato

DETROIT (Reuters) – Nissan Motor Co Ltd (7201.T) has lifted U.S. production of its all-electric Leaf by about 50 percent to 3,000 units a month to meet growing demand for the car, the head of the Japanese automaker’s North American operations said on Tuesday.

Jose Munoz said the Leaf logged record sales of 2,500 units in December and was now the best-selling car in some dealerships in Atlanta, where the government is helping promote the technology, outpacing the Altima sedan.

“This car somehow some years ago was not so appealing in terms of the business for the dealers,” Munoz told a group of reporters at the Detroit auto show. “Now the dealers are very positive, they are making business, they are selling cars.”

The pickup in sales was driven in large part by Nissan’s decision to cut its price by more than $ 6,000 to $ 29,650 at the beginning of last year after a shift in production of the model to the United States allowed it to lower manufacturing costs.

Demand for electric vehicles has generally failed to live up to expectations set when models like the Leaf and General Motors Co’s (GM.N) gasoline-electric hybrid Volt were being developed.

Carlos Ghosn, the CEO of Nissan and its French partner Renault SA (RENA.PA), recently pushed back by two to three years an initial target to sell a combined 1.5 million vehicles by March 2017.

While volumes are still at relatively low levels for a production car — sales more than doubled last year to above 22,000 in the U.S. market — Munoz said momentum was building.

One factor is the increase in charging stations in Atlanta and cities such as Seattle and San Francisco on the West Coast. There are currently 554 quick-charging stations, and more than 15,000 slower “level 2″ public charging stations across the U.S., Nissan estimates.

“In those areas where we have been able to work together with the government to develop the infrastructure is where we are seeing that the vehicle is really selling well,” Munoz said.

The Leaf’s customer base is also evolving. While at first most Leaf buyers were green enthusiasts, increasingly customers focused on the potential cost benefits of owning an electric car are showing up at its dealerships, Munoz said.

As a result, it has recently increased prices on some versions of the Leaf, Munoz said.

Nissan produces the Leaf at its Smyrna, Tennessee plant.

(Reporting by Nathan Layne; editing by Andrew Hay)

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Reuters: Business News

Read more about Nissan lifts U.S. output of electric Leaf as sales rise and other interesting subjects concerning Business at TheDailyNewsReport.com

WRAPUP 3-U.S. factory output shows signs of broadening beyond autos

WRAPUP 3-U.S. factory output shows signs of broadening beyond autos
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Fri Nov 15, 2013 10:54am EST

 * Manufacturing output rises 0.3 percent in October * Weak mining, utilities hold down industrial production * New York state factory activity contracts in November By Lucia Mutikani WASHINGTON, Nov 15 (Reuters) - U.S. manufacturing output rose for a third straight month in October even as automobile assembly fell, suggesting a broadening in activity in a sector regaining momentum after hitting a speed bump early this year. While other data on Friday showed factory activity fell in New York state early this month, economists said that probably was a delayed reaction to last month"s 16-day partial shutdown of the federal government. "This (New York state) report does not provide any basis to be concerned about the broader outlook for manufacturing activity," said John Ryding, chief economist at RDQ Economics in New York. Manufacturing output increased 0.3 percent last month after edging up 0.1 percent in September, the Federal Reserve said. The increase, which matched economists" expectations, was despite a 1.3 percent fall in auto production. Auto assembly fell for the first time since July. Manufacturing output last month was supported by gains in the production of primary metals, furniture and computer and electronic products, among others. "The gains in non-motor vehicle-related production signals a broadening in the production base beyond motor vehicles, which has been the key driver for the U.S. manufacturing sector output in recent months," said Millan Mulraine, senior economist at TD Securities in New York. In a second report, the New York Federal Reserve said its "Empire State" index of business conditions fell to minus 2.21 this month from 1.52 in October. It was the first negative reading since May. A reading below zero indicates a contraction in factory activity in the region. Economists said the survey was not a good predictor of national manufacturing activity as a small amount of factory production took place in New York state. Manufacturing is regaining some steam after hitting a soft patch early in the year. With the Institute for Supply Management survey signaling strength in national factory activity and global trade data improving, economists expect manufacturing to accelerate in the months ahead. Stocks on Wall Street were trading higher, while the dollar was weaker against a basket of currencies as investors continued to digest remarks by Fed chair nominee Janet Yellen that the central bank"s accommodative policies would continue. U.S. Treasury debt prices were slightly weaker. INDUSTRIAL PRODUCTION DIPS Despite the rise in manufacturing output last month, overall industrial production slipped 0.1 percent, weighed down by declines at power plants and mines. Weather-sensitive utilities output fell 1.1 percent last month after surging 4.5 percent in September. Mining production contracted 1.6 percent in October, the first drop in seven months. The Fed attributed the fall to temporary shutdowns of oil and gas rigs in the Gulf of Mexico as Tropical Storm Karen approached. Last month, the amount of industrial capacity in use fell 0.2 percentage point to 78.1 percent. Industrial capacity utilization - a measure of how fully firms are using their resources - was 2.1 percentage points below its long-run average. Officials at the Fed tend to look at utilization measures as a signal of how much "slack" remains in the economy, and how much room growth has to run before it becomes inflationary. Economists said the fall in capacity utilization could stoke fears of disinflation and make it difficult for the Fed to scale back its massive monthly bond purchasing program. The lack of inflation pressures was underscored by a third report from the Labor Department showing import prices fell 0.7 percent in October as petroleum prices fell by the most in nearly 1-1/2 years. Prices excluding petroleum barely rose last month and were down 1.3 percent from a year ago. "With price growth slowing in the European Union and the U.S., central banks will find it harder to justify near-term reduction of stimulus," said Jay Morelock, an economist at FTN Financial in New York. 

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Reuters: Bonds News

Read more about WRAPUP 3-U.S. factory output shows signs of broadening beyond autos and other interesting subjects concerning Bonds at TheDailyNewsReport.com

Russia breaks oil output record

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Russia breaks oil output record