Nissan: Profits declined in North America and emerging markets

Selling and warranty expenditures soared in FY2013 3Q YTD

2014/03/05

Summary

Nissan Sport Sedan Concept
The Nissan Sport Sedan Concept
at the 2014 Detroit Auto Show

 Nissan Motor Company (Nissan) revised its full-year goals downward when it announced its financial results for the first half of the fiscal year ending March 2014 (FY2013). The global sales target were downgraded by 100,000 units, consolidated net sales by JPY 180 billion, and consolidated operating profit by JPY 120 billion. Nissan seems left behind as many other Japanese automakers reported all-time highs or over 40% increase in operating profit for the period from April through December 2013. Nissan recognizes the present stagnation of its earnings to be a passing point caused by immediate volume expansion conducted as a part of the mid-term plan. The company will analyze its operations in detail by closely following the PDCA cycle and strive to achieve its mid-term target. For reference purpose, LMC Automotive's forecasts of Nissan's vehicle sales in 54 countries are added at the end of this report.

 Related report: Nissan mulls new plant in North America by 2017(posted in July 2013)



Main factors for downward revision and Nissan's corrective actions

 According to Nissan, the downward revision in its full-year goals was due mainly to 1) a decline in sales volume in certain emerging markets, 2) an increase in selling expense, and 3) an increase in warranty expenditures. To enhance its operating efficiency and performance, Nissan has reorganized its executive team and is strengthening management power over incentives and transaction prices. The company is set to establish a six-region global base system instead of its previous three-region to enhance operational efficiency and strength.

 In its Nissan Power 88 six-year mid-term business plan designed for FY2011 through FY2016, the company committed itself to an 8% global market share by FY2016 with a consistent and sustainable operating profit level of 8%. To achieve these goals, Nissan is launching a new model every six weeks. Nissan's global market share in the full-year 2013 is expected to be 6.3% with a consolidated operating profit of 4.8%. Nissan recognizes the present stagnation of its earnings to be a passing point caused by immediate volume expansion conducted as a part of the mid-term plan. The company will analyze its operations in detail by closely following the PDCA cycle and strive to achieve its mid-term target. Nine new plants have started or will start production during the fiscal 2013 or 2014, which will contribute to Nissan's future performance.

 Nissan stressed, however, that the company is committed to achieving the operating profit level of 8%. If this is not compatible with a market share expansion, Nissan will choose the 8% operating profit commitment.

 



Nissan's global sales reached all-time high but low consolidated results

 Nissan registered an all-time high in its global vehicle sales in April through December 2013 at 3.67 million units with a year-over-year growth of 1.0%. It was associated with consolidated net sales of JPY 7,278.6 billion (up 19.7%), operating income of JPY 300.7 billion (up 9.5%), and current net income of JPY 274.1 billion (up 18.4%). However, Nissan seems left behind as many other Japanese automakers reported all-time high or over 40% increase in operating profit for the same period.

Nissan's Global Retail Sales Volume

(in thousands)
FY2008 FY2009 FY2010 FY2011 FY2012 FY2013
Forecast
FY2012
Apr.-Dec.
FY2013
Apr.-Dec.
Japan 612 630 600 655 647 680 434 466
North America
USA only
1,133
856
1,067
824
1,245
966
1,404
1,080
1,466
1,138
1,650
1,290
1,066
819
1,205
930
Europe 530 509 607 713 660 660 479 471
Asia 1,136
(China
only
545)
962 1,311 1,591 2、141
(China
only
1,182)
2、210
(China
only
1,270)
1,268 1,157
China only 756 1,024 1,247 947 886
Others 347 422 482 388 374
Total 3,411 3,515 4,185 4,845 4,914 5,200 3,653 3,673

Source: Nissan's Financial Results for the Third Quarter Ended December 31, 2013
(Note) Sales results in China are those achieved in the full year from January through December. Nissan dissolved capital tie-up with Dongfeng Liuzhou Motor. Therefore, MPVs produced by Dongfeng Liuzhou Motor have not been included since April 2013. Nissan sold 1,080,000 units in China in FY2012, excluding the relevant MPV sales.

 

Nissan's consolidated financial results

(in million JPY)
(Pro-forma with
proportional
consolidation
for China JV)
(Reported with equity method for China JV)
FY2011 FY2012 FY2013 Forecast Results
announced
in May
announced
in November
2012
Apr.-Dec.
2013
Apr.-Dec.
Forecast Forecast 2013/2012
(Note 2)
Net Sales 9,409,026 9,629,574 10,370,000 10,190,000 16.6% 6,080,144 7,278,616
Operating Income 545,839 523,544 610,000 490,000 11.7% 274,476 300,657
Operating margin 5.8% 5.4% 5.9% 4.8% - 4.5% 4.1%
Ordinary Income 535,090 529,320 645,000 515,000 2.1% 339,041 326,768
Net Income 341,433 342,446 420,000 355,000 4.1% 231,440 274,098
Capital Expenditure 406,400 524,500 520,000 520,000 - 283,600 369,200
Research & Development costs 428,000 469,900 508,000 508,000 - 330,000 369,300
Forex YEN/USD 79 83 95 98 - 80 99
Forex YEN/EUR 109 107 122 130 - 102 132
(Notes) 1. Accounting method for the Chinese JV was changed as of FY 2013 (fiscal year ending in March 2014). Until the end of FY 2012, net sales and operating income from Dongfeng Motor Co., Ltd. were included in the proportional consolidation based on Nissan's equity in the Chinese company (50%). The proportional method was replaced by the equity method in FY 2013. Dongfeng's figures will not be included in the consolidated net sales or operating income under the new accounting method. The current net income remains unchanged.
2. The year-over-year increase/decrease in the performance forecasts for FY 2013 announced in November are those converted from the results in FY 2012 using the equity method.

 

Selling and warranty expenditures soar while profits decline in North America and emerging markets in April through December 2013

 Nissan registered a decline in profit in April through December 2013 in all regions other than Japan. The declining profit margin was large especially in North America and in emerging markets in Asia and other regions. The negative factors which affected operating profit during the accounting period include the selling expenses of JPY 181.9 billion and warranty & recall expenditures of JPY 48.4 billion.

Three-company comparison of consolidated operating income by region for April through December 2013
  (figures for Nissan are reported with equity method applied to Chinese JV)

(in billion JPY)
Japan North
America
Europe Asia Others Elimination Consolidated
Nissan Apr.-Dec. FY2013 261.2 87.9 (23.9) 35.8 (26.9) (33.4) 300.7
Apr.-Dec. FY2012 105.1 117.2 13.7 40.5 2.2 (4.2) 274.5
Honda Apr.-Dec. FY2013 170.8 249.0 (32.0) 163.8 31.9 1.3 584.9
Apr.-Dec. FY2012 131.7 179.8 (19.9) 108.7 25.4 (17.0) 408.8
Toyota Apr.-Dec. FY2013 1,161.4 274.8 43.1 305.7 108.3 (37.4) 1,855.9
Apr.-Dec. FY2012 266.4 16.5 21.3 286.3 91.0 (12.1) 818.5

(Note) Nissan's market share increased from 7.7% in April through September to 8.1% in October through December 2013. In contrast, the operating income declined from JPY 26.5 billion to JPY 3.4 billion, down 87%, with a 0.3% operating margin.

Three-company comparison of consolidated operating income by region for FY 2012
(figures for Nissan are reported with proportional method applied to Chinese JV)
Japan North
America
Europe Asia Others Elimination Consolidated
Nissan FY2012 205.8 177.3 3.8 127.8 8.1 0.7 523.5
FY2011 85.5 210.1 23.2 181.8 25.5 19.7 545.8
Honda FY2012 178.4 208.9 0.4 146.7 35.6 (25.5) 544.8
FY2011 (109.8) 223.3 (12.1) 76.8 56.9 (3.8) 231.3
Toyota FY2012 576.3 22.2 26.4 376.0 133.7 (13.6) 1,320.8
FY2011 (207.0) 186.4 17.7 256.7 108.8 (7.0) 355.6

Source: Financial Results from each company

 

Factors behind the increase/decrease in Nissan's consolidated operating income in April through December 2013
  (reported with proportional method applied to Chinese JV)

(in billion JPY)
FY12 3Q
YTD O.I.
FOREX Purchasing Cost
reduction
Selling
expenses
Warranty &
Recall expenses
Volume/Mix Other
items
Change FY13 3Q
YTD O.I.
3,492 223.4 138.1 (181.9) (48.4) (41.2) 68.4 21.6 3,708

(Note) JPY 68.4 billion under "Other items" includes manufacturing expenses of JPY 24.7 billion and R&D expenses of JPY 24.2 billion.

 

Reasons for downward revision of full-year results forecast in FY 2013

 According to Nissan, the company's downward revision of its full-year results forecast announced in November 2013 was attributable to 1) a decline in sales volume in emerging markets (Brazil, India, Russia, Thailand, etc.), 2) an increase in selling expenses, and 3) an increase in warranty & recall expenditures. These three factors are analyzed below in detail along with Nissan's corrective actions and views and directions that have been announced or reported.

 

 



A 9.0% decline in sales volume in emerging markets

 Nissan's sales in April through December 2013 fell by 9.0% y/y from 709,000 units to 645,000 units in emerging markets other than China, by 15.3% in Asia & Oceania (272,000 units) and by 15.7% in Latin America (147,000 units). Nissan was not the only automaker that experienced slow sales in emerging markets. Honda, Suzuki, Mazda and Mitsubishi also revised their full-year sales forecast downward when they announced their financial results for April through December 2013.

 Nissan's sales volume in China in 2013 increased by 17.6% to 1.27 million units. In addition, a new plant in Dalian will start production in spring 2014. It has been reported that Nissan has plans to sell over 1.4 million units in China in 2014.

 According to Nissan, the temporary standstill in emerging markets is only transitional and does not affect its mid- to long-term strategies. The company predicts BRICs' share in global sales will increase from 35% in 2012 to 39% in 2016. The company sees much potential for growth in emerging markets since 60 to 70% of sales there are new purchases.  Meanwhile most of the sales in mature markets are purchases to replace customers' old cars. The new plants being built in Brazil, Thailand and Indonesia will contribute to Nissan's performance when they start production in the near future.

 

 



Increase in selling expenses mainly in U.S.

 Nissan has posted some ambitious targets to be achieved in the U.S. market in FY 2016. These targets include 10% market share, an operating profit margin of more than 8%, doubling the average number of vehicles sold per dealership from 959 units in 2012, and winning top ranking status in customer satisfaction. In April through December 2013 Nissan's market share in the U.S. was 7.8%. In the same period, the company's operating profit margin in North America was 2.5%, which was less than consolidated operating profit margin of 4.1%.

 In May 2013, Nissan lowered the price (MSRP: Manufacturer's suggested retail price) of seven major models sold in the U.S., including the Altima and Sentra, by USD 850 to 4,400. Since the residuals calculation is based on the list price rather than the selling price, it was Nissan's speculation that lowering the retail price and suppressing incentives would increase the residuals and improve Nissan's brand value as well. In reality, however, suppressed incentives did not last long and the company's profit declined amid the fierce price competition in the U.S. market. As for doubling the vehicle sales per dealership in the U.S. market, Automotive News dated February 3, 2014, reports that Nissan switched to setting goals according to the local market conditions considering the significant local variance in market share.

 

 



Increase in warranty & recall expenditures

 In April 2013, Nissan issued a recall over 123,000 units of the 2013 Nissan Altima due to over- or underinflated spare tires. In September, Nissan issued a massive recall over 909,000 units of the Serena, X-Trail, Fuga, etc., on account of a faulty sensor in the accelerator pedal (causing lack of acceleration). In October of the same year, Nissan recalled 188,000 units of the 2013/2014 Nissan Pathfinder and other SUVs worldwide for a faulty ABS (longer braking distance than the driver's expectation). These recalls and associated warranty procedures led to a declining profit of JPY 48.4 billion in the April-December 2013 period.

 Another factor to consider is the CVT that is used in many models sold in North American markets where fuel efficiency is important. CVT was introduced in the U.S. market nearly a decade ago. It triggered a series of complaints among some customers who were used to the automatic transmission (AT). Nissan struggled to correct the awkward feel of the CVT that the customers complained about, but the problem has not been solved completely. For instance, the 2014 Nissan Rogue that was launched in the fall of 2013 is well received overall. The car features new software that is programmed to simulate the AT sensation, but some customers are still submitting same complaints as they did for the early CVT.

 

 



Management makeover to enhance operational efficiency

 In the midst of adverse business environment, Nissan announced management makeover aiming at enhancing operational efficiency and strength. The new board members were appointed to enhance the management of incentives and transaction prices, and to ensure quick operations and better performance.

 Nissan also aims to ensure that all activities, from development to sales, are conducted under strict financial discipline. Additionally, nine new plants are scheduled to start production in FY 2013 to 2014. They will contribute to Nissan's performance in and after FY 2014. Nissan has announced that the company will produce over 2 million units in North and South America in 2014, with the third plant in Mexico and one in Brazil both starting production early FY 2014.

Management makeover to enhance operational efficiency and strength

(1) Uniform management of selling expense  Advertising expenditures and sales incentives will be placed under uniform management by a chief planning officer (CPLO), Mr. Andy Palmer.
 CPLO will be responsible for balanced selling expenses to fight the fierce price and incentive competitions in North America and Europe.
(2) Reorganized regional structure  Nissan has established a six-region global base system transforming from the previous three-region model. This change will ensure more detailed management of respective regions by their regional leaders (see the new organization below).
(3) Stricter quality control  Mr. Kimiyasu Nakamura, Nissan's new executive vice president and a new member of the Executive Committee (EC), will be responsible for total control over product and service qualities.

 

Reorganization of global region structure
Previous structure Starting in 2014
The Americas North America
South America
Europe-Africa-Middle East-India Europe
Africa-Middle East-India
Asia-Pacific China
Japan-ASEAN

 

9 Plants to start production in FY2013-FY2014

SOP
Powertrain Plant un India Sep. 2013
JATCO's new Plant in Thailand Sep. 2013
New Plant in Mexico Nov. 2013
New Plant in Brazil Spring 2014
New Plant in Thailand Spring 2014
SOP
New Plant in Indonesia Spring 2014
Expansion of St. Petersburg Plant in Russia Spring 2014
Dalian new Plant in China Early FY2014
JATCO's new plant in Mexico Early FY2014

(Note) JATCO is a consolidated subsidiary of Nissan with controlling share of 75%.

 

 



Sales Forecast by LMC Automotive: Nissan sales in 54 countries to be 5.4 million units in 2017

(LMC Automotive, Quarter 4, 2013)

Nissan light vehicle sales forecast LMC Automotive forecasts that Nissan Group's light vehicle sales in major 54 countries will be 5.39 million units in 2017, up by 23.1% from 2013.

 According to the company's forecasts, the new low-cost Datsun brand will be introduced into markets of four countries, such as Russia, Ukraine, Indonesia and India in 2014. Total sales volume of the Datsun brand vehicles will be increased to 186,700 in 2017.

 For sales volume by country, the largest market in 2017 will be USA at 1,278,700 units, the second will be China at 1,123,600 units and the third will be domestic market of Japan.

 However, the Japanese vehicle market is destined to shrink in the long run, due to demographic issues, and LMC assumes, as a result, that Nissan sales will fall to 546,300 units by 2017, down 22.8% from 707,800 units in 2013.

Nissan Group Light Vehicle Sales Forecasted by country (54 countries in total) and by make

(units)
2011 2012 2013 2014 2015 2016 2017
Total 4,089,517 4,255,009 4,373,948 4,664,470 4,940,202 5,170,276 5,386,256
USA
  Infiniti
  Nissan
1,042,534
98,461
944,073
1,141,656
119,877
1,021,779
1,250,867
113,700
1,137,167
1,265,827
126,301
1,139,526
1,244,339
132,987
1,111,352
1,269,604
141,591
1,128,013
1,278,719
143,903
1,134,816
China
  Infiniti
  Nissan
898,653
12,602
886,051
780,780
13,383
767,397
781,336
10,947
770,389
852,838
15,553
837,285
930,657
37,554
893,103
1,021,541
57,936
963,605
1,123,576
64,519
1,059,057
Japan
  Nissan
586,886
586,886
658,874
658,874
707,783
707,783
640,527
640,527
573,658
573,658
557,126
557,126
546,268
546,268
Mexico
  Infiniti
  Nissan
224,506
231
224,275
245,649
736
244,913
265,104
1,068
264,036
268,822
1,482
267,340
278,072
1,704
276,368
284,340
1,869
282,471
282,038
2,296
279,742
Russia
  Datsun
  Infiniti
  Nissan
145,869
0
7,042
138,827
162,956
0
9,209
153,747
147,688
0
8,386
139,302
211,616
12,967
9,009
189,640
280,766
27,389
8,762
244,615
277,075
25,051
7,858
244,166
264,464
21,978
7,227
235,259
UK
  Infiniti
  Nissan
107,515
382
107,133
116,507
530
115,977
127,990
472
127,518
136,011
1,048
134,963
142,007
1,592
140,415
130,404
4,147
126,257
133,650
3,976
129,674
Thailand
  Nissan
69,093
69,093
123,849
123,849
94,789
94,789
83,461
83,461
95,315
95,315
112,445
112,445
123,969
123,969
Canada
  Infiniti
  Nissan
84,667
6,936
77,731
82,194
7,993
74,201
92,663
9,268
83,395
90,812
11,019
79,793
93,114
11,142
81,972
98,858
11,933
86,925
101,055
11,698
89,357
Australia
  Infiniti
  Nissan
67,926
0
67,926
79,832
85
79,747
84,158
924
83,234
90,461
871
89,590
90,610
895
89,715
92,136
901
91,235
95,868
920
94,948
Brazil
  Nissan
67,112
67,112
104,738
104,738
79,261
79,261
81,165
81,165
113,262
113,262
128,679
128,679
139,276
139,276
France
  Infiniti
  Nissan
81,786
445
81,341
79,189
441
78,748
74,945
147
74,798
83,151
235
82,916
93,702
545
93,157
95,015
2,904
92,111
99,655
3,061
96,594
Indonesia
  Datsun
  Infiniti
  Nissan
56,191
0
56
56,135
67,178
0
36
67,142
60,387
0
44
60,343
104,690
47,566
45
57,079
135,146
75,417
52
59,677
157,462
91,169
54
66,239
172,794
98,648
62
74,084
Germany
  Infiniti
  Nissan
75,136
1,051
74,085
67,579
912
66,667
60,370
492
59,878
70,760
372
70,388
81,518
856
80,662
80,279
4,246
76,033
78,834
4,325
74,509
Italy
  Infiniti
  Nissan
70,022
547
69,475
54,061
240
53,821
53,132
110
53,022
60,442
212
60,230
70,899
442
70,457
74,974
2,177
72,797
88,519
2,517
86,002
Malaysia
  Nissan
31,322
31,322
35,416
35,416
51,553
51,553
52,719
52,719
52,693
52,693
53,535
53,535
54,138
54,138
Taiwan
  Infiniti
  Nissan
44,061
900
43,161
42,409
993
41,416
44,734
952
43,782
46,782
1,117
45,665
52,865
1,233
51,632
54,927
1,229
53,698
58,029
1,240
56,789
Spain
  Infiniti
  Nissan
45,520
403
45,117
40,646
302
40,344
40,735
163
40,572
47,984
138
47,846
55,561
273
55,288
60,793
1,315
59,478
67,714
1,489
66,225
India
  Datsun
  Nissan
22,918
0
22,918
45,199
0
45,199
40,172
0
40,172
97,219
18,069
79,150
128,107
36,424
91,683
164,747
50,968
113,779
199,773
64,537
135,236
Iran
  Nissan
65,276
65,276
37,184
37,184
32,790
32,790
52,819
52,819
59,338
59,338
64,938
64,938
67,238
67,238
South Africa
  Infiniti
  Nissan
26,222
0
26,222
32,074
93
31,981
32,375
150
32,225
28,683
76
28,607
28,468
160
28,308
29,130
120
29,010
27,015
94
26,921
Chile
  Nissan
34,597
34,597
34,130
34,130
31,051
31,051
35,846
35,846
39,377
39,377
41,819
41,819
43,815
43,815
Colombia
  Nissan
24,051
24,051
25,110
25,110
20,677
20,677
23,381
23,381
25,482
25,482
26,861
26,861
25,087
25,087
Belgium
  Infiniti
  Nissan
20,510
111
20,399
18,981
36
18,945
19,031
18
19,013
22,019
54
21,965
23,720
117
23,603
22,649
691
21,958
22,958
708
22,250
Turkey
  Infiniti
  Nissan
20,406
88
20,318
20,160
40
20,120
17,365
33
17,332
22,708
68
22,640
28,656
62
28,594
31,141
65
31,076
34,785
73
34,712
Peru
  Nissan
13,410
13,410
15,209
15,209
12,403
12,403
14,782
14,782
16,333
16,333
17,786
17,786
18,948
18,948
Poland
  Infiniti
  Nissan
15,395
170
15,225
14,406
134
14,272
12,315
135
12,180
11,866
169
11,697
13,675
216
13,459
15,147
232
14,915
17,490
262
17,228
Ukraine
  Datsun
  Infiniti
  Nissan
9,664
0
419
9,245
13,228
0
617
12,611
11,900
0
456
11,444
11,287
340
445
10,502
15,892
1,293
450
14,149
19,148
1,666
475
17,007
20,432
1,557
503
18,372
Austria
  Infiniti
  Nissan
8,154
41
8,113
9,491
25
9,466
10,068
28
10,040
11,174
22
11,152
12,189
75
12,114
11,892
459
11,433
11,866
469
11,397
Sweden
  Infiniti
  Nissan
10,988
0
10,988
9,517
6
9,511
9,861
5
9,856
12,505
19
12,486
13,814
72
13,742
13,955
444
13,511
14,697
477
14,220
Switzerland
  Infiniti
  Nissan
11,095
173
10,922
10,651
151
10,500
9,560
77
9,483
11,149
64
11,085
12,064
115
11,949
11,885
451
11,434
12,112
441
11,671
Ecuador
  Nissan
6,284
6,284
2,826
2,826
9,272
9,272
8,710
8,710
9,618
9,618
8,964
8,964
9,223
9,223
Norway
  Infiniti
  Nissan
6,949
0
6,949
7,788
16
7,772
8,312
6
8,306
7,971
40
7,931
8,975
70
8,905
8,958
252
8,706
8,988
256
8,732
Denmark
  Infiniti
  Nissan
4,608
0
4,608
5,620
0
5,620
7,733
3
7,730
8,079
10
8,069
7,628
32
7,596
7,312
197
7,115
7,459
200
7,259
Netherlands
  Infiniti
  Nissan
12,861
23
12,838
10,202
6
10,196
6,956
17
6,939
9,705
82
9,623
11,362
150
11,212
12,694
756
11,938
13,325
755
12,570
Philippines
  Nissan
8,219
8,219
6,403
6,403
6,866
6,866
10,631
10,631
8,668
8,668
10,418
10,418
10,784
10,784
Kazakhstan
  Nissan
1,874
1,874
3,849
3,849
6,641
6,641
9,744
9,744
11,556
11,556
14,636
14,636
16,514
16,514
Finland
  Infiniti
  Nissan
8,169
0
8,169
7,618
1
7,617
6,623
6
6,617
10,137
52
10,085
11,253
96
11,157
12,153
270
11,883
13,141
293
12,848
Argentina
  Nissan
13,795
13,795
3,989
3,989
6,159
6,159
11,381
11,381
15,576
15,576
17,185
17,185
17,143
17,143
Ireland
  Infiniti
  Nissan
7,325
0
7,325
6,582
0
6,582
6,102
1
6,101
6,515
20
6,495
7,524
33
7,491
8,096
141
7,955
9,442
162
9,280
Portugal
  Infiniti
  Nissan
7,246
0
7,246
4,237
0
4,237
4,884
1
4,883
5,488
5
5,483
6,012
21
5,991
6,557
158
6,399
7,714
182
7,532
Uruguay
  Nissan
3,048
3,048
3,828
3,828
4,309
4,309
4,318
4,318
4,498
4,498
4,640
4,640
4,753
4,753
Korea
  Infiniti
  Nissan
5,954
2,152
3,802
3,500
1,103
2,397
3,933
1,132
2,801
6,326
2,598
3,728
10,417
3,574
6,843
10,668
4,123
6,545
10,244
4,189
6,055
Greece
  Infiniti
  Nissan
6,652
2
6,650
3,813
1
3,812
3,794
2
3,792
4,227
11
4,216
4,748
22
4,726
5,405
109
5,296
8,457
155
8,302
Hungary
  Infiniti
  Nissan
2,084
10
2,074
2,804
17
2,787
2,983
27
2,956
3,474
5
3,469
4,166
8
4,158
4,584
8
4,576
5,146
8
5,138
Czech Republic
  Infiniti
  Nissan
2,166
38
2,128
3,330
32
3,298
2,852
25
2,827
2,807
6
2,801
3,288
9
3,279
3,319
8
3,311
3,558
8
3,550
Slovenia
  Nissan
1,738
1,738
1,512
1,512
1,626
1,626
2,141
2,141
2,322
2,322
2,229
2,229
2,285
2,285
Romania
  Infiniti
  Nissan
2,292
20
2,272
1,837
25
1,812
1,507
2
1,505
1,262
3
1,259
1,665
4
1,661
1,859
4
1,855
2,174
4
2,170
Estonia
  Infiniti
  Nissan
1,093
5
1,088
1,209
4
1,205
1,283
4
1,279
1,610
4
1,606
1,882
7
1,875
2,002
6
1,996
2,110
5
2,105
Luxembourg
  Infiniti
  Nissan
1,237
10
1,227
1,201
9
1,192
1,283
5
1,278
1,382
4
1,378
1,530
9
1,521
1,504
70
1,434
1,480
71
1,409
Slovakia
  Nissan
1,459
1,459
1,891
1,891
1,157
1,157
1,915
1,915
2,378
2,378
2,433
2,433
2,591
2,591
Lithuania
  Nissan
1,663
1,663
883
883
1,047
1,047
1,597
1,597
1,889
1,889
2,098
2,098
2,392
2,392
Bulgaria
  Nissan
681
681
487
487
874
874
783
783
929
929
1,066
1,066
1,177
1,177
Latvia
  Nissan
624
624
737
737
657
657
761
761
1,019
1,019
1,205
1,205
1,374
1,374
Venezuela
  Nissan
11
11
10
10
32
32
0
0
0
0
0
0
0
0

Source: LMC Automotive "Global Automotive Sales Forecast (Quarter 4, 2013)"

(Note)

1. Data indicates figures of only small-size vehicles, including passenger cars and light commercial vehicles with a gross vehicle weight of under 6 tons.
2. All rights reserved. Reproduction of any data will require permission of LMC Automotive.
3. For more detailed information or inquiries of forecast data, please contact LMC Automotive.

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