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Nissan, least profitable Japanese automaker in Q3, stays strong on EVs

Nissan had some not-so-good financial news to report today. Despite a 57-percent net income increase, Nissan was Japan's least-profitable carmaker for the third quarter of last year. A weak yen helped put the company's operating profit below the estimates of financial analysts. In a speech on the financial situation, Nissan corporate vice president Joji Tagawa said "These results, however, do not reflect the full potential of Nissan." Given our focus on expensive electric vehicles, among other things, we wondered how this might affect EVs. One of the financial analysts told Bloomberg that the news is a "crisis" at the company, but the official word is that things are steady as she goes on the EV front. In his speech, Tagawa reaffirmed the company's strong belief in plug-in vehicles, saying that "Nissan's EV strategy will accelerate with the launch in fiscal 2014 of the e-NV200, the second all-electric model available globally." That electric van has the potential "to transform emissions among commercial vehicles" and Nissan remains interested in initiatives such as EV carsharing in Japan and the continued deployment of charging infrastructure. The speech transcript is available below. In a statement to AutoblogGreen, Billy Hayes, Nissan's vice president and program director, said that, "Nissan considers zero emission vehicles to be the ultimate solution for realizing sustainable mobility in the future and is strongly committed to EV technologies. Nissan's investment in Leaf and EV technology is positive for the company's business results over the lifecycle, and accelerating sales of Leaf only help to build economies of scale and improve the business model for the technology further." FY13 3Q financial results Nissan Motor Co., Ltd. Joji Tagawa, Corporate Vice President Introduction For the nine-month period, Nissan has made solid progress to improve its business performance. The pro forma nine-month financial results, and particularly those of the third quarter, are up compared to the same period last year, despite intense competition and uncertain economic conditions. These results, however, do not reflect the full potential of Nissan. Looking ahead to the quarter ending March 31, 2014, we expect to continue to improve our business results and as such, we are maintaining our prior profit outlook for the fiscal year.

Nissan's purchase of Mitsubishi is officially official

After the company's announcement in May, the Nissan's purchase of a 34 percent stake in Mitsubishi is now official. The deal cost Nissan $2.3 billion, according to the Wall Street Journal, and brings Mitsubishi into the Nissan-Renault Alliance. The company explained that this new partnership will manifest itself in shared vehicle platforms and technology, joint purchasing, and shared manufacturing. Nissan also said that this purchase will make the company one of the three largest companies by volume in the world. Nissan also emphasized that Mitsubishi will very much be a partner in the current alliance with Renault. In addition, Carlos Ghosn, CEO of both Nissan and Renault, has been nominated to be the new chairman of the Mitsubishi board. With Ghosn at the head of the board, current Mitsubishi president and CEO, Osamu Masuko, will remain in his positions but Nissan's current chief competitive officer will join Masuko as co-chief executive officer at Mitsubishi. With these companies now working together, we'll probably start seeing more commonality between Nissan and Mitsubishi products here in the States. It would also be a great opportunity to get some of Mitsubishi's cooler products here. Perhaps Mitsubishi and Nissan will take our hint about the Delica. This article has been revised to clarify that Nissan Motors purchased the stake in Mitsubishi, not the Nissan-Renault Alliance, and to add the value of the purchase. Related Video: News Source: Nissan, Wall Street JournalImage Credit: Issei Kato / Reuters Mitsubishi Nissan Renault renault-nissan alliance

Recharge Wrap-up: Lucky fan to drive Porsche 918 Spyder, Avis Denmark has 861 Nissan EVs

A Tesla Model S customer shares his story of ownership over the course of 120,000 miles. Dante Richardson describes new software updates as being akin to anticipating the prize in a box of Cracker Jacks. Over the many miles he's driven the car, he has only learned to enjoy it more. "I don't know if it's the software updates or some of the other changes that have occurred with the car, but I find myself increasingly enamored and happy with the car as time has passed," Richardson says. His Volvo C70, in the meantime, usually sits idle as he opts to drive the Tesla. Read more at Tesla's website. A Facebook fan from Austria has won the opportunity to drive the Porsche 918 Spyder more than 622 miles. As part of a celebration for Porsche accumulating 10 million likes on the social media platform, Ingo Georges Vandenberghe will drive from London to the Porsche Experience Centre at Silverstone, via Wales and the Cotswolds, stopping occasionally to have other fans meet up to see and sign the car. It's a rare opportunity for the lucky driver, as every example of the high-performance Porsche hybrid has been sold. Read more at Hybrid Cars, and learn more about the celebration at Porsche's microsite. Avis Denmark now has the largest fleet of Nissan electric vehicles in Europe. The company has ordered 401 new Nissan e-NV200 vans and 60 Nissan Leafs for its leasing scheme. This is in addition to the 400 Leafs the Avis added to its fleet last year. "We had great success already with the Nissan Leaf in Denmark and we leased all of the units we purchased from Nissan very quickly, which has led to us ordering more," says Kasper Gjedsted, managing director of Avis Denmark. "To follow up that success we have decided to add the e-NV200 vehicle to broaden our offering and appeal to new types of customers." Read more in the press release below. AVIS ORDER CREATES EUROPE'S LARGEST FLEET OF NISSAN ELECTRIC VEHICLES - AVIS Denmark orders 401 Nissan e-NV200 vans and 60 Nissan LEAF electric cars - Combined with last year's order of 400 LEAFs, Avis now has largest EV fleet in Europe Copenhagen, 29th April 2015 - Nissan and AVIS Denmark have signed a deal to create the largest fleet of Nissan electric vehicles anywhere in Europe, with a new order of 401 Nissan e-NV200 vans and a further 60 units of the 100 percent electric Nissan LEAF.