nissan to invest 160 mn in korea unit
Last Updated : GMT 15:28:13
Arab Today, arab today
Arab Today, arab today

Nissan to invest $160 mn in Korea unit

Arab Today, arab today

Arab Today, arab today Nissan to invest $160 mn in Korea unit

Seoul - AFP

The Renault-Nissan Alliance said Friday it will invest $160 million to roll out Nissan models at its South Korean unit, with analysts saying it would gain from a weak won and recent free trade deals. The unit, named Renault-Samsung Motors, in the southern port of Busan will produce an annual 80,000 units of Nissan\'s crossover Rogue, beginning in 2014, the French-Japanese firm said in a statement. \"Adding production in Korea shows a commitment across the alliance to helping Renault Samsung Motors achieve its targets for cost competitiveness and growth,\" said Renault-Nissan Alliance chairman and CEO Carlos Ghosn. The move comes as Renault-Samsung suffers from plunging sales owing to a lack of new models and stiff competition from South Korea\'s dominant Hyundai-Kia group as well as imported brands. In the six months to June it sold 83,062 units, down 33 percent from last year. Renault-Samsung has been idling its sole plant in Busan for several days a month since December because of sluggish sales. The plant has an annual production capacity of 300,000 vehicles but it produced just 73,810 units in the first six months of this year. \"The Rogue SUVs built in Busan will be exported to the United States beginning from 2014,\" the spokesman said. \"Increased productivity at the Busan plant will help the company turn around.\" Renault-Samsung posted a net loss of 292 billion won ($256 million) for 2011. Jeff Lee, an analyst at NH Securities, said Renault-Nissan could benefit from South Korea\'s free trade agreement with the United States. \"It can produce cars in South Korea and export them to the United States, taking advantage of low tariffs,\" he told AFP. He also said Japanese carmakers were also able to benefit from South Korea\'s relatively weak won as a strong yen continues to squeeze their margins. A strong yen reduces the price competitiveness abroad of vehicles built in Japan and also deflates income from overseas markets when repatriated. Renault Group is aiming to achieve a 10 percent market share in South Korea\'s passenger car market as early as next year, up from 8.4 percent last year. Renault-Samsung was formed in 2000 when Renault bought a 70.1 percent stake in Samsung Group\'s car-making unit Samsung Motors. Renault S.A. owns an 80.1 percent stake and the remainder is held by Samsung Cars. -- Dow Jones Newswires contributed to this report --

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

nissan to invest 160 mn in korea unit nissan to invest 160 mn in korea unit

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

nissan to invest 160 mn in korea unit nissan to invest 160 mn in korea unit

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Air China suspends flights to North Korea

GMT 10:39 2017 Thursday ,23 November

Air China suspends flights to North Korea
Arab Today, arab today Sophian Yussef reveals suitable decoration

GMT 02:56 2017 Thursday ,23 November

Sophian Yussef reveals suitable decoration
Arab Today, arab today Syria opposition meets in Riyadh

GMT 06:23 2017 Thursday ,23 November

Syria opposition meets in Riyadh
Arab Today, arab today Online exhibit shows hidden depths of

GMT 11:45 2017 Thursday ,23 November

Online exhibit shows hidden depths of
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today Srebrenica women cry tears of joy

GMT 08:03 2017 Thursday ,23 November

Srebrenica women cry tears of joy
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today 'Robo-taxis' hold promise, and perils

GMT 08:07 2017 Thursday ,23 November

'Robo-taxis' hold promise, and perils
Arab Today, arab today Honda recalls 800,000 minivans

GMT 11:43 2017 Wednesday ,22 November

Honda recalls 800,000 minivans
Arab Today, arab today Abeer Sabry reveals reason of “The Flood” success

GMT 08:03 2017 Tuesday ,21 November

Abeer Sabry reveals reason of “The Flood” success
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 07:56 2017 Monday ,20 November

Singer Jahda Wahba has unlimited ambitions

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts

GMT 10:43 2017 Wednesday ,22 November

Cigar-shaped asteroid came

GMT 09:45 2017 Tuesday ,21 November

Visit Jamaica for more than just sun

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday