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  HOME | Business & Economy (Click here for more)

Nissan Shares Drop after Halting Car Production in Japan

TOKYO – Nissan Motor shares dropped on Friday more than two percent on the Tokyo Stock Exchange after the automaker announced on Thursday that it would temporarily suspend car production nationwide due to irregularities found in its vehicle inspections line.

Nissan’s shares fell 2.14 percent, after the first half hour of trading, to 1,072.5 yen ($9.5).

Nissan Motor also announced on Thursday that it would stop distributing cars in the Japanese market for about two weeks to allow the reconfigure of its inspection process at six plants affected by the scandals across the country.

The measure came following the company’s failure to address irregularities in three of its factories after the problem first emerged in late September, Nissan CEO Hiroto Saikawa said in a press conference held at Nissan’s headquarters in Yokohama, south of Tokyo.

The reconfigure is aimed at correcting the misconduct and will not affect automotive productions outside Japan, the company representative said.

Saikawa explained that the problem was due to a miscommunication within the plant management department, which stalled the process to correct irregularities in the production line, as advised by the company’s board.

Nissan acknowledged the misconduct in early October after the Japanese Ministry of Land, Infrastructure, Transport and Tourism detected irregularities in its factories, which has led Nissan to recall 1.16 million vehicles in Japan to re-do the final review.

At the request of local authorities, Nissan will have to re-inspect the cars produced between January 2014 and September 2017 under 38 models, including 10 models produced for other brands such as Mitsubishi, Suzuki and Mazda.

Nissan, which, along with its French alliance Renault, constituted the world’s top auto seller in the first half of 2017, said it was planning to recall additional 4,000 cars for a review due to repeated problems found in the inspection line.

The Japanese authorities revealed that the final inspection and certification of vehicles were carried out by uncertified technicians but the certificates were signed by authorized inspectors.

The Japanese regulations allow vehicles sold in the Japanese market to be inspected only by officials who are registered and authorized by the Ministry of Transport.

 

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