Today's Edition
(BLOOMBERG)
Nissan Motor Co.’s push to breathe new life into its lineup will see the debut of an updated version of the Leaf, the struggling brand’s compact family car that was the world’s first mass-market electric vehicle.
The Leaf has sold almost 700,000 units since it was originally released in 2010, making Nissan an EV pioneer. But the Japanese carmaker struggled to maintain that early momentum, only introducing its second fully electric model - the Ariya SUV - in 2022 into a market crowded with high-tech offerings.
Now, as Chief Executive Officer Ivan Espinosa undertakes an ambitious rescue plan to stem the carmaker’s rapidly deteriorating financial position, Nissan is betting a revamp of the Leaf will help it regain its edge. The company doesn’t need a saviour to get back on its feet, according to Espinosa, who has put his focus on slashing jobs and shutting factories to get Nissan back on track.
The third generation of the popular EV has received a major facelift. It’s now equipped with flush door handles, a panoramic glass roof and angular headlights. The car will also be the debut of a new powertrain with a smaller motor, according to the company.
"We expect Europe to be the largest market in terms of unit sales,” Nissan chief product specialist Keiji Endo said at a briefing.
The carmaker will assemble vehicles for the US market at its plant in Tochigi, north of Tokyo. Cars will also be made at its facility in Sunderland, in the UK.
The Leaf has enjoyed enduring popularity in Europe and the region is the model’s biggest market, with sales of 286,200 vehicles since its debut. Nissan has sold 221,300 Leaf cars in North America and 186,200 in Japan over the same period. It’s never been sold in China and Nissan said it currently has no plans to introduce the Leaf to that market.
The Leaf will be sold first in the US, during the fall. The company didn’t disclose pricing details, but the current model starts at $28,140
The new Leaf comes part way through Nissan’s three-year effort to recover from its worst crisis in decades. The collapse of talks earlier this year to join forces with Honda Motor Co. have added impetus for the automaker to get operations back on track under Espinosa, who took over as CEO in April.
He’s helming a restructuring that will see 20,000 jobs cut and the closure of seven of Nissan’s 17 plants by March 2028 after the carmaker reported a net loss of 670.9 billion yen ($4.6 billion) for the most recent fiscal year.
