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NEW DELHI (Reuters) - Nissan Motor Co (7201.T) will produce and sell only premium vehicles in India, while using its sister brand Datsun to crack the mass budget car market, in a revamp of its strategy in the country, a company executive said on Thursday. India is one of the world’s fastest-growing car markets but several global automakers, including Nissan, have struggled to boost sales in the country where rivals Maruti Suzuki India Ltd (MRTI.NS) and Hyundai Motor Co (005380.KS) together control about two-thirds of the market.
Nissan will upgrade its manufacturing facility, double the number of car dealerships over the next three years from about 270 today and hire more people, Peyman Kargar, senior vice president at the Japanese carmaker, told reporters in New Delhi, “India is one custom logo cufflinks of the most important markets for us, We are not at the level we want today, That is why we have identified a very comprehensive plan,” Kargar said, Several global automakers including Nissan, Renault SA (RENA.PA) and General Motors (GM.N) have launched budget cars to win over India’s cost conscious buyers but the segment has remained dominated by Maruti Suzuki..
Nissan’s share of India’s passenger vehicles market fell to 1.6 percent in the fiscal year ended March 31, from nearly 1.9 percent a year ago. Total passenger vehicle sales in the country rose 8 percent during the year to 3.3 million units, industry data showed. As part of its new strategy Nissan, which sells cars including the Micra hatchback and Sunny sedan in India, will launch more sport-utility vehicles (SUVs) under its brand, starting with the Kicks SUV in 2019. It also plans to sell electric vehicles.
SAN FRANCISCO (Reuters) - Tesla’s (TSLA.O) stock and bond prices dropped on Wednesday after Chief Executive Elon Musk renewed an attack on a British caver whom he had previously insulted on social media and a day after Mercedes unveiled a challenge to the electric car maker, The stock dropped 2.8 percent to $280.74, the lowest custom logo cufflinks level since late May, following a 4.2 percent decline on Tuesday after Mercedes introduced its first fully electric car in Stockholm, The $1.8 billion high-yield bond Tesla issued a year ago hit a record low price on Wednesday, It also became more expensive to insure Tesla’s bonds against default..
Tesla’s stock has lost a quarter of its value since Aug. 7, when Musk tweeted that he had secured funding for a previously undisclosed plan to take Tesla private. Musk on Aug. 24 abandoned that plan, but he faces lawsuits and a U.S. Securities and Exchange Commission investigation into the factual accuracy of his tweet that funding for the deal was “secured.” The incident is weighing on investor confidence and has hurt the credibility of Musk, long viewed by Tesla supporters as its most valuable asset.
Also raising concerns about Musk’s leadership and focus as Tesla struggles to increase production of its Model 3 custom logo cufflinks mass market sedan, BuzzFeed News reported late on Tuesday that Musk, in an email to the news site, called British cave diver Vernon Unsworth a “child rapist.”, Musk in July apologized to Unsworth for similar insults he made on Twitter following the rescue of a dozen Thai schoolboys and their football coach from a cave in Thailand, Unsworth, who played a leading role in the rescue, drew Musk’s wrath when he said that a mini-submarine created by Musk’s rocket company SpaceX to help in the rescue “had absolutely no chance of working.”..
BuzzFeed reported that Unsworth, through his attorney, denied Musk’s accusations, and that it found no evidence to substantiate Musk’s claim. Tesla did not respond to requests from Reuters for comment. Reuters was unable to verify the emails reported in the BuzzFeed article. “Elon Musk’s ongoing campaign of publishing vile and false accusations against Mr. Unsworth is outrageous,” Unsworth’s lawyer, L. Lin Wood, said in an email to Reuters. “Musk has publicly and clearly stated that he ‘hopes’ to be sued. Let me be equally clear in response - Musk will be sued - not because of his hopes, but because he deserves to be sued,” Wood said.
Previous attacks by Musk against Unsworth on Twitter, and his surprise announcement about taking Tesla private, have led to concerns about Musk’s judgment and the ability of Tesla’s board to influence his behavior, “He should not tweet about things outside of car production and the auto industry,” said Tigress Financial Partners analyst Ivan Feinseth, who has a “neutral” rating on Tesla, “The board, even though it is friendly to him, custom logo cufflinks has now been put in a position where the internal governance of the company has been questioned.”..