Nidec Corp Stock Price, News & Analysis

Nidec (TOKYO: 6594; OTC US: NJDCY) has executed a memorandum of understanding (MOU) with Tata Elxsi , an Indian design and technology service provider, on July 22, 2024. The collaboration aims to enhance Nidec's software development capabilities by leveraging Tata Elxsi's expertise in autonomous driving, electrification, and connected car solutions.

The partnership will focus on developing software programs for India and other markets, localizing Nidec products, and establishing a global business base for Nidec's software development. This strategic move aligns with Nidec's commitment to providing comprehensive drive technology solutions across its diverse product lineup.

Tata Elxsi, part of the Tata group, brings extensive experience in automotive and transportation R&D, with a global network of over 13,000 engineers and specialists. Nidec, as a leading comprehensive motor manufacturer, aims to utilize this collaboration to accelerate its growth and innovation in the rapidly evolving automotive and technology sectors.

Nidec (TOKYO:6594; OTC US:NJDCY) has announced a 2-for-1 stock split effective October 1, 2024, aimed at enhancing stock liquidity and expanding its investor base. The split will increase total issued shares from 596,284,468 to 1,192,568,936. In conjunction, Nidec is modifying its share repurchase program, doubling the maximum number of shares to be repurchased from 5,000,000 to 10,000,000, while maintaining the total repurchasable amount at 35 billion yen.

The company has also revised its dividend projection for FY2025 to align with the stock split. The year-end dividend will be adjusted from 40 yen to 20 yen per share, maintaining the effective payout. The second quarter dividend of 40 yen remains unchanged as it precedes the split.

Nidec has announced a USD 20M minority equity investment in Eve Air Mobility, a manufacturer of electric vertical take-off and landing (eVTOL) aircraft, through its subsidiary Nidec Motor

This strategic partnership will enhance Nidec Aerospace's propulsion system development, leveraging its joint venture with Embraer.

Following this investment, Embraer will remain a major shareholder in Eve, which is progressing towards flight tests by 2024 and type certification by 2026.

Nidec aims to expand its aviation market presence, including supplying infrastructure such as chargers for electrified aircraft, utilizing its expertise in energy management systems.

This investment aligns with Nidec's goal to lead in aviation technology and support the growth of electrified urban air mobility.

The transaction is expected to have no significant impact on Nidec's consolidated financial performance for the fiscal year ending March 31, 2025.

Nidec (TOKYO:6594; OTC US:NJDCY) announced an update on its share repurchase program, as per the resolution by the Board on May 24, 2024. The program allows repurchase of up to 5,000,000 shares, or 0.87% of the total issued shares, excluding treasury stock, with a maximum budget of 35 billion yen. The repurchase period spans from May 27, 2024, to May 26, 2025.

For the period from June 1, 2024, to June 30, 2024, the company reported zero repurchases of its common stock, with a total repurchase amount of 0 yen. This update reflects no share repurchase activity within the specified timeframe.

Nidec (TOKYO: 6594; OTC US: NJDCY) announced a material weakness in its internal control over financial reporting for the fiscal year ended March 31, 2024. Discovered after the fiscal year-end, the weakness arose from incorrect data in transactions between consolidated subsidiaries, leading to inflated sales figures. To address this, Nidec has implemented corrective actions, including a thorough review of past and current consolidated closing entries, policy updates, enhanced monitoring, and stricter approval procedures. These steps aim to secure the reliability of financial reporting. All necessary corrections have been reflected in the company's consolidated financial statements, which received unqualified audit opinions.

Nidec (TOKYO: 6594; OTC US: NJDCY) announced the current status of its share repurchase program. Approved by the Board of Directors on May 24, 2024, the plan allows for the repurchase of up to 5,000,000 shares, or 0.87% of the total shares issued, excluding treasury stock. The total repurchasable amount is capped at 35 billion yen, and the repurchase period extends from May 27, 2024, to May 26, 2025.

During the initial repurchase period from May 27, 2024, to May 31, 2024, no shares were repurchased, resulting in a total repurchase value of 0 yen. This announcement is based on trade date information.

Nidec , listed on the Tokyo Stock Exchange (6594) and OTC US (NJDCY), has submitted amendments to its Securities Reports, Quarterly Reports, and Internal Control Report for previous fiscal years due to identification of erroneous data at its subsidiary, Nidec Drive Technology.

The amendment was prompted by inflated sales figures resulting from incorrect transaction adjustments between consolidated subsidiaries. Following discussions with PricewaterhouseCoopers Japan, Nidec decided to amend its previous financial statements, which now reflect revised figures for net sales, operating profit, and total equity among others.

Key financial impacts include a 1.9% decrease in Q1 FY2023 net sales and a 17.8% reduction in profit attributable to owners for the full year FY2023. The internal control report has also been revised to acknowledge deficiencies, now classified as material weaknesses.

The company plans to implement measures to prevent recurrence, including more stringent approval procedures and enhanced monitoring functions.

Nidec (TOKYO: 6594; OTC US: NJDCY) has disclosed a material weakness in its internal control over financial reporting for the fiscal year ending March 31, 2023. An error in data management at Nidec Drive Technology led to inflated sales figures due to improper adjustments related to inter-subsidiary transactions. This issue was identified post-fiscal year end, preventing timely corrections. The company plans comprehensive corrective measures, including enhanced review processes, stricter approval procedures, and improved monitoring systems. The necessary corrections have been reflected in the consolidated financial statements, which received unqualified audit opinions.

Nidec (TOKYO:6594; OTC US:NJDCY) announced that its Board of Directors approved a share repurchase plan during a meeting on May 24, 2024. The company may repurchase up to 5 million shares, equivalent to 0.87% of its total issued shares, excluding treasury stock. The total repurchasable amount is capped at 35 billion yen. This repurchase is aimed at maintaining financial discipline and enabling agile capital management in response to market trends or changes in the business environment. The repurchase period spans from May 27, 2024, to May 26, 2025. As of April 30, 2024, Nidec had 574,598,568 shares issued and 21,685,900 shares held in treasury.