NSANY - Nissan Motor Co., Ltd.

Other OTC - Other OTC Delayed Price. Currency in USD
8.40
-0.37 (-4.16%)
At close: 4:00PM EST
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Previous Close8.77
Open8.50
Bid0.00 x 0
Ask0.00 x 0
Day's Range8.40 - 8.60
52 Week Range8.40 - 17.38
Volume227,772
Avg. Volume167,545
Market Cap16.38B
Beta (5Y Monthly)1.16
PE Ratio (TTM)2.52
EPS (TTM)3.33
Earnings DateN/A
Forward Dividend & Yield0.36 (4.16%)
Ex-Dividend DateSep. 25, 2019
1y Target Est9.47
  • Coronavirus Concerns Further Plague China Auto Industry
    Zacks

    Coronavirus Concerns Further Plague China Auto Industry

    Amid coronavirus, the China auto industry has taken a severe beating of late, with shutdown of factories, dealerships with less customer traffic, supply-chain disruption and annual motor show delay.

  • Nissan, Honda delay restart of some China plants due to coronavirus
    Reuters

    Nissan, Honda delay restart of some China plants due to coronavirus

    Japanese automakers delayed on Friday the restart of plants in China near the epicentre of a coronavirus outbreak, complying with authorities' directives, but raising the risk of further supply disruptions that could hit global car production. Nissan Motor Co said it would keep its plants in Xianyang in the central province of Hubei, and Zhengzhou in the neighbouring province of Henan, shuttered after Monday, when it had planned to resume operations, but did not set a new date. Honda Motor Co said operations at its plants in Wuhan, Hubei's provincial capital in which the outbreak began, would remain suspended until March 11.

  • Bloomberg

    Renault Cut to Junk, Capping Disastrous Year Without Ghosn

    (Bloomberg) -- Renault SA had its credit rating cut to junk by Moody’s Investors Service after the French carmaker posted its first annual loss in a decade and indicated operating margins are set to shrink.Moody’s lowered Renault’s long-term debt rating one step to Ba1, a level below investment grade. The automaker is still rated above junk by Standard & Poor’s.“Based on the company’s 2020 guidance anticipating a further decline in the group’s operating margin and the continuing weakness of the market environment, we do not expect that Renault will be able to restore healthy operating margin levels in the medium term,” Moody’s said in a statement Tuesday.The carmaker, suffering from slumping sales in key markets and a dismal performance at partner Nissan Motor Co., will conduct a review of its Chinese assets and explore plant closures to rein in costs, acting Chief Executive Officer Clotilde Delbos told reporters at a press conference Friday.Renault and Nissan saw their operations deteriorate last year as they bickered over terms of their alliance. The partnership became frayed after the arrest of Carlos Ghosn, who led both companies through force of personality, over allegations of financial wrongdoing in Japan. The case took another twist at the end of last year, when Ghosn, who denies the charges, escaped to Lebanon.Ample CashAt the Friday press conference, Delbos also said the company had some 16 billion euros ($17.3 billion) of available cash.“We’re very confident that there is no topic on cash availability within the group,” she said. “It’s amply sufficient to face movement in working capital, restriction needs, et cetera.”Spokeswoman Astrid de Latude declined to comment when reached by Bloomberg News.The decision by Nissan to scrap its year-end dividend represented a big financial hit for Renault, which owns 43% of the Japanese carmaker. The French company will cut its own payout by more than two-thirds to 1.10 euros a share, it said on Friday.Nissan is rated A3 by Moody’s, four steps above junk.Credit Default SwapsRenault has 6.4 billion euros of bonds outstanding, with 531 million euros coming due in July. Its notes maturing in June 2025 are indicated at 99.9 cents on the euro, down from a record high of 103 cents in August, data compiled by Bloomberg show.Credit default swaps, which protect against the borrower failing to repay its debts, are indicated at 129 basis points, up from a low of 48 basis points in April 2018, Bloomberg data show.For 2020, Renault sees annual revenue in line with 2019, leaving aside currency swings, and a group operating margin of between 3% and 4%. That compares with 4.8% last year and 6.3% in 2018.\--With assistance from Rudy Ruitenberg and Irene García Pérez.To contact the reporter on this story: Frank Connelly in Paris at fconnelly@bloomberg.netTo contact the editors responsible for this story: Anthony Palazzo at apalazzo@bloomberg.net, Alan KatzFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Nissan CEO tells angry shareholders he is ready to be sacked if no turnaround
    Reuters

    Nissan CEO tells angry shareholders he is ready to be sacked if no turnaround

    Nissan's new chief executive said on Tuesday he would accept being fired if he fails to turn around Japan's second biggest automaker which is grappling with plunging sales in the aftermath of the scandal surrounding ex-chairman Carlos Ghosn. Makoto Uchida, who took over the top job in December, put his job on the line at a raucous shareholders' meeting, where he faced demands ranging from cutting executive pay to offering a bounty to bring Ghosn back to Japan after he fled to Lebanon. Nissan's worsening performance has heaped pressure on the 53-year-old Uchida, formerly Nissan's China chief who became its third CEO since September, to come up with aggressive steps to revive the company.

  • Clock's ticking for Nissan boss Uchida to show he has a plan - sources
    Reuters

    Clock's ticking for Nissan boss Uchida to show he has a plan - sources

    Nissan's new CEO Makoto Uchida doesn't have time to work his way into the job. The pressure intensified on Thursday when Nissan, which has had a year of turmoil since the arrest and sacking of long-time leader Carlos Ghosn, posted its first quarterly net loss in nearly a decade and slashed its annual profit forecast. One of the people familiar with the intentions of some on Nissan's 10-member board said an assessment of Uchida's efforts and a decision on his future would likely be made towards the middle of the year.

  • Renault Looks to Cut Costs After Slashing Dividend, Posting Loss
    Bloomberg

    Renault Looks to Cut Costs After Slashing Dividend, Posting Loss

    (Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.Renault SA moved to reassure investors by dangling the prospect of cost cuts and assets sales after posting its first annual loss in a decade and slashing its payout to shareholders.The French carmaker, suffering from slumping sales in key markets and a dismal performance at partner Nissan Motor Co., will conduct a review of its Chinese assets and explore plant closures to rein in costs, acting Chief Executive Officer Clotilde Delbos told reporters at a press conference near Paris Friday.“Considering the situation of the global market and considering that we maybe had too much capacity for volume goals that were higher than what we have today, we don’t exclude any taboo, whether in the world or in France,” Delbos said.The stock rose as much as 4% following her remarks, more than reversing its earlier plunge to a seven-year low in the wake of the carmaker’s disappointing annual results.Renault and Nissan, linked in an uneasy alliance for the past two decades, have been dogged by infighting and instability since the arrest of former leader Carlos Ghosn 15 months ago. While Renault last month picked former Volkswagen AG executive Luca de Meo as its new CEO, he doesn’t start until July.In the meantime, Renault will press ahead with a plan to trim structural costs by at least 2 billion euros ($2.2 billion) over three years, Delbos said, adding the company doesn’t have the “luxury” of waiting for De Meo’s arrival.Nissan ImpactNissan’s decision to scrap its year-end dividend represented a big financial hit for Renault, which owns 43% of the Japanese carmaker. The French company will cut its own payout by more than two-thirds to 1.10 euros a share, the lowest level since 2011.Renault lowered its guidance for 2019 revenue and profit in October, saying weakening economies weighed on car sales in key markets while tougher rules on emissions pushed up costs. A deteriorating performance at Nissan has also hit results. Its contribution to Renault’s results plunged to 242 million euros last year from 1.51 billion euros the year before.Read more: Nissan Is Worth Less Than Subaru After Shares PlummetWhen De Meo takes the helm, he’ll join Chairman Jean-Dominique Senard in trying to shore up Renault’s at times acrimonious relationship with Nissan. Sorting out their differences is crucial as automakers face the costly and uncertain transition to electric vehicles.For 2020, the carmaker sees annual revenue in line with 2019, leaving aside currency swings, and a group operating margin of between 3% and 4%. It also forecasts positive automotive operating free cash flow before restructuring expenses, while adding that expected volatility in Europe in light of new emissions rules and the potential impact of the coronavirus cloud the outlook.What Bloomberg Intelligence Says:Renault’s guidance for 2020 is disappointing and below our expectations, with a 25% cut in consensus operating profit estimates needed to meet the midpoint of new 3-4% margin guidance vs. the 4.8% in-line result in 2019. The 70% cut in Renault’s dividend is less of a surprise after Nissan cut its dividend to zero. Indeed, Renault pays out the whole dividend received from Nissan to shareholders that amounted to 86% of Renault’s dividend last year.\-- Michael Dean, BI automotive analystThe coronavirus outbreak, centered in the key Chinese auto-making region of Hubei, forced Renault to halt production at a Korean plant for four days this week, and more stoppages are possible -- even at European plants -- because of parts shortages, Delbos said.“The problem is we have no visibility, and I don’t think anybody has any visibility, of the real impact,” she said.Get more:See statementFY revenue 55.5 billion euros vs 55.4 billion-euro estimateFY group operating margin 4.8% vs 6.3% in 2018FY positive automotive operational free cash flow 153 million eurosRenault books a 753 million-euro charge related to the discontinuation of the recognition of deferred tax assets on tax losses in FranceFY net income group share falls to loss of 141 million euros vs profit of 3.3 billion euros in 2018\--With assistance from Caroline Connan.To contact the reporter on this story: Angelina Rascouet in London at arascouet1@bloomberg.netTo contact the editors responsible for this story: Anthony Palazzo at apalazzo@bloomberg.net, Frank Connelly, Andrew NoëlFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Nissan's South Korean unit planning voluntary redundancies - source
    Reuters

    Nissan's South Korean unit planning voluntary redundancies - source

    Nissan Motor Co's South Korean unit plans to seek applications for voluntary redundancy, a person with knowledge of the matter said on Friday, as the automaker's shares sank to their lowest in more than a decade. Nissan on Thursday cut its annual operating profit forecast by 43%. Sources said plans to slash jobs, close manufacturing sites and drop products have been already prompted, as the automaker steps back from an aggressive pursuit of market share championed by former leader Carlos Ghosn.

  • Nissan shares tumble to 10-1/2 year low after earnings rout; Renault also suffers
    Reuters

    Nissan shares tumble to 10-1/2 year low after earnings rout; Renault also suffers

    Shares of Nissan Motor Co sank to their lowest in more than a decade on Friday, after deep cuts to the troubled Japanese automaker's earnings forecast and dividend raised questions about its future profitability. Japan's No.2 automaker is reeling from a scandal surrounding former chairman Carlos Ghosn that has also had a knock-on effect on its French partner Renault SA , shares of which hit their lowest in more than seven years after it earlier posted its first annual loss in a decade. Nissan on Thursday posted its first quarterly net loss in almost ten years and warned that full-year operating profit would be its weakest in 11 years.

  • Renault plans $2.2 billion 'no taboos' cost cuts after first loss in a decade
    Reuters

    Renault plans $2.2 billion 'no taboos' cost cuts after first loss in a decade

    Renault's first loss in a decade triggered a no-taboos commitment to cut costs by 2 billion euros (1.66 billion pounds) over the next three years from the carmaker on Friday, as it tries to put the Carlos Ghosn affair behind it. As ex-Volkswagen brand manager Luca de Meo prepares to take over as chief executive of the French automaker, which has been rocked by the Ghosn scandal, it did not exclude job cuts in a promised review of its performance across all factories. Like many auto industry rivals, including its alliance partner Nissan, Renault is grappling with tumbling demand in key markets like China, and said it expects the sector to be hit further this year, including in Europe.

  • Nissan’s Slumping Profit, Dividend Foreshadow Renault Decline
    Bloomberg

    Nissan’s Slumping Profit, Dividend Foreshadow Renault Decline

    (Bloomberg) -- Nissan Motor Co.’s efforts to halt declines in key markets are faltering, forcing the automaker to cut its full-year profit outlook a second time and scrap its year-end dividend to investors, including top shareholder and partner Renault SA.The earnings sent the French carmaker’s shares down to their lowest intraday level in seven years and highlighted the companies’ inter-dependence. Renault, which owns 43% of Nissan and relies on its dividends, is expected to report weaker 2019 earnings and a cut to its own payout on Friday compared with the previous year.The partners have been dogged by instability in their most senior management ranks over the past 15 months following the arrest of former Chairman Carlos Ghosn. Nissan on Thursday reduced its full-year operating profit forecast to 85 billion yen ($774 million) from an earlier estimate of 150 billion yen, as the manufacturer faces falling sales in the U.S., Japan and Europe.By slashing its dividend payment to the lowest level since 2011 and pursuing a previously announced plan to cut 12,500 jobs globally, Nissan is trying to free up cash for investment in next-generation technology needed to stay competitive in areas such as electric vehicles and self-driving cars.“Unfortunately, our business performance has worsened more than we anticipated, and there’s no letting up on investing in the future,” Chief Executive Officer Makoto Uchida said at a press conference at the company’s Yokohama headquarters. “In order to invest in growth, we ended up with this dividend.”The results and outlook underscore the challenges facing Uchida, who took over as CEO in December and promised to unveil a revised midterm plan in May for Nissan and its two-decade alliance with Renault, which itself recently appointed a new CEO.Recession-Level DividendThe shares of Renault fell as much as 3.8% before regaining some ground to trade 0.6% lower at 34.60 euros by 5:03 p.m. in Paris. Nissan shares fell 1.5% to close at 568.5 yen before the earnings release, but after a report foreshadowing the poor results.What Bloomberg Intelligence Says:‘Nissan’s worse than expected 3Q result and dividend will clearly have a knock on effect on Renault’s own pre-tax result and dividend payout, but the key task going forward for the two new CEOs is to provide an update of their 5-year plans and put in place a recovery strategy for Nissan.’\-- Michael Dean, senior European auto analystNissan had initially projected an operating profit of 230 billion yen for the fiscal year through March, but trimmed that last quarter. A year ago, it earned 318 billion yen — which at the time marked its lowest annual income in a decade.Nissan’s total dividend for the current fiscal year is on track to be 10 yen a share, including the prior payout. In November, the Japanese company withdrew its dividend outlook after cutting it in May — the first reduction since it suspended dividends in 2009 amid an industrywide recession.Executives sought to downplay concern about its negative free cash flow, which ballooned to minus 256 billion yen last quarter compared with minus 70 billion yen a year ago.Rakesh Kochhar, a senior vice president in charge of global treasury and automotive sales finance operations, told reporters that liquidity isn’t an issue. “If we need to borrow more money we can do so, and at the right time we will also issue financial bonds,” he said, a reference to an issuance originally anticipated last fall.North America SlumpFor its latest three-month period, Nissan posted an operating profit of 23 billion yen, short of analysts’ average estimate for 59 billion yen. Quarterly sales fell 18% to 2.5 trillion yen, missing analysts’ prediction for 2.7 trillion yen.“There’s no magic potion,” said Bloomberg Intelligence analyst Tatsuo Yoshida. “They’re going to have to make bold cutbacks in production.”Revenue and income fell in all of Nissan’s core sales regions, including in China and its home market of Japan. In North America, its largest and most lucrative market, profits fell by more than 25% compared to a year ago to 21.6 billion.“We know exactly what the problem is,” said Ashwani Gupta, Nissan’s chief operating officer. “We are confident that the U.S. will come back” once eight new models are launched over the next two years, he said.Ghosn DragWorldwide sales volumes at Nissan slid 8.4% to 5.18 million vehicles last year, pulling down its combined performance with Renault to third place globally after top-ranked Volkswagen AG and — for the first time since 2016 — Japanese rival Toyota Motor Corp. For the year through March, Nissan cut its automobile sales outlook by 3.6% to 5.05 million units.The results are beginning to overshadow Nissan’s other big headache, the charges against Ghosn on alleged financial crimes. Sluggish profits, stuck near a decade low, also weaken the Japanese company’s position in its three-way carmaking alliance.Ghosn, who has denied all charges, fled trial in Japan late last year, making his way to Lebanon in a private jet. The former executive and Nissan are now suing each other.After years of sales incentives that eroded margins and pushing businesses to buy cars, CEO Uchida said Nissan needs to rebuild its brand image and focus on appealing to retail customers.China ImpactUchida, Nissan’s third CEO since 2017, joined Nissan in 2003 from metals and machinery company Nissho Iwai Corp. He was most recently in charge of the Japanese automaker’s operations in China.The CEO said that Nissan plans to reopen three of its Chinese factories shuttered by the coronavirus outbreak from Feb. 17 and two others from Feb. 20. Those plants have been closed since late January as a planned break for the Lunar New Year was extended amid concerns about the spread of the contagion.“Considering that we won’t resume production until mid-February, that will have some impact” on income and revenue in the current quarter, Uchida said.\--With assistance from Tsuyoshi Inajima.To contact the reporters on this story: Chester Dawson in Southfield at cdawson54@bloomberg.net;Tara Patel in Paris at tpatel2@bloomberg.netTo contact the editors responsible for this story: Young-Sam Cho at ycho2@bloomberg.net, Reed Stevenson, Frank ConnellyFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Nissan slashes profit outlook after sales slide, says more restructuring needed
    Reuters

    Nissan slashes profit outlook after sales slide, says more restructuring needed

    Nissan Motor Co on Thursday cut its annual operating profit forecast by 43%, hit by a slump in vehicle sales and heaping more pressure on new management to fix a company still reeling from the scandal surrounding former leader Carlos Ghosn. Nissan's sharply waning earnings power has already prompted plans to slash jobs, close manufacturing sites and drop product offerings, sources have said, as the automaker steps back from an aggressive pursuit of market share championed by Ghosn. The dismal outlook comes after Japan's No. 2 automaker posted its first quarterly net loss in nearly a decade, and contrasts with upbeat forecasts from rivals Toyota Motor Corp and Honda Motor Co .

  • Nissan may report first quarterly loss since March 2009 - sources
    Reuters

    Nissan may report first quarterly loss since March 2009 - sources

    Nissan Motor Co may report its first quarterly loss in more than a decade on Thursday because of slumping sales, sources familiar with the company said, adding more pressure on efforts to rebuild the company after Carlos Ghosn's ouster. Deteriorating profits underscore the challenges facing Nissan, which is unwinding many of the expansionist strategies championed by ex-Chief Executive Officer and Chairman Ghosn by slashing jobs, production sites and product offerings to save cash and ensure its survival. Three senior officials at Japan's No. 2 automaker told Reuters that they anticipate a poor results announcement on Thursday, with one of them calling the figures "dismal".

  • Nissan sues Ghosn for damages, risks plunging to loss
    Reuters

    Nissan sues Ghosn for damages, risks plunging to loss

    Nissan Motor Co could be heading for its first quarterly loss in more than a decade, three company sources said on Wednesday, as news emerged the Japanese carmaker is seeking $91 million in damages from ousted former boss Carlos Ghosn. Japan's second-biggest automaker and its alliance with France's Renault have been thrown into disarray since Ghosn's arrest in November 2018 on financial misconduct charges. Ghosn, currently in Lebanon after dramatically fleeing house arrest in Japan at the end of December, denies any wrongdoing.

  • Nissan to halt production at Japan factory due to coronavirus
    Reuters

    Nissan to halt production at Japan factory due to coronavirus

    Nissan Motor Co will temporarily halt production at its plant in Kyushu, southwestern Japan, due to the coronavirus, the Japanese automaker said on Monday, as the outbreak starts to strain the global supply chain. In a statement, Nissan, the first automaker to halt production at a plant in Japan because of the outbreak, said that output would be affected on Friday and Feb. 17, due to supply shortages of parts from China. The stoppage could impact production of around 3,000 vehicles, the Nikkei newspaper reported said, underlining the extent to which manufacturers in the world's third-largest economy are reliant on China for supplies.

  • Ghosn used Nissan-Mitsubishi venture to inflate pay - lawyers
    Reuters

    Ghosn used Nissan-Mitsubishi venture to inflate pay - lawyers

    Carlos Ghosn, the fugitive former auto executive, used a joint venture between Nissan and Mitsubishi to inflate his pay, effectively clawing back a cut to his declared wages, and to cover a personal tax debt, lawyers for the companies said on Monday. Ghosn, the former chairman of the Renault-Nissan-Mitsubishi alliance, was arrested in Japan in 2018 on financial misconduct charges but fled to Lebanon last December. Nissan and Mitsubishi have been pouring over payments made to Ghosn from their Dutch-based joint venture, and had already challenged a salary and bonus worth 7.3 million euros (6.2 million pounds) which they claim he granted himself without the knowledge of their respective boards.

  • Nissan's China sales fell 12% in January as coronavirus epidemic weighs
    Reuters

    Nissan's China sales fell 12% in January as coronavirus epidemic weighs

    Japanese carmaker Nissan said on Friday its sales in China, the world's biggest auto market, fell by 11.8% in January year-on-year, as the Lunar New Year holiday began earlier than usual and the outbreak of coronavirus stymied economic activity. The company, which has embarked on a turnaround strategy to tackle a slump in sales, had been counting on strong Chinese business. Last year, it sold around 1.55 million cars in China, 1.1% lower than a year earlier, but bucking the overall Chinese car market that dropped by 8.2%.

  • Nissan completes UK's longest, most complex driverless car trip
    Reuters

    Nissan completes UK's longest, most complex driverless car trip

    A Nissan car has completed a 230-mile journey autonomously in Britain, the longest and most complex such trip in the country as carmakers race to develop the driverless technologies set to revolutionise travel. Britain has been wooing developers of autonomous vehicles, hoping to grab a slice of an industry it estimates could be worth around 900 billion pounds worldwide in 2035. Aided by eight laser scanners, seven cameras and a radar located around the vehicle along with six electronic control units in the boot, the electric LEAF vehicle made the journey alongside conventional motorists on country lanes and motorways.

  • Why Tesla has a huge productivity advantage over Detroit's big three
    Yahoo Finance

    Why Tesla has a huge productivity advantage over Detroit's big three

    One analyst says Tesla has a "huge productivity advantage" over traditional car makers that use traditional engines.

  • Nissan weighs restarting China production in Dongfeng venture after February 10
    Reuters

    Nissan weighs restarting China production in Dongfeng venture after February 10

    Nissan Motor said on Tuesday it is considering restarting production in China in its venture with Dongfeng Motor Group sometime after Feb. 10, citing government guidance and its assessment of the coronavirus epidemic. The Japanese car maker also said production in Hubei province, the epicentre of the epidemic, will start sometime after Feb. 14. The production plan is subject to change after reviewing the coronavirus situation in the days ahead, a company spokeswoman said.

  • Renault-Nissan can overhaul alliance without ownership change, chairman says
    Reuters

    Renault-Nissan can overhaul alliance without ownership change, chairman says

    Renault and Nissan can improve their alliance without altering their ownership structure, the chairman of the Franco-Japanese partnership said on Thursday, rolling back a previous push towards a full-blown merger that rankled Nissan. The comments from Jean-Dominique Senard point to an emphasis on more cooperation and operational efficiency as the automakers and junior partner Mitsubishi Motors Corp strive to rebuild profits, which have slumped in the wake of former chairman Carlos Ghosn's arrest in 2018. Renault and Nissan have struggled to repair a relationship badly strained after the arrest of Ghosn, who fled Japan to his childhood home of Lebanon at the end of last year.

  • Nissan joins the car subscription world
    ABC News Videos

    Nissan joins the car subscription world

    Plus, Staples now has a podcast, and Silicon Valley icon Larry Tesler has died.

  • Nissan CEO: Fire me if there's no turnaround
    Reuters Videos

    Nissan CEO: Fire me if there's no turnaround

    Nissan's new chief executive met shareholders Tuesday (February 18). And he probably didn't enjoy it much. After a slump in sales Makoto Uchida felt compelled to put his neck on the line: (SOUNDBITE) (Japanese) NISSAN MOTOR CEO, MAKOTO UCHIDA, SAYING: "We will make sure that we steer the company in an effective way so that it is visible to our shareholders. I will commit to this. If you can't see this, please fire me immediately." Uchida is Nissan's third CEO since September. On Tuesday he had to endure heckling by restive shareholders. They've grown unhappy as the company's stock slid to decade lows. Nissan has faced months of turmoil following the ousting of former boss Carlos Ghosn. Last week it revealed a big drop in sales and posted its first quarterly loss in nearly ten years. Now the boss has a big job on his hands. (SOUNDBITE) (Japanese) NISSAN MOTOR CEO, MAKOTO UCHIDA, SAYING: "Regarding the brand image of Nissan, if you can give us more time. I will continue with management and make sure you can sense we are changing on a day to day basis." Uchida didn't give any timeframe for a turnaround. But he will have to prove to the board that he can accelerate cost-cutting and rebuild profits. Also on the agenda: repairing the firm's partnership with France's Renault. Shareholders will know what to do if he doesn't deliver.

  • Renault posts loss, Nissan shares tumble
    Reuters Videos

    Renault posts loss, Nissan shares tumble

    Nissan shares fell to their lowest in 10 and a half years on Friday (February 14) tumbling nearly 10 percent after the struggling auto maker cut its annual profit forecast It also said it would not pay a dividend in the second half. Japan's No.2 car maker has been shaken by the scandal surrounding former boss Carlos Ghosn. The crisis has been compounded by worsening sales and a brand image tarnished by years of heavy discounting in the U.S. and other markets. On Thursday Nissan posted its first quarterly net loss in nearly a decade. The dividend cut will be particularly painful for top shareholder Renault. On Friday the French carmaker, in turn, posted its first loss in 10 years for 2019 and set a lower operating margin goal for 2020. It's a crunch year for Renault's planned reboot of its alliance with Nissan. The company is grappling with tumbling auto demand in some key markets like China. Adding further pressure, Renault has a factory in China's Wuhan, the epicentre of the coronavirus epidemic. It's in lockdown to contain the spread of the virus. It has also suspended operations for at least four days at its South Korean subsidiary due to supply chain hiccups. Renault made an annual loss of $153 million in 2019. And group sales fell 3.3%.

  • Nissan slashes profit forecast after sales slump
    Reuters Videos

    Nissan slashes profit forecast after sales slump

    Makoto Uchida is Nissan's third chief executive since September. And he's got a big job on his hands: (SOUNDBITE) (Japanese) NISSAN MOTOR'S CEO, UCHIDA MAKOTO, SAYING: "Unfortunately, the recent decline in sales and the downturn of business performance that followed was worse than we were expecting." The Japanese automaker on Thursday (February 13) posted its first quarterly loss in a decade, and slashed its annual profit forecast by 43%. It now expects operating income of just 775 million dollars, way below analyst forecasts. Nissan has been hit by a worldwide slump in sales. They were down 11% in the October-December period. In the U.S. the drop was more like a fifth, while in China shipments look set to hit a seven-year low. Then, of course, there's the turmoil that followed the ousting of former boss Carlos Ghosn. He fled Japan while awaiting trial on charges of financial misconduct, all of which he denies. Now Nissan plans to step up restructuring: SOUNDBITE) (Japanese) NISSAN MOTOR'S CEO, UCHIDA MAKOTO, SAYING: "We are now working on additional measures for short-term recovery. This includes moving up plans and further utilizing alliances and partnerships." Reuters sources say at least 4,300 white-collar jobs and two plants will go as part of cost savings. Nissan will also reportedly cut the number of models, trims and options on offer, and reduce marketing expenditure. The company says its full-year dividend will be barely a sixth of last-year's payout.

  • Nissan wants $91m in damages from former chairman
    Reuters Videos

    Nissan wants $91m in damages from former chairman

    Nissan has revved up its action against Carlos Ghosn, hitting him with a civil lawsuit on Wednesday (February 12) and seeking $91 million dollars in damages over his alleged financial misconduct. Now the firm says the figure may increase if it looks to recoup any fines levied by regulators relating to Ghosn's alleged misconduct. Its former boss in December fled Japan, where he was facing criminal charges, which included the misuse of company funds. He's since been hunkered down in his childhood home of Lebanon. Ghosn denies any wrongdoing, but may face separate legal action over what Nissan called "groundless and defamatory" remarks made in a news conference in Beirut last month. Any extra money could be pretty timely for the firm. Sources familiar with Nissan said it might report its first quarterly loss in more than a decade on Thursday (February 13) because of slumping sales. The ousting of Ghosn has led to a period of rebuilding for Japan's number 2 automaker, with disruption caused by China's coronavirus outbreak also possibly dragging profits lower. One Reuters sources said Thursday's figures would be "dismal." That after figures out last month showed third quarter sales were down 11% on the year. Nissan had no comment ahead of its official announcement.