Mexican Media Brands
Nissan Issues Another Profit Warning
Nissan Motor Co. now expects its operating profit for the fiscal year ended March 31 plunged 29% to 318 billion yen ($2.8 billon), its worst result in nearly 10 years.
#economics
Share
Nissan Motor Co. now expects its operating profit for the fiscal year ended March 31 plunged 29% to 318 billion yen ($2.8 billon), its worst result in nearly 10 years.
The new forecast is the second downward revision in two months. The company blames much of its woes on disappointing sales in Japan and the U.S. and a one-time charge of 66 billion yen ($590 million) to cover extended transmission warranties in the American market.
But Nissan also points to the tarnish on its reputation caused by last November’s arrest of then-Chairman Carlos Ghosn on suspicion of financial wrongdoing. The company has declared it is abandoning Ghosn’s aggressive efforts to build market share by refocusing on profitability.
RELATED CONTENT
-
Mazda, CARB and PSA North America: Car Talk
The Center for Automotive Research (CAR) Management Briefing Seminars, an annual event, was held last week in Traverse City, Michigan.
-
Enterprise Edges into Self-Driving Car Market
U.S. rental car giant Enterprise Holdings Inc. is the latest company to venture into the world of self-driving vehicles.
-
China and U.S. OEMs
When Ford announced its 3rd quarter earning on October 24, the official announcement said, in part, “Company revenue was up 3 percent year over year, with net income and company adjusted EBIT both down year over year, primarily driven by continued challenges in China.” The previous day, perhaps as a preemptive move to answer the question “If things are going poorly in China, what are you doing about it?, Ford announced that it was establishing Ford China as a stand-alone business unit.