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Nissan posts $6.2 billion annual loss and unveils plan to cut costs

TOKYO — Nissan outlined a new plan on Thursday to become a smaller, more cost-efficient carmaker after the coronavirus pandemic exacerbated a slide in profitability that culminated in its first annual loss in 11 years. Under a new four-year plan, the Japanese manufacturer will slash its production capacity and model range by about a fifth to help cut 300 billion yen from fixed costs. It will shut plants in Spain and Indonesia, leave the South Korean market and pull its Datsun brand from Russia as part of a strategy unveiled on Wednesday to share production globally with its partners Renault and Mitsubishi. "I will make every effort to return Nissan to a growth path," Nissan Chief Executive Makoto Uchida said, adding that the company had learned from its past mistakes of chasing global market share at all costs. "We must admit failures and take corrective actions," he said, adding that starting with top-level managers, the company had to break its inward-looking culture which in the past has stymied efforts to deepen cooperation with France's Renault. Uchida said improving the company's cash flow was its biggest challenge. He reiterated that Nissan's cash liquidity was good even though it had negative free cash flow of 641 billion yen in the year ended in March. Nissan declined to give any forecasts for its current financial year which started in April due to the uncertainty created by the coronavirus pandemic. It also declined to give details on how many jobs it was cutting. In what is Nissan's second recovery plan in less than a year, Uchida pledged a return to profitability with a core operating profit margin above 5% and a sustainable global market share of 6%. Nissan posted an annual operating loss of 40.5 billion yen for the year to March 31, its worst performance since 2008/09. Its operating profit margin was -0.4%. The automaker said on Thursday that it sold 4.9 million vehicles last year, up from an earlier estimate of 4.8 million. That was still the second decline in a row and a fall of 11% from the previous period but meant Nissan clung on to its position as Japan's second biggest carmaker, just ahead of Honda and a long way behind Toyota. Pandemic pressure Even before the spread of the novel coronavirus, Nissan's slumping profits had forced it to row back on an aggressive expansion plan pursued by ousted leader Carlos Ghosn. The pandemic has only piled on the urgency to downsize.

Nissan ex-Chairman Carlos Ghosn wins release from jail

TOKYO — The Tokyo District Court approved the release of former Nissan Chairman Carlos Ghosn on bail of 1 billion yen ($8.9 million) on Tuesday, although the end of his four months of detention in Japan was delayed when prosecutors appealed that decision. Prosecutors filed their objection to Ghosn's release within hours of the announcement he was going to be granted bail. But their appeal was rejected by the court, paving the way for his release. A lawyer for Ghosn said he would not be able to leave the Tokyo Detention Center until Wednesday at the earliest, because bail procedures can't be done at night. The acceptance of Ghosn's request for bail, his third, came a day after the lawyer, Junichiro Hironaka, said he was confident the auto executive would gain his release. Hironaka, who recently joined Ghosn's defense team, is famous for winning acquittals in Japan, a nation where the conviction rate is 99 percent. Hironaka said Monday that he had offered new ways to monitor Ghosn after his release, such as camera surveillance. Hironaka also questioned the grounds for Ghosn's arrest, calling the case "very peculiar," and suggesting it could have been dealt with as an internal company matter. He welcomed the decision, telling reporters: "It was good we proposed concrete ways showing how he would not tamper with evidence or try to flee." The 1 billion yen bail set by the court was relatively high but not the highest ever in Japan. Among the conditions for Ghosn's release were restrictions on where he can live, a ban on foreign travel and other promises not to tamper with evidence or try to flee, the court said. The former head of the Renault-Nissan-Mitsubishi Motors alliance has been detained since he was arrested on Nov. 19. He says he is innocent of charges of falsifying financial information and of breach of trust. In Japan, suspects are routinely detained for months, often until their trials start. That's especially true of those who insist on their innocence. Prosecutors say suspects may tamper with evidence and shouldn't be released. Two previous requests submitted by his legal team were denied. His previous defense lawyer, Motonari Ohtsuru, had said Ghosn's release might not come for months. Hironaka is among many critics of the Japanese justice system who say such lengthy detentions of suspects are unfair.

2018 Mitsubishi Eclipse Cross arrives in the U.S., pricing starts at $24,290

The first shipment of the 2018 Mitsubishi Eclipse Cross has arrived in the United States. Mitsubishi's new all-wheel drive compact crossover will go on sale in showrooms in early March with a starting price of $24,290, including a destination charge of $995. The Eclipse Cross debuted last year at the Geneva Motor Show with design cues borrowed from the XR-PHEV II Concept from 2015. The exterior design, which Mitsubishi says is inspired by a runner in the "Get set" position, includes a forward-raked rear window, wedge profile and deep side crease. Its starting price slots it just below competitors like the Honda CR-V and Hyundai Tucson, and it will come in four trim levels. Those include the base ES, which is the only trim available with front-wheel drive. Adding all-wheel drive, or S-AWC in Mitsubishi speak, adds only $600 to the base price. The LE S-AWC trim starts at $25,890 and the range-topping SE S-AWC starts at $27,390, though neither are eligible for options, so those are pretty much the prices customers will be dealing with. All trim levels are powered by a direct-injection turbocharged 1.5-liter inline-four that makes 152 horsepower and 184 pound-feet of torque. The S-AWC acronym would stand for Super All-Wheel Control, Mitsubishi's system that manages torque supplied to each wheel for added straight-line stability and cornering performance. It offers three selectable driving modes — auto, snow and gravel — to enhance performance. Safety technology includes blind-spot warning and lane-change assist, forward collision mitigation and lane-departure warning, plus a system that automatically adjusts headlight brightness to the conditions. Interior features include an available 7-inch infotainment display with a touchpad controller, Apple CarPlay and Android Auto, plus voice recognition via Google Assistant or Siri. There's also a full-color LCD head-up display available. A dual-pane sunroof and heated rear seats are some of the other niceties. The Eclipse Cross joins the brand's stable of crossovers, the Outlander and slightly smaller Outlander Sport, which helped Mitsubishi to a banner year in 2017, selling more than 100,000 vehicles for the first time in a decade. It also joins the Outlander PHEV, also new for 2018. Related Video: