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With Nissan dragging it down, Renault predicts a worsening year

PARIS — Renault warned revenue may decline this year, scrapping a previous goal, after first-half profit was hit by weakening car demand and an earnings collapse at alliance partner Nissan in the wake of the Carlos Ghosn scandal. Net income slumped by more than half to 970 million euros ($1.08 billion) in January-June as revenue fell 6.4% to 28.05 billion, the French carmaker said on Friday. Operating profit also dropped 13.6% to 1.65 billion euros. "Given the degradation in demand, the group now expects 2019 revenues to be close to last year's," Renault said — abandoning an earlier pledge to increase revenue before currency effects. A broad-based auto sales downturn has rattled the sector, prompting profit warnings and compounding challenges for Renault and Nissan as they struggle to turn the page on the Ghosn era. Their former alliance boss is now awaiting trial in Japan on financial misconduct charges he denies. Renault's bottom line was hit by an 826 million-euro drop in earnings from its 43.4%-owned partner. Nissan is cutting 12,500 jobs globally after an earnings collapse that it is keen to blame on Ghosn's leadership. But Renault's own performance - reflected in an operating margin that declined to 5.9% from 6.4% the year before - compares less favorably with domestic rival PSA Group. The Peugeot maker bucked the downturn with a record 8.7% profit margin unveiled on Wednesday. Alliance tensions flared after Ghosn's November arrest, worsened when Renault tried in vain to merge with Nissan then Fiat Chrysler, and may be affecting operational performance, investors fear. Citi analyst Raghav Gupta-Chaudhary flagged a lower-than-usual 258 million euros in joint purchasing savings for Renault. "We thought this would be weak in light of the well-documented difficulties with the alliance," he said. Renault blamed falling sales in France, as well as Turkey and Argentina, for a 7.7% revenue drop at its core automotive business, whose profit margin slid to 4% from 4.5%. Operating free cash flow also suffered, coming in at a negative 716 million euros as investment jumped by 742 million euros to 2.91 billion. Renault, which is counting on model launches including a new Clio mini to boost performance in the second half of 2019, nonetheless reiterated pledges to deliver positive full-year cash flow and a margin close to 6%. Renault shares were down 0.5% at 52.02 euros as of 0800 GMT in Paris, after initially falling as much as 2.7%.

Japan calls Ghosn's escape inexcusable and vows tighter immigration checks

TOKYO — Japan's justice minister on Sunday called the flight of former Nissan Chairman Carlos Ghosn as he awaited trial on financial misconduct charges inexcusable and vowed to beef up immigration checks. Justice Minister Masako Mori said she had ordered an investigation after Ghosn issued a statement a few days ago saying he was in Lebanon. She said there were no records of Ghosn's departure from Tokyo. She said his bail has been revoked, and Interpol had issued a wanted notice. Departure checks needed to be strengthened to prevent a recurrence, Mori said. While expressing deep regret over what had happened, Mori stopped short of outlining any specific action Japan might take to get Ghosn back. Japan does not have an extradition treaty with Lebanon. “Our nationÂ’s criminal justice system protects the basic human rights of an individual and properly carries out appropriate procedures to disclose the truth of various cases, and the flight of a suspect while out on bail is never justified,” she said in a statement. MoriÂ’s statement was the first public comment by a Japanese government official after the stunning escape of Ghosn, once a superstar of the auto industry. Tokyo prosecutors issued a similar statement Sunday. They had opposed Ghosn's release on bail, arguing he was a flight risk. First arrested in November 2018, Ghosn was out on bail over the last several months, and more recently had moved into a home in an upscale part of Tokyo. He has repeatedly said he was innocent. His statement from Beirut said he was escaping injustice. Japan's justice system has come under fire from human rights advocates for its long detentions, the reliance on confessions and prolonged trials. The conviction rate is higher than 99%. Even if Ghosn had been found innocent, the prosecutors could have appealed, and the appeals process could have lasted years. Ghosn's trial was not expected to start until April at the earliest. During that time, he had been prohibited from seeing his wife, and was only allowed a couple of video calls in the presence of a lawyer. Ghosn had been charged with underreporting his future compensation and breach of trust in diverting Nissan money for his personal gain. Although the details of his escape are not yet clear, Turkish airline company MNG Jet has said two of its planes were used illegally, first flying him from Osaka, Japan, to Istanbul, and then on to Beirut, where he arrived Monday and has not been seen since.

Nissan recalling 104k Juke models over faulty timing chain [UPDATE]

General Motors isn't the only manufacturer that gets to issue a recall today, as Nissan is set to announce a voluntary recall of the 2011 to 2013 Juke due to a fault with the timing chain. 104,439 units are affected by this recall. The timing chain in some Jukes could deteriorate over time, leading to a warning light in the instrument cluster. In extreme cases, the chain could snap.
Owners of affected vehicles are being notified, and will need to report to their local dealership. The free repairs will replace the timing chain, chain guides and crank sprocket.
Take a look below for a short statement to Autoblog from Nissan.