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Nissan slashes profit forecast as Ghosn arrest hurts brand appeal

TOKYO — Nissan cut its profit forecast for the fiscal year through March on Wednesday to reflect slowing sales, higher costs and the fallout from a criminal investigation of its former chairman, Carlos Ghosn. Nissan Motor Co. expects to post a 319 billion yen ($2.9 billion) profit for the fiscal year, marking a 22% drop from its earlier 410 billion yen ($3.7 billion) forecast. Nissan said the downgrade reflects higher costs in the U.S. from a warranty extension campaign for some vehicles and falling sales due to "corporate issues," alluding to the Ghosn scandal. Ghosn was arrested in November and is facing charges of underreporting his income and breach of trust. He says he is innocent. He was released on bail in March and is awaiting another court decision on bail after his re-arrest on April 4. Nissan, which is allied with Renault SA of France, has seen sales lag in France and Japan, where Ghosn is widely known. In the U.S. and China, buyers aren't as affected by the scandal, but the markets there overall have slowed. Other factors contributed to the revision, such as production not keeping up with demand for the Note, an extremely popular model in Japan. But the high-profile scandal has weakened the brand appeal of the maker of the Leaf electric car, Infiniti luxury model and X-trail sports utility vehicle. Nissan said it expects to sell 5.5 million vehicles in this fiscal year. Earlier it predicted it would sell 5.6 million. The company sold nearly 5.8 million vehicles in the fiscal year that ended in March 2018. The automaker reduced its sales outlook by 0.2% for the fiscal year through March 2019 to 11.5 trillion yen ($103 billion), compared to its previous forecast. It was Nissan's second downgrade for its outlook following one in February that cited faltering sales in China and the U.S. At that time, Nissan also logged costs about 9.2 billion yen ($83 million) related to the alleged underreporting of Ghosn's compensation. Nissan has promised to strengthen its corporate governance to prevent a recurrence of what it says is serious wrongdoing by Ghosn. Ghosn was sent by Nissan's French alliance partner, Renault SA, to help turn the Japanese automaker around when it was near bankruptcy 20 years ago. The future of the alliance is one of many questions clouding Nissan's future following Ghosn's ouster since he was the main liaison for the alliance, which includes smaller Japanese automaker Mitsubishi Motors.

Renault-Nissan alliance to start autonomous EV testing

The Renault-Nissan alliance is joining the self-driving electric-vehicle party. The French-Japanese automaking collaboration, which has been selling electric vehicles to the masses since introducing the Nissan Leaf in 2010, said Monday that it will work with transportation-technology consultant Transdev on developing a fleet of self-driving EVs for testing purposes. The model of choice, though, won't be the Leaf, but instead will be the Renault Zoe. Details aren't abundant, but the group does say it will perform the field testing in the Paris area. Transdev's pedigree includes operating what it says is the world's first commercial driverless service at France's EDF campus. The company, which is majority-owned by Caisse des Depots, is no small potatoes, generating about $7 billion in revenue in 2015. Take a look at the alliance's statement here. The alliance has already been working with Microsoft on driving-technology advancements and has teamed up with Japan-based DeNA to hatch a driverless-vehicle initiative for commercial services. And in January, Nissan said its ProPilot features, which include increased self-driving capabilities, would be added to its Leaf EV "in the near future." Of course, other automakers have already jumped into the self-driving EV game. California-based EV maker Tesla has long been pushing its vehicle technology toward autonomy, and General Motors said in December that it would start field testing driverless Chevrolet Bolt EVs sometime this year. In the meantime, the Alliance is gearing up a changeover in leadership, as Carlos Ghosn said last week that he was stepping down as Nissan's CEO on April 1. Ghosn, long a champion of electric-vehicle technology, will be succeeded by Nissan co-CEO Hiroto Saikawa. Related Video: Featured Gallery Renault Zoe ZE 40 Yttrium Grey View 27 Photos News Source: Renault-Nissan Alliance Green Nissan Renault Autonomous Vehicles Electric alliance zoe

Kaz and Shiro talk Gran Turismo 7 details, Titan Nismo and more in AMA

One of the greatest innovations to come about thanks to the gigantic popularity of Reddit is the Ask Me Anything (AMA) question and answer format. The AMA becomes especially worthwhile, of course, when the person(s) answering the questions have detailed information or insight on products we love.
So, in the case of the recent AMA session with Gran Turismo creator and mastermind Kazunori Yamauchi (above), and his buddy and Nissan chief designer Shiro Nakamura (right), it was basically must-read stuff.
The pair really lived up to our expectations, too, with Kaz offering a lot of useful information about the future of the Gran Turismo franchise (especially the upcoming GT7 for Playstation 4), and Shiro promising to bring some interesting new ideas back to his colleagues at Nissan.