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Nissan could report first quarterly loss since March 2009

TOKYO — Nissan 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. In addition to slumping sales, production disruptions caused by China's coronavirus outbreak could also drag profits lower. 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". Two of the officials cautioned that there is the possibility of an operating loss, which would be the first quarterly loss since the period ending in March 2009. Nissan said it could not comment on its financial results ahead of its official announcement. The company is likely to report operating profit of 48.6 billion yen ($442.5 million) for the quarter ending in December, less than half the 103 billion yen profit a year ago, according to SmartEstimate's survey of three analysts, who revised their forecasts in January. However, those forecasts were issued before the release of the December vehicle sales figures on Jan. 30, which show third-quarter sales dropped by 11% from the year earlier period, according to Reuters calculations. That is the biggest quarterly slump of its current sales downturn that began two years ago. That sales decline led one auto equities analyst based in Japan to scrap his forecast and also warn that Nissan could post a loss. "It will be a question of whether there will be a profit or a loss. For the quarter, a loss is a possibility," he said, declining to be named as his forecast had not been updated to reflect his latest view. One of the three Nissan officials said there is a risk the automaker may cut its full-year profit forecast of 150 billion yen, which would be an 11-year low. The company announced that forecast in November after an initial 230 billion yen outlook.

2011-2012 Nissan Leaf class-action lawsuit finally settled

In 2012, a group of Nissan Leaf owners sued the automaker in a class-action lawsuit over the "wilting Leaf" issue. That describes the steadily decreasing battery capacity of the electric vehicle's battery pack, which didn't line up with drivers' expectations. At the time, Nissan said the lawsuit was without merit but the legal wranglings continued. A new, $24-million settlement will give Leaf owners a new (not repaired) battery if their current pack drops down to fewer than nine bars of energy capacity. There are also options for 90 days of free charging at some of the No Charge To Charge locations or, if they don't live near any of those, a $50 check. One of the main complaints of the lawsuit was that the initial ads for the EV were less-than-clear, telling people the car could go 100 miles when fully charged but, and here's the problem, the automaker recommended that Leaf owners not charge their cars up all the way in hot climates. The class action suit was filed on behalf of Leaf owners in California and Arizona. It reads, in part: Before purchase or lease, Nissan failed to disclose its own recommendations that owners avoid charging the battery beyond 80% in order to mitigate battery damage and failed to disclose that Nissan's estimated 100 mile range was based on a full charge battery, which is contrary to Nissan's own recommendation for battery charging. Following early reports of the wilting problem in warm climates and the initial filing of the lawsuit, Nissan upgraded its battery warranty. It also improved the EV's battery chemistry. The class action suit says that it's this new chemistry that needs to go into any "wilting Leafs" that are affected by the suit. There's more information at the class-action site. Nissan told AutoblogGreen it does not typically discuss litigation. Related Video: Nissan Leaf Battery Explanation 01:18 Embed 00:00 01:18 Play Mute Full Screen Visit AOL On Debug Info Featured Gallery 2011 Nissan Leaf View 20 Photos Government/Legal Green Nissan Electric battery lawsuit class action lawsuit

Renault and Nissan forge deeper alliance

If the automotive industry's current era could be summarized by one trend - from a corporate aspect, anyway - surely it would be conglomeration. But of all the major auto groups that have emerged over the past several years, none have kept themselves at arm's length quite like the Renault-Nissan Alliance.
Much like Fiat and Chrysler, Renault and Nissan are presided over by a common chief executive. But whereas Sergio Marchionne's Italian-American alliance has moved swiftly from a transatlantic partnership to a merged company in the span of less than five years, Carlos Ghosn's Franco-Japanese alliance has stood oceans apart since 1999. But now the Renault-Nissan Alliance is following the lead set by Fiat Chrysler Automobiles in bridging that distance through several key measures.
For one, Renault and Nissan will make increased use of common platforms, R&D, systems and testing. The two automakers will also cooperate more closely on manufacturing and supply chain management, purchasing and human resources. To manage the increased cooperation, the alliance has appointed several new executive vice presidents from within its ow ranks and a new management committee to be chaired by Ghosn, details about which you can read in the press release below.