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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.

Recharge Wrap-up: Car2go launches in Brooklyn, Green Fleet Car of the Year Award announced

The Car2go carsharing service is starting operations in Brooklyn next month. Beginning October 25, the service will offer 400 Car2go edition Smart Fortwo vehicles for point-to-point travel. Members pay a one-time sign-up fee, and are charged by the amount of time the use the vehicle (fuel and insurance is free). Drivers can find a car using the Car2go app or website, and can return the car to any non-metered parking spot within the 36-square-mile Brooklyn Home Area. Car2go is offering free membership and 30 minutes of credit for those who sign up early with a special promotional code. Learn more in the press release below. Renault and the Eco2charge consortium are working to bring better EV charging to France. They are providing research and development aimed at turning simple charging stations into "fully fledged energy ecosystems" through a smart grid. This grid would coordinate charging, consumption and energy storage in a way that increases efficiency and decreases cost. Read more in the press release below. The Renault-Nissan Alliance could source EV batteries from suppliers other than Nissan, according to CEO Carlos Ghosn. This news comes after recent questions of whether or not Nissan would scale back battery production in the US and UK. Ghosn says, "At the moment, we continue to produce our own batteries and we are open to outside sourcing, period." He also denies any plans to shutter Nissan's battery production facility in Tennessee. One source of batteries the alliance will look to is Korea's LG Chem. Read more at Automotive News Europe. The first-ever Green Fleet Car and Truck of the Year Awards will be presented at the Los Angeles Auto Show. The presentation on November 20 will be part of the LA show's Connected Car Expo. Nominees are selected by Bobit Business Media, with finalists picked by readers of Green Fleet, Automotive Fleet, Work Truck and Business Fleet magazines. The winners will be chosen based on performance, fuel economy, emissions, safety, capacities and other similar factors. Read more in the press release below. car2go Heads To Brooklyn Brooklyn To Be First To Launch Point-To-Point Carsharing Service In New York City Area On October 25th car2go North America LLC, the fastest-growing global carsharing company, announced today that it will be launching its pioneering carsharing service in Brooklyn on October 25th, marking Brooklyn as car2go's 29th market and the very first in the New York City area.

Carlos Ghosn freed from jail after four months

TOKYO — Wearing a mask, cap and what looked like a construction worker's outfit, the former chairman of Nissan Motor Co., Carlos Ghosn, left a Tokyo detention center Wednesday after posting 1 billion yen ($8.9 million) bail. Although his face was obscured as he left the facility, Ghosn's identity was apparent as he smiled after arriving at a building in downtown Tokyo, having removed his jacket, mask and hat. There was a scramble by media to follow Ghosn after he boarded a small Suzuki van, topped with a ladder, and traveled from the Tokyo Detention Center toward downtown. Motorcycles trailed the van in formation as it passed through city streets to one of the defense lawyer's offices. Ghosn later left in another car, which was mobbed by media. Ghosn, the former head of the Renault-Nissan-Mitsubishi Motors alliance was arrested on Nov. 19. He is charged with falsifying financial reports and with breach of trust. The Tokyo District Court confirmed the 1 billion yen ($8.9 million) bail was posted earlier in the day, after a judge rejected an appeal from prosecutors requesting his continued detention. That cleared the way for Ghosn to leave the facility after spending nearly four months since his arrest. Before his release, Ghosn, who turns 65 on Saturday, issued a statement reasserting his innocence. "I am innocent and totally committed to vigorously defending myself in a fair trial against these meritless and unsubstantiated accusations," he said. A date for his trial has not yet been set. Suspects in Japan often are detained for months, especially those who insist on their innocence, like Ghosn. Some legal experts, including Junichiro Hironaka, one of his lawyers, have criticized the system as "hostage justice," saying the long detentions tend to encourage false confessions. Ghosn's lawyer in France, Jean-Yves Le Borgne, said the lawyers in Japan will be leading the defense but he was in touch with them. "He is catching his breath and settling in," Le Borgne said of Ghosn. French Finance Minister Bruno Le Maire said a presumption of innocence for Ghosn was crucial, while noting the importance to France of the alliance between Nissan and French automaker Renault SA. "It is a good thing that Carlos Ghosn can defend himself freely and serenely, and his release will permit Carlos Ghosn to defend himself freely and serenely," he said. The French government owns about 15 percent of Renault SA, making it an influential voice in the future of the alliance.