-
Important news
-
News
-
Shenzhen
-
China
-
World
-
Opinion
-
Sports
-
Kaleidoscope
-
Photo Highlights
-
Business
-
Markets
-
Business/Markets
-
World Economy
-
Speak Shenzhen
-
Leisure Highlights
-
Culture
-
Travel
-
Entertainment
-
Digital Paper
-
In depth
-
Weekend
-
Lifestyle
-
Diversions
-
Movies
-
Hotels
-
Special Report
-
Yes Teens
-
News Picks
-
Tech and Science
-
Glamour
-
Campus
-
Budding Writers
-
Fun
-
Futian Today
-
Advertorial
-
CHTF Special
-
FOCUS
-
Guide
-
Nanshan
-
Hit Bravo
-
People
-
Person of the week
-
Majors Forum
-
Shopping
-
Investment
-
Tech and Vogue
-
Junior Journalist Program
-
Currency Focus
-
Food Drink
-
Restaurants
-
Yearend Review
-
QINGDAO TODAY
在线翻译:
szdaily -> World Economy -> 
Nissan slashes profit amid Ghosn scandal
    2019-04-25  08:53    Shenzhen Daily

NISSAN Motor Co. cut its profit forecast for the fiscal year through March yesterday to reflect slowing sales, higher costs and the fallout from a criminal investigation of its former chairman, Carlos Ghosn.

Nissan expects to post a 319 billion yen (US$2.9 billion) profit for the fiscal year, marking a 22 percent drop from its earlier 410 billion yen forecast.

Nissan said the downgrade reflects higher costs in the United States 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 said he is innocent. He was released on bail in March and is awaiting another court decision on bail after his re-arrest 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 United States 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 percent for the fiscal year through March 2019 to 11.5 trillion yen, compared with its previous forecast.

It was Nissan’s second downgrade for its outlook following one in February. (SD-Agencies)

深圳报业集团版权所有, 未经授权禁止复制; Copyright 2010, All Rights Reserved.
Shenzhen Daily E-mail:szdaily@szszd.com.cn