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Rough driving: Nissan directs prospects, reveals Ghosn-related charges



YOKOHAMA, Japan (Reuters) – Nissan Motor warned that the annual profit would fall after six years of falling global sales, highlighting the challenges it faces, as it also clashes with the shock of former President Carlos detention. Ghosn.

The Japanese car maker, delivering its first results since the release of Ghosn in November, delivered 84 million. US $ 20,000 due to deferred compensation to executive who was accused of underpaid pay in Nissan 2010-2018.

Scandal has caused global car markets and tensions between Nissan and its Renault partners, and is therefore concerned about the future of companies that Ghosn wanted to integrate.

Nervous Perspectives indicate that Nissan and Renault must urgently reinforce their partnership, but the tension has been strained as the Japanese car maker first came to the end of November 1

9th.

Nissan wants to stabilize the Alliance's operations, said CEO Hiroto Saikawa, who is planning to meet the newly appointed Renault President Jean-Dominique Senard this week, when they are looking for ways to strengthen their partnership.

Prior to this meeting, Nissan CEO expressed the desire for both companies to make better use of their scale to be more competitive and efficient in areas including production and procurement, while respecting each other's autonomy.

"Over the last few years, there has been much talk of" convergence "between the two companies, Saikawa said, relying on one of Ghosn's key goals for the Alliance. "In stabilizing our operations, we need to re-examine whether investments (towards convergence) are most effective."

Nissan, which accounts for nearly 60 percent of sales. Larger than Renault remains smaller in its shareholding structure. Renault manages 43.4 percent Nissan, and Nissan has only 15 percent.

Japan's second-largest automobile manufacturer predicted 450 billion yen ($ 4 billion) operating profit a year – up 22 percent. Less than in previous years and 17 percent

This would be Nissan's smallest operating profit since 2013.

(Interactive diagram of Nissan operating profit, vehicle sales, click on "tmsnrt.rs/2POSji4")

SALES SKID

Nissan Reduced Annual Worldwide Car Sales by 5.5 percent and Predicted that sales in China, its largest market and the United States will decrease.

The Nissan Motor Co. logo is visible in its exhibition hall behind the traffic sign in Tokyo, Japan, 2019. February 12 REUTERS / Kim Kyung-hoon

Saikawa said that Nissan would strive not to achieve sales targets through discounts, a strategy that undermined its profitability in North America, the world's second car market.

"We were able to meet 60-70 percent of our (global) target in the year to the third quarter," Saikawa said. "If we are not careful, as we compensate this fourth quarter, we could find similar situations we have seen in the past."

"So we want to improve our performance by improving quality sales," he added.

Nissan expects to sell 5.6 million Cars in the year to March compared to the previous 5.93 million.

Although it is still growing in China, the world's leading car market, it has reduced the country's forecast to 1.56 million units from 1.70 million units.

Sales in the United States are currently down 8.6 percent. Up to 1.46 million a year Units, ie.

(Interactive Japanese Car Sales Scheme in the US, China, see Tmsnrt.rs/2RjnBuA)

Nissan and its domestic competitors, including Toyota Motor Corp, fought sluggish sales and declining profits. North America. Their margins were squeezed because they made use of sudden discounts to boost demand in a competitive US market, with sales reaching a record high.

Although in North America it managed to correct some of its profits, as the reduction in the stock of older models allowed us to go back to the heavy US rebate, falling demand will test Nissan's ability to be disciplined with its incentives.

(Interactive Japanese Car Manufacturers' World Trade Scheme, see Tmsnrt.rs/2RnFOr2)

GHOSN SALARY PROVISIONS

No perspective, because Nissan also takes control of the Ghosn scandal and related controls .

Nissan said he had recognized about 9 billion yen ($ 84 million) in additional costs related to Ghosn payments. This report comes after he has been charged with Ghosn and has not provided any compensation.

Although it is possible that the Japanese court may require Nissan to pay Ghosn, Saikawa said it was "unlikely".

Slideshow (3 images)

This provision roughly corresponds to the amount Ghosn was written off for inadequate reporting in 2010-2018.

Ghosn denied all charges.

Report by Naomi Tajitsu; Editing Himani Sarkar

Our Standards: The Principles of Thomson Reuters Trust.

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