Global  

Trusted News Discovery Since 2008
One News Page
One News Page > News Videos > Makoto Uchida > Nissan slashes profit forecast after sales slump

Nissan slashes profit forecast after sales slump

Video Credit: Reuters Studio - Duration: 01:35s - Published < > Embed
Nissan slashes profit forecast after sales slump

Nissan slashes profit forecast after sales slump

Nissan has cut its profit outlook for the year following a sharp fall in sales.

Julian Satterthwaite reports.

0
shares
ShareTweetSavePostSend
 

Nissan slashes profit forecast after sales slump

Makoto Uchida is Nissan's third chief executive since September.

And he's got a big job on his hands: (SOUNDBITE) (Japanese) NISSAN MOTOR'S CEO, UCHIDA MAKOTO, SAYING: "Unfortunately, the recent decline in sales and the downturn of business performance that followed was worse than we were expecting." The Japanese automaker on Thursday (February 13) posted its first quarterly loss in a decade, and slashed its annual profit forecast by 43%.

It now expects operating income of just 775 million dollars, way below analyst forecasts.

Nissan has been hit by a worldwide slump in sales.

They were down 11% in the October-December period.

In the U.S. the drop was more like a fifth, while in China shipments look set to hit a seven-year low.

Then, of course, there's the turmoil that followed the ousting of former boss Carlos Ghosn.

He fled Japan while awaiting trial on charges of financial misconduct, all of which he denies.

Now Nissan plans to step up restructuring: SOUNDBITE) (Japanese) NISSAN MOTOR'S CEO, UCHIDA MAKOTO, SAYING: "We are now working on additional measures for short-term recovery.

This includes moving up plans and further utilizing alliances and partnerships." Reuters sources say at least 4,300 white-collar jobs and two plants will go as part of cost savings.

Nissan will also reportedly cut the number of models, trims and options on offer, and reduce marketing expenditure.

The company says its full-year dividend will be barely a sixth of last-year's payout.




You Might Like


Tweets about this


Recent related videos from verified sources

Nissan CEO: Fire me if there's no turnaround [Video]Nissan CEO: Fire me if there's no turnaround

Nissan CEO Makoto Uchida says he's happy to be fired by shareholders if there's no sign of a turnaround at the Japanese automaker. Julian Satterthwaite reports

Credit: Reuters Studio     Duration: 01:26Published

Nissan takes axe to house Ghosn built [Video]Nissan takes axe to house Ghosn built

Nissan is planning aggressive cost cuts to deal with an unexpected slump in sales, people familiar with the plans said. Francis Maguire reports.

Credit: Rumble     Duration: 01:13Published

Environmentally friendly: One News Page is hosted on servers powered solely by renewable energy
© 2020 One News Page Ltd. All Rights Reserved.
About us  |  Contact us  |  Disclaimer  |  Press Room  |  Terms & Conditions  |  Content Accreditation
 RSS  |  News for my Website  |  Free news search widget  |  In the News  |  DMCA / Content Removal  |  Privacy & Data Protection Policy
How are we doing? FeedbackSend us your feedback  |   LIKE us on Facebook   FOLLOW us on Twitter  •  FOLLOW us on Pinterest
One News® is a registered trademark of One News Page Ltd.