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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.

Junkyard Gem: 1992 Mitsubishi Expo LRV

Chrysler did reasonably well selling first-generation Mitsubishi Chariots in North America with Dodge/Plymouth Colt Vista badging during the 1980s, and so Mitsubishi Motors decided to take a shot at selling the second-generation Chariots with its own company's badges when those vehicles went into production in 1991. Those vehicles were known as Mitsubishi Expos here, with sales beginning in the 1992 model year and continuing through 1995. Here's one of those ultra-rare first-year Expos, found in a Colorado self-service car graveyard recently. The Chariot line had split into two in its home market by that time, with the regular four-door wagons still called Chariots and a shortened three-door version given the RVR name, which stood for Recreational Vehicle Runner (actually ßVR, with the Cyrillic first character). In the United States, the Chariot was sold as the Expo Wagon while the ßVR was dubbed the Expo LRV. The LRV's door setup is a bit odd. On the driver's side, there's just one door. On the passenger side, there's a sliding rear door (with interlock to prevent it from tearing off the fuel-filler door if it's open). In right-hand-drive markets, Mitsubishi put the slider on the left side while keeping the fuel filler on the right. Chrysler sold its own versions of the ßVR, of course. The Eagle version was known as the Summit Wagon. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Dodge and Plymouth dealers sold the ßVR as the Colt Vista. Since this is the base-model Expo LRV for 1992, it has the 1.8-liter SOHC 4G93 engine, sending 113 horsepower and 116 pound-feet in the general direction of the front wheels. The all-wheel-drive and Sport versions got a 2.4-liter 4G64 rated at 136 horsepower and 145 pound-feet. The emissions sticker tells us that this car was sold new in California. It was built in Aichi Prefecture, Japan. This one has the optional four-speed automatic, which cost $670 extra (about $1,460 in 2023 dollars). Not even 100,000 miles passed beneath this Expo's wheels during its 31-year career. Why is it in this place, then? Here's the reason: a crash that mangled the left front suspension. The ignition key dangles from the kind of lanyard used by car auctions, so we can assume this car got totaled instantly by the insurance company and had no chance of being sold to any customer other than a junkyard. The MSRP for this car was $11,537, or about $25,132 today.

Carlos Ghosn vows to 'restore my honor' in first remarks since arrest

TOKYO — Nissan Motor's jailed ex-chairman, Carlos Ghosn, vowed to restore his good name in court after a month in detention, Japanese public broadcaster NHK said on Friday. "Things as they stand are absolutely unacceptable," Ghosn was quoted as saying via his lawyer. "I want to have my position heard and restore my honor in court." It was Ghosn's first comment since his arrest on Nov 19 for allegedly understating his income by about half over a five-year period from 2010. He was later charged with the same alleged crime covering the past three years. A call to the office of his lawyer, Motonari Otsuru, went unanswered outside business hours early on Friday. The lawyer has previously declined to return calls for comment on the Ghosn case. A Tokyo court on Thursday unexpectedly rejected prosecutors' request to extend Ghosn's detention, which Japanese media said means he could go free on bail as early as Friday. Ghosn wants to hold a news conference after he is released, NHK quoted his lawyer as saying. The executive, who formed a carmaking alliance among Nissan, Mitsubishi Motors Corp and France's Renault SA, said he is not a flight risk and wants to be able to travel abroad, the report said. The Ghosn case has put Japan's criminal justice system under international scrutiny and sparked criticism for some of its practices, including keeping suspects in detention for long periods and prohibiting defense lawyers from being present during interrogations, which can last eight hours a day. Japan has also come under fire for its 99.9 percent conviction rate. The Tokyo court unexpectedly ruled not to extend Ghosn's detention. It said it had also decided against extending detention for Greg Kelly, a former Nissan executive who was arrested along with Ghosn on Nov. 19. It later overruled an appeal by prosecutors against the decision, clearing the way for the possible release of the two men as early as Friday. The court did not disclose reasons for its decision, and NHK said it was "extremely rare" for it to reject the prosecutors' request to extend detention. If Ghosn and Kelly are granted bail, conditions may require them to apply for permission to travel overseas. They could also be barred from contacting Nissan officials. Both executives had not been able to make any public statements since their arrest, although local media have reported that they have denied wrongdoing. Ghosn was indicted on Dec.