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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.

Carlos Ghosn changes to hotshot attorney and a new defense strategy

TOKYO — Carlos Ghosn's chief defense attorney Motonari Otsuru resigned and was replaced by a team that includes hotshot lawyer Junichiro Hironaka, in a change of strategy from the ousted Nissan Motor chairman three months after his arrest. Ghosn, Nissan's one-time savior, has been held in detention since his Nov. 19 arrest. He's been indicted and accused of under-reporting his salary and breach of trust. He has denied the charges. The once-feted auto executive hired Hiroshi Kawatsu as head of a new defense team, his office said on Wednesday. Hironaka, 73, has won several high profile cases, helping acquit senior lawmaker Ichiro Ozawa and senior bureaucrat Atsuko Muraki. Hiring Hironaka would mean a more aggressive legal strategy, said Nobuo Gohara, a former prosecutor. Otsuru previously led the special prosecutors' office that is now handling Ghosn's case. "Otsuru was miscast. He worked at the heart of the special prosecutors office so he was not someone who was going to go after them aggressively," Gohara said. "Hironaka is an experienced defense lawyer who has won a number of cases. He will mount a more thorough and aggressive defense." Otsuru's office confirmed his resignation in a statement, but gave no reason for the move. A second member of Ghosn's defense team, Masato Oshikubo, had quit, it said. Go Kondo, Ghosn's third defense lawyer, was unavailable for comment. Ghosn released a short statement thanking Otsuru for his team's "tireless and diligent work," and called him a "very capable and intelligent man and lawyer." The sudden change in attorneys comes ahead of the expected start of informal meetings with prosecutors and judges to discuss pretrial preparations, an indication that there will be no new charges against Ghosn. "As we begin the trial phase, I have decided to engage Hironaka-sensei as my legal counsel," Ghosn said, using an honorific suffix. "I look forward to defending myself vigorously, and this represents the beginning of the process of not only establishing my innocence but also shedding light on the circumstances that led to my unjust detention." Ghosn, 64, told the Nikkei newspaper last month that Nissan executives opposed to his plans for closer ties with automaking partner Renault SA had plotted to remove him. Ghosn was widely credited with rescuing Nissan from near-bankruptcy after he was brought over to Japan in 1999 by Renault after the French automaker bought a chunk of Nissan.

Mitsubishi shows five concepts headed to the 2020 Tokyo Auto Salon

Mitsubishi will storm the 2020 Tokyo Auto Salon with seven concepts, five based on production models getting early previews. This year's haul more than doubles the trio of concepts Mitsubishi took to this year's Tokyo Auto Salon, and it's obvious the company put more effort into all of them as well. The wildest among the five could be the Delica D:5 imagined by Japanese director, producer and writer Teruo Ito. With the idea to rework the Delica into the idea of embodying charm "like a dog or a member of a family," Ito threw out the van's rectangular headlights, working with Mitsubishi designers to replace them with large round units inset like eyes. The anthropomorphic face is so important that the concept is apparently called the "D:5 eye," according to Google Translate. The van wears a "light army green" hue from its roof to its MLJ Daytona wheels, the interior done up in a olive tartan pattern.   Right behind it in the "Look at me!" stakes is the eK Cross Wild Beast Concept, a contrast to the "Cute Beast" that is the standard eK kei car. Drenched in yellow, with gray X graphics, a contrasting black roof and tailgate, black cladding, mud flaps, chunky rocker panels, roof rack and basket, and all-terrain tires, this one is meant to evoke a "playful outdoor image." In case the striking livery doesn't convey the message, the command to "Play the Nature" appears on the hood, roof rack and fuel filler cap. Inside, all-weather floor mats and a load bay mat stand ready to protect the interior from mud. Or Play-Doh. The Mitsubishi Outlander PHEV NERV is the widest combination of real and imaginary usefulness. Re: the latter, NERV is the fictional Japanese paramilitary organization that battles creatures called Angels in the "Neon Genesis Evangelion" anime. Warfare between the Evangelion units and the Angels tends to destroy a lot of animated real estate, hence the usefulness of a disaster relief vehicle like the Outlander PHEV, coordinated by the Gehirun Corporation that's also in the anime. For real-world service, designers installed a KYMETA u7 planar satellite antenna that can pick up signals from Sky Perfect JSAT Corporation — a Japanese-based satellite television and Internet company, and the Asia-focused Michibiki emergency broadcast and GPS service.