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Nissan posts $6.2 billion annual loss and unveils plan to cut costs

TOKYO — Nissan outlined a new plan on Thursday to become a smaller, more cost-efficient carmaker after the coronavirus pandemic exacerbated a slide in profitability that culminated in its first annual loss in 11 years. Under a new four-year plan, the Japanese manufacturer will slash its production capacity and model range by about a fifth to help cut 300 billion yen from fixed costs. It will shut plants in Spain and Indonesia, leave the South Korean market and pull its Datsun brand from Russia as part of a strategy unveiled on Wednesday to share production globally with its partners Renault and Mitsubishi. "I will make every effort to return Nissan to a growth path," Nissan Chief Executive Makoto Uchida said, adding that the company had learned from its past mistakes of chasing global market share at all costs. "We must admit failures and take corrective actions," he said, adding that starting with top-level managers, the company had to break its inward-looking culture which in the past has stymied efforts to deepen cooperation with France's Renault. Uchida said improving the company's cash flow was its biggest challenge. He reiterated that Nissan's cash liquidity was good even though it had negative free cash flow of 641 billion yen in the year ended in March. Nissan declined to give any forecasts for its current financial year which started in April due to the uncertainty created by the coronavirus pandemic. It also declined to give details on how many jobs it was cutting. In what is Nissan's second recovery plan in less than a year, Uchida pledged a return to profitability with a core operating profit margin above 5% and a sustainable global market share of 6%. Nissan posted an annual operating loss of 40.5 billion yen for the year to March 31, its worst performance since 2008/09. Its operating profit margin was -0.4%. The automaker said on Thursday that it sold 4.9 million vehicles last year, up from an earlier estimate of 4.8 million. That was still the second decline in a row and a fall of 11% from the previous period but meant Nissan clung on to its position as Japan's second biggest carmaker, just ahead of Honda and a long way behind Toyota. Pandemic pressure Even before the spread of the novel coronavirus, Nissan's slumping profits had forced it to row back on an aggressive expansion plan pursued by ousted leader Carlos Ghosn. The pandemic has only piled on the urgency to downsize.

NHTSA releases updated Takata airbag recalled cars list, but it still has errors

Unfortunately, the government's list still contains errors.
The National Highway Traffic Safety Administration has issued an updated list of vehicle models that it's urging owners to repair under the mushrooming Takata airbag inflator recall. The latest version adds vehicles from new automakers like Subaru and Ford that are missing from the original announcement, and it also removes erroneous entries from General Motors, leaving only the 2005 Saab 9-2X (a reskinned Subaru WRX), and the 2003-2005 Pontiac Vibe, a joint project with Toyota.

2023 Mitsubishi Outlander PHEV to get a much bigger battery

So it turns out we still don't have full details on the 2023 Mitsubishi Outlander PHEV. Information will continue to trickle out instead. But at least we have information on one of the SUV's most critical parts: the battery pack. It has more capacity, and should have more range. The outgoing Outlander PHEV had a 13.8-kWh battery pack good for 22 to 24 miles of all-electric range. The new model's battery expands to 20 kWh. On the WLTP cycle, it's good for 54 miles, but the U.S. EPA numbers will probably be lower. The capacity increase is about 45%, so applying that to the miles, we're expecting somewhere around 32 to 35 miles of electric range. That would put it close to the Ford Escape PHEV's 37 miles of range and the Kia Sorento PHEV's 32 miles. It would still trail the RAV4 Prime's 42 miles of range. Mitsubishi also noted that the gas tank has expanded, too, so the Outlander PHEV's overall range should increase. Despite all this, the plug-in hybrid also retains a third row of seats, something its predecessor lost. This is due to a revised rear motor that includes the motor controller as part of the unit. The previous model had the controller located in the passenger compartment. Mitsubishi says this freed up interior room for the rear-most seats and also reduced the amount of high-frequency noise in the cabin. As for the powertrain itself, Mitsubishi isn't sharing output details. All it has said is that the Outlander PHEV still has dual electric motors, plus a gas engine. That engine is a 2.4-liter four-cylinder similar to the current model. The press release Mitsubishi provided suggests the electric motors are more potent, so we may see more than the 221 combined horsepower of the outgoing model. The Outlander PHEV will go on sale in the United State in the second half of next year. We should have many more details on it as we approach the on-sale date. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. 2022 Mitsubishi Outlander exterior and interior walkaround