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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.

2015 Nissan Murano: Introduction [w/video]

Right as winter turned to spring, a 2015 Nissan Murano was added to the Autoblog long-term test fleet. And while we'd like to report that it's been nothing but smooth sailing, the truth is, as we wrote this, the Murano was undergoing its second stint in the service bay at Suburban Nissan in Troy, MI. It only had 2,400 miles on the odometer. In fact, that's part of the reason why it's taken us so long to introduce this new member of the long-term fleet. After driving the new, third-generation Murano late last year, where we learned that Nissan thinks of its stylish crossover as the flagship for the brand, we decided to order one for a full year's worth of testing at Autoblog HQ. Right from the start, our Murano had problems. At 227 miles, the Check Engine Light illuminated. With no warning messages displayed in the car's onboard infotainment system, we took the Murano to the dealer, where a diagnostic check revealed a faulty O2 sensor. A new part was ordered and we were sent on our way. The Murano went back to the dealer, and now, that issue has been resolved. About 100 miles after the O2 sensor failed, the small storage cover on the center console broke. We aren't really sure how, since this small cubby hasn't had a whole lot of use. Rather than explain it in words, see what's going on in the video below. That's not the only issue we've had with the interior, either. We sort of expected the light, almost white leather to show signs of age during the year-long test, but even after just 2,400 miles, the seats are starting to look worn, with obvious discoloration showing on the driver's seat. What's interesting is, we never had this problem with the light-colored leather on our long-term 2013 Pathfinder. Beyond that, parts of the Murano's interior generally feel poorly put together. The door panels pull away upon light tugging (while closing the door, for example), some of the plastics creak, and we've noticed a few small rattles. Some of this is pretty alarming, especially considering the low mileage of our test car. But it stands to reason that these problems could've been baked in from the start. We're told our car had a couple of issues prior to delivery, and we've heard rumblings from other journalists that their test Muranos haven't been up to snuff. Our early impressions of the Murano were generally positive.

2015 Nissan GT-R Nismo priced from $149,990* [w/videos]

Remember when they called the Nissan GT-R a supercar-slayer? You can drop the "slayer" part, because the Japanese brute known as Godzilla has long since grown from an ankle-biter nipping at the heels of giants to a giant in its own right. And if that's the case with the "basic" GT-R, it's certainly the case with the new GT-R Nismo.
While the base price for the GT-R has breached the six-figure mark, the Nismo version has just been priced ten bucks shy of $150k. Factor in the $1,595 destination charge and you're looking at a $151,585 sticker price. That may seem like a lot for a Nissan, but bear in mind what you're getting for all that scrap: the GT-R Nismo's 3.8-liter twin-turbo V6 has been optimized to deliver 600 horsepower and 481 pound-feet of torque to all four wheels.
We've yet to see official performance stats, but considering that the base GT-R hits 60 in 2.6 seconds with 55 hp and 18 lb-ft less muscle, the Nismo version ought to teach a lesson or two to exotic supercars costing twice or even ten times as much. Just check it out in the videos and press release below.