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Nissan's quarterly profit fell 68% in the last quarter

TOKYO — NissanÂ’s profit fell 68% in the last quarter as a shortage of computer chips hindered the Japanese automakerÂ’s ability to deliver vehicles to its customers. Nissan Motor Co. reported Wednesday that its profit was 17.4 billion yen ($119 million) in the July-September, down from 54 billion yen the same period a year earlier. Quarterly sales jumped to 2.5 trillion yen ($17 billion) from 1.9 trillion yen a year ago. The company's chief executive, Makoto Uchida, acknowledged the company faces various headwinds, including a chips supply crunch that has slammed the global auto industry amid lockdowns and other restrictions related to the pandemic. “But I can say our operations are definitely improving,” he told reporters. Officials apologized to all those who had to wait for their Nissan cars to be delivered because of the semiconductor shortage. On the plus side, a weak yen has helped Japanese exporters, including Nissan, by boosting the value of overseas earnings when translated into yen. But Uchida said a volatile exchange rate was more of a risk because of NissanÂ’s widespread global operations. The U.S. dollar, at about 110 yen a year ago, is now trading at nearly 150 yen. “We find a stable currency as most desirable,” said Uchida. The rising cost of raw materials, as inflation pressures spread around the world, is another challenge, according to Nissan, based in the port city of Yokohama. Uchida and other company officials declined comment on NissanÂ’s talks with alliance partner Renault SA of France. He said any decision on reshaping the alliance will be announced. NissanÂ’s brand power has been tarnished by a scandal centered around its former chairman, Carlos Ghosn, who was sent in by Renault to lead Nissan for more than two decades. Ghosn was arrested on various financial misconduct charges in 2018, including under-reporting his compensation. He jumped bail and fled in late 2019 to Lebanon, which has no extradition treaty with Japan. He says he is innocent. Nissan lowered its vehicle sales outlook for the fiscal year through March to 3.7 million vehicles from an earlier projected 4 million vehicles. Nissan sold 3.8 million vehicles in the fiscal year that ended in March. Nissan raised its annual profit forecast to 155 billion yen ($1.1 billion) from an earlier 150 billion yen ($1 billion). Nissan, which makes the Z sportscar and X-Trail sport utility vehicles, earned 215 billion yen in the last fiscal year.

Driving the Kia K5 and Mini Cooper JCW GP, plus an interview with Jimmy Chin | Autoblog Podcast #637

In this week's Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Senior Editor, Green, John Beltz Snyder and News Editor Joel Stocksdale. They veer off right away into talking about their dream project garages. Next up is news, including some info on the next Nissan Z car, the Honda Fit being discontinued in the U.S., new Mercedes-Benz EQS details, and some talk about the new, electric GMC Hummer being adapted for the military. Then they talk about driving the new Kia K5 sedan and the Mini Cooper JCW GP, before they opine about the 1966 Pontiac GTO. Autoblog Senior Producer Chris McGraw interviews Oscar-winning filmmaker Jimmy Chin about his collaboration with Ford for the Bronco reveal, and more. Finally, our editors help a listener in the U.K. pick a used vehicle in the "Spend My Money" segment. Autoblog Podcast #637 Get The Podcast iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown Some thoughts on project cars News Nissan suggests the next-generation Z won't be electrified at launch Fit Is Gone! Honda drops subcompact hatch in U.S. Mercedes-Benz announces the electric EQS will offer over 435 miles of range GMC's electric Hummer could someday serve alongside the Humvee in the U.S. Army Driving the 2021 Kia K5 Driving the 2020 Mini Cooper JCW GP 1966 Pontiac GTO: Love it or hate it? We talk Ford Bronco and other adventures with Oscar-winning filmmaker Jimmy Chin Spend My Money Feedback Email – Podcast@Autoblog.com Review the show on iTunes Related Video:

Green self-driving cars take center stage in Tokyo

Visions of cars that drive themselves without emitting a bit of pollution while entertaining passengers with online movies and social media are what's taking center stage at the Tokyo Motor Show. Japan, home to the world's top-selling automaker, has a younger generation disinterested in owning or driving cars. The show is about wooing them back. It's also about pushing an ambitious government-backed plan that paints Japan as a leader in automated driving technology. Reporters got a preview look at the exhibition Wednesday, ahead of its opening to the public Oct. 30. Nissan Motor Co. showed a concept vehicle loaded with laser scanners, a 360 degree camera setup, a radar and computer chips so the car can "think" to deliver autonomous driving. The Japanese automaker called it IDS, which stands for "intelligent driving system." Nissan, based in Yokohama, Japan, said it will offer some autonomous driving features by the end of next year in Japan. By 2018, it said vehicles with the technology will be able to conduct lane changes on highways. By 2020, such vehicles will be able to make their way through intersections on regular urban roads. Nissan officials said they were working hard to make the car smart enough to recognize the difference between a red traffic light and a tail light, learn how to turn on intersections where white lane indicators might be missing and anticipate from body language when a pedestrian might cross a street. Nissan's IDS vehicle is also electric, with a new battery that's more powerful than the one currently in the automaker's Leaf electric vehicle. Although production and sales plans were still undecided, it can travel a longer distance on a single charge and recharge more quickly. A major challenge for cars that drive themselves is winning social acceptance. They would have to share the roads with normal cars with drivers as well as with pedestrians, animals and unexpected objects. That's why some automakers at the show are packing the technology into what looks more like a golf cart or scooter than a car, such as Honda Motor Co.'s cubicle-like Wander Stand and Wander Walker scooter. Instead of trying to venture on freeways and other public roads, these are designed for controlled environments, restricted to shuttling people to pre-determined destinations. At a special section of the show, visitors can try out some of the so-called "smart mobility" devices such as Honda's seat on a single-wheel as well as small electric vehicles.