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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.

Nissan's Ghosn highest paid exec in Japan again, at $10M per year

Nissan CEO Carlos Ghosn is on track to be the highest-paid executive in Japan for the fourth time in five years. Ghosn's salary and bonuses last year rang the register to the tune of $9.8 million (995 million yen), and when stock dividends are added to the equation, the exec's total pay crested a billion yen. That represents a 0.7-percent increase over his pay from the previous year. Ghosn earned an additional $3.1 million as CEO of Renault.
According to Bloomberg, Ghosn's compensation was announced at a shareholder's meeting in Japan, prompting an explanation from the CEO. "I understand the sensitivity of the issue," Ghosn said. "Being in Japan should not be a handicap to attract talent. We need the best minds, we need the best talents."
Few would argue with that assessment, we'd guess, but it doesn't answer the question of whether Ghosn is the most talented CEO in Japan. Akio Toyoda, head of Toyota in Japan, earned 230 yen (though, as a large shareholder in Toyota, Toyoda's dividend payments bring him closer to Ghosn) in compensation while steering his automaker to a profit that was five times higher than Nissan's. Honda President Takanobu Ito was paid the comparatively small sum of 150 million yen last year.

Infiniti rolls out new badge, brand experience — even a brand scent

Infiniti kicked off a brand refresh Thursday, showing off a new logo (and corresponding changes to its physical emblems), dealership aesthetic and what brand representatives described as elements of its "multisensory experience." Do you know what Infiniti is supposed to smell like? Well, you're about to learn.  The alterations to the logo are subtle from dead on, but as you can see from our featured image above, its physical form is far more intricate and three-dimensional. This is the fourth generation of Infiniti's signature since the brand was launched in 1989. Yep — Nissan's upscale division is 35 years old this year. Can you believe that? The most significant visual difference is the alterations to the "road" in the center of the logo. Infiniti says this was done to emphasize the notion that the road is endless — infinite, if you will. The clipped point represents the horizon. The physical badges will be illuminated, "boldly" announcing the car's arrival.  "Our aim was to subtly evolve the INFINITI logo in support of the bright new chapter that lays ahead," said Alfonso Albaisa, Infiniti SVP of global design. "Adding greater emphasis to the point where the infinite road intersects with the horizon, we are showcasing our steadfast commitment to always look forward to the future and to new horizons." The new badge will also be accompanied by a new signature scent and signature sound. The former is a blend of Japanese cypress, cedar and yuzu. The sound "creates a sense of anticipation by marrying powerful musical elements with more serene sounds to deliver a harmonious balance" and will be employed in marketing materials, advertising, dealership experiences and other consumer-facing assets.  A new architectural and interior design direction accompanies the update. The aesthetics are based on the Japanese concept of Ma — "a philosophy that considers the space between things," Infiniti said. The result looks modern, sophisticated and convincingly upscale, reminding us of a cross between a Volvo and Mercedes-Benz showroom. Not a terrible place to be.  Infiniti's new look rolls out today across its digital spaces.