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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.

Nissan Leaf all-electric taxis start pilot program in NYC [w/video]

When New York City picked the Nissan NV200 as its Taxi of Tomorrow, many were surprised that the vehicle wasn't electric, or even a hybrid for that matter. With NYC Mayor Michael Bloomberg on hand, Nissan celebrated Earth Day on Monday by unveiling a pilot program of electric taxis for the city consisting of six 2013 Nissan Leaf EVs, which the mayor referred to as the "taxi of the day after tomorrow."
This pilot program is aimed to show how EVs can operate as taxi cabs, and Mayor Bloomberg said that New York City hopes to have a third of its taxi fleet electrified by 2020. In addition to the six cars, Nissan has also provided three quick chargers around Manhattan, allowing the Leafs to get an 80-percent recharge in just 30 minutes.
According to David Yassky, commissioner of the NYC Taxi and Limousine Commission, "What we have to do now is figure out how you integrate the charging of an electric vehicle into the duty of a taxi cab."

2015 24 Hours of Le Mans live race report

Check back regularly for more race updates every few hours. No, you don't need to stay up for the entire 24 Hours of Le Mans, but if you want to catch any of the action, Autoblog friend Reilly Brennan has a handy guide. And to keep you up to speed on the latest race events, we'll be posting live from Le Mans with regular race reports.Hour 1: Five laps in, Audi breaks up the three Porsches at the front, with the #19 919 Hybrid, driven by Nico Hulkenburg, passed by all three R18s. Hulkenburg eventually took back fifth position only to fall back again after the first pit stop. Meanwhile, clutch trouble kept the #23 Nissan GTR-LM in the pits until 15 minutes into the race. The other two Nissans were forced to start at the back of the grid after failing to the meet the 110 percent qualifying speed regulation. At the end of the first hour, just 7.5 seconds separated the first six cars. Then the factory team #92 Porsche GTE car caught fire, with the the #13 Rebellion P1 car taking frontal damage in the ensuing carnage. With the safety car out, the field is once again bunched up.Hour 2: The slugfest between Audi and Porsche continues, with neither side backing off. Halfway through the second hour the #7 R18 passes both leading Porsches for the top position. After another round of pits stops Porsche regains the lead until lap 30, when the Audi overtake once again and quickly pulls out a three-second gap. Nico Hulkenburg passes the other two Audis to join his Porsche teammates. At the beginning of the third hour it's Audi #7, Porsche #17, #18, and #19, followed by Audi #8 and #9. 33 seconds separates this group, with Toyota a minute back from the front car.Hour 3: On track the action refuses to stop. Although it's early, Audi is looking strong with the overall lead in the #7. What's more is that the Audis run four stints per set of tires, while the Porsche cars have to change rubber every third stop. But after a quick refueling, the lead R18 gets a tire puncture and comes back in 3 laps later, allowing Porsche to take over the top two spots. Then as the hour closes out a yellow flag causes traffic to bunch up and the #8 Audi gets stuck with nowhere to slow down. Driver Loic Duval dives for the side of the road but hits the guard rail and careens across the track, damaging the front and rear bodywork. The rest of the car is still intact, though, and once in the pits Audi replaces the entire front and rear of that in only three minutes.