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Nissan could report first quarterly loss since March 2009

TOKYO — Nissan may report its first quarterly loss in more than a decade on Thursday because of slumping sales, sources familiar with the company said, adding more pressure on efforts to rebuild the company after Carlos Ghosn's ouster. Deteriorating profits underscore the challenges facing Nissan, which is unwinding many of the expansionist strategies championed by ex-Chief Executive Officer and Chairman Ghosn by slashing jobs, production sites and product offerings to save cash and ensure its survival. In addition to slumping sales, production disruptions caused by China's coronavirus outbreak could also drag profits lower. Three senior officials at Japan's No. 2 automaker told Reuters that they anticipate a poor results announcement on Thursday, with one of them calling the figures "dismal". Two of the officials cautioned that there is the possibility of an operating loss, which would be the first quarterly loss since the period ending in March 2009. Nissan said it could not comment on its financial results ahead of its official announcement. The company is likely to report operating profit of 48.6 billion yen ($442.5 million) for the quarter ending in December, less than half the 103 billion yen profit a year ago, according to SmartEstimate's survey of three analysts, who revised their forecasts in January. However, those forecasts were issued before the release of the December vehicle sales figures on Jan. 30, which show third-quarter sales dropped by 11% from the year earlier period, according to Reuters calculations. That is the biggest quarterly slump of its current sales downturn that began two years ago. That sales decline led one auto equities analyst based in Japan to scrap his forecast and also warn that Nissan could post a loss. "It will be a question of whether there will be a profit or a loss. For the quarter, a loss is a possibility," he said, declining to be named as his forecast had not been updated to reflect his latest view. One of the three Nissan officials said there is a risk the automaker may cut its full-year profit forecast of 150 billion yen, which would be an 11-year low. The company announced that forecast in November after an initial 230 billion yen outlook.

Ex-Green Beret arrested in Ghosn's escape has lived a life of danger

This Dec. 30, 2019, image from security camera video shows Michael L. Taylor, center, and George-Antoine Zayek at passport control at Istanbul Airport in Turkey. Taylor, a former Green Beret, and his son, Peter Taylor, 27, were arrested Wednesday in Massachusetts on charges they smuggled Nissan ex-Chairman Carlos Ghosn out of Japan in a box in December 2019, while he awaited trial there on financial misconduct charges. / AP   Decades before a security camera caught Michael Taylor coming off a jet that was carrying one of the world’s most-wanted fugitives, the former Green Beret had a hard-earned reputation for taking on dicey assignments. Over the years, Taylor had been hired by parents to rescue abducted children. He went undercover for the FBI to sting a Massachusetts drug gang. And he worked as a military contractor in Iraq and Afghanistan, an assignment that landed him in a Utah jail in a federal fraud case. So when Taylor was linked to the December escape of former Nissan CEO Carlos Ghosn from Japan, where the executive awaited trial on financial misconduct charges, some in U.S. military and legal circles immediately recognized the name. Taylor has “gotten himself involved in situations that most people would never even think of, dangerous situations, but for all the right reasons,” Paul Kelly, a former federal prosecutor in Boston who has known the security consultant since the early 1990s, said earlier this year. “Was I surprised when I read the story that he may have been involved in what took place in Japan? No, not at all.” Wednesday, after months as fugitives, Taylor, 59, and his son, Peter, 27, were arrested in Massachusetts on charges accusing them of hiding Ghosn in a shipping case drilled with air holes and smuggling him out of Japan on a chartered jet. Investigators were still seeking George-Antoine Zayek, a Lebanese-born colleague of Taylor. “He is the most all-American man I know,” TaylorÂ’s assistant, Barbara Auterio, wrote to a federal judge before his sentencing in 2015. “His favorite song is the national anthem.” Kelly, now serving as the attorney for the Taylors, said they plan to challenge JapanÂ’s extradition request “on several legal and factual grounds.” “Michael Taylor is a distinguished veteran and patriot, and both he and his son deserve a full and fair hearing regarding these issues,” Kelly said in an email.

Mitsubishi Motors halts some SUV sales in Japan as MPG scandal grows

Mitsubishi's fuel-economy scandal is going from bad to worse. First, the Japanese automaker claimed it lied about the fuel economy for a few kei cars, then it claimed fuel economy tests for as far back as 1991 could reveal mile-per-gallon figures that were tampered with. In May the automaker, admitted that every single vehicle it's sold in Japan could be affected by the fuel-economy scandal. Now, the Japanese automaker revealed that more of its vehicles were involved in the fuel-economy cheating scandal – and one of them is sold in the US. After completing its investigation into the automaker's fuel-economy scandal, Japan's Transport Ministry found that Mitsubishi overstated the fuel economy for eight more vehicles in marketing brochures, one of which is sold as the Outlander Sport in the US, reports Automotive News. The Transport Ministry ordered Mitsubishi to stop domestic sales of the models, which include the Pajero, Outlander, and RVR SUV (known as the Outlander Sport in the US). The latest finding adds to four kei cars that were previously noted for having overstated fuel economy figures earlier this year. Japan's sixth-largest automaker is having a hard time recuperating since the scandal broke earlier this April. The initial scandal led to the automaker suspending its sales, which caused a large dip in the automaker's market value. The scandal required Mitsubishi to seek financial assistance from Nissan, which agreed to buy a controlling 34-percent stake for $2.2 billion. Investigators hired by Mitsubishi to look into the automaker's overstated fuel economy figures revealed the company's "corporate culture" as the issue. More specifically, the investigators founds the company's pressure to improve fuel-efficiency figures, a lack of unity between divisions, and an unwillingness to accept fuel economy shortfalls as the reason for falsifying its vehicles' mpg figures. Mitsubishi is expected to compensate Japanese owners for the overstated fuel economy figures, which would result in a massive loss for the automaker. The company is expected to post a net loss of roughly $1.4 billion this year, pushing Mitsubishi into the red for the first time in approximately eight years. Related Video: News Source: Automotive News-sub.req.Image Credit: Tomohiro Ohsumi / Bloomberg via Getty Images Government/Legal Green Mitsubishi Nissan Fuel Efficiency kei car scandal