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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.

2019 Mitsubishi Eclipse Cross scores an IIHS Top Safety Pick

The 2019 Mitsubishi Eclipse Cross is a funky little crossover with a name that has angered more than a few Eclipse fans out there. Today it gets honors from the IIHS, though, in the form of a Top Safety Pick award. It’s great to see the totally new Mitsubishi get safety honors for what is probably the best car the company sells in the U.S. now. You will have to get an upmarket version of the vehicle for it to be one that qualifies for the award, though. That nets you the LED headlights rated as Acceptable and the front crash prevention technology. It avoided collisions when traveling at 12 mph and 25 mph in IIHS testing. On top of that, it needed to score Good in all the major crashworthiness tests, which it did. The full breakout of scores showed it scored an Acceptable rating for some of the specifics the IIHS was looking into, but the car appears plenty safe from a crash perspective. Child safety seat testing found that the carÂ’s LATCH system was extremely easy to use, netting it a Good rating in that category, too. The 2019 Mitsubishi Eclipse Cross starts at $24,690 for a completely base car, and stretches to around the $30,000 mark in its most expensive form.

2016 Mitsubishi Outlander First Drive

"There is a golden hour between life and death. If you are critically injured you have less than 60 minutes to survive. You might not die right then; it may be three days or two weeks later – but something has happened in your body that is irreparable." That quote is from Dr. R. Adams Cowley, widely viewed as the father of modern-day trauma medicine. It's an apt description of the straits Mitsubishi finds itself in here in the United States. The company's golden hour has been a long time coming, but with the death of the Lancer Evolution, and a stable that consists of the ancient Lancer, the lamentable Outlander Sport and the abhorrent Mirage, the 2016 Outlander marks the start of this vital 60 minutes. It was with this in mind that we shipped out to San Francisco to test the company's latest compact CUV. Technically a facelifted version of the crossover that debuted at the 2012 Los Angeles Auto Show, Mitsubishi made over 100 changes as part of this refresh. The exterior changes strip away some of the Outlander's boring, conservative elements in favor of a new design language called "Dynamic Shield." Most of the work is from the A-pillars forward, where an assertive chrome-lined grille, restyled headlights, and a new hood are found. Larger LED taillights sit in back, along with chrome elements. As is the fashion nowadays, LED running lights have been added as standard, while the GT gets LED low beams and halogen high beams, as well. The cabin receives similarly small upgrades, updated materials, and a new navigation system. Plastic is the dominant surface, although it's no better or worse than the stuff usually encountered in this segment. Mitsubishi added piano-black accents on the bottom half of the leather-wrapped steering wheel and around the touchscreen navigation system, to class up the cabin. The cloth seats on the entry level models have also been updated, although the leather on the mid-range SEL and top-of-the-line GT we drove is unimpressive. The same can be said of the seats themselves, which are wide and unsupportive, particularly if you suffer from lower back issues, as your author does. You'll get eight-way powered adjustments on the SEL and GT, although lesser trims get by with manually-operated, six-way adjustability. Neither of those setups include lumbar adjustments. The steering wheel tilts and telescopes, at least, regardless of trim level. A standard third-row of seats has long been one of the Outlander's strongest points.