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Nissan slashes profit forecast as Ghosn arrest hurts brand appeal

TOKYO — Nissan cut its profit forecast for the fiscal year through March on Wednesday to reflect slowing sales, higher costs and the fallout from a criminal investigation of its former chairman, Carlos Ghosn. Nissan Motor Co. expects to post a 319 billion yen ($2.9 billion) profit for the fiscal year, marking a 22% drop from its earlier 410 billion yen ($3.7 billion) forecast. Nissan said the downgrade reflects higher costs in the U.S. from a warranty extension campaign for some vehicles and falling sales due to "corporate issues," alluding to the Ghosn scandal. Ghosn was arrested in November and is facing charges of underreporting his income and breach of trust. He says he is innocent. He was released on bail in March and is awaiting another court decision on bail after his re-arrest on April 4. Nissan, which is allied with Renault SA of France, has seen sales lag in France and Japan, where Ghosn is widely known. In the U.S. and China, buyers aren't as affected by the scandal, but the markets there overall have slowed. Other factors contributed to the revision, such as production not keeping up with demand for the Note, an extremely popular model in Japan. But the high-profile scandal has weakened the brand appeal of the maker of the Leaf electric car, Infiniti luxury model and X-trail sports utility vehicle. Nissan said it expects to sell 5.5 million vehicles in this fiscal year. Earlier it predicted it would sell 5.6 million. The company sold nearly 5.8 million vehicles in the fiscal year that ended in March 2018. The automaker reduced its sales outlook by 0.2% for the fiscal year through March 2019 to 11.5 trillion yen ($103 billion), compared to its previous forecast. It was Nissan's second downgrade for its outlook following one in February that cited faltering sales in China and the U.S. At that time, Nissan also logged costs about 9.2 billion yen ($83 million) related to the alleged underreporting of Ghosn's compensation. Nissan has promised to strengthen its corporate governance to prevent a recurrence of what it says is serious wrongdoing by Ghosn. Ghosn was sent by Nissan's French alliance partner, Renault SA, to help turn the Japanese automaker around when it was near bankruptcy 20 years ago. The future of the alliance is one of many questions clouding Nissan's future following Ghosn's ouster since he was the main liaison for the alliance, which includes smaller Japanese automaker Mitsubishi Motors.

Mitsubishi's new Outlander could herald the return of Ralliart

Mitsubishi is on the cusp of reviving its dormant Ralliart performance line, and a new report suggests the label will return on a sportier version of the latest Outlander PHEV. The model could make its debut in late 2021. Ralliart's unexpected revival was announced during a presentation made to investors in May 2021, though no further details were released. Japanese magazine Best Car learned from unnamed sources that the new Outlander PHEV (pictured) expected to break cover in the coming months will be the first Ralliart-branded model in several years. How Mitsubishi will make the Outlander PHEV worthy of a name rooted in rallying remains to be seen. The transformation will include a race-inspired body kit, according to Best Car, and we're hoping more power from the electrified powertrain is part of the equation as well. While the Ralliart label could merely denote a sporty-looking trim level, like Mercedes-Benz's AMG Line designation or F Sport in Lexus-speak, there's a chance it will sooner or later be linked to racing. Mitsubishi boss Takao Kato revealed his team is considering returning to the rallying scene in the coming years to renew ties with the company's racing heritage. He stressed a rally program hasn't been approved yet, partly because racing is expensive, and he clarified that a new Lancer Evolution is not in the cards even though shareholders are requesting one. Interestingly, we should have seen the Outlander Ralliart already; it was reportedly scheduled to be unveiled at the 2021 edition of the Tokyo Motor Salon but the event was canceled due to pandemic-related concerns. Mitsubishi could keep the model under wraps until the 2022 show opens its doors, or it might introduce it elsewhere a little earlier. Regardless, if the report is accurate we won't have to wait long to find out how Ralliart has been reinvented. As for the next Outlander PHEV, it will land in late 2021 first in Japan and arrive in U.S. showrooms halfway through 2022. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Mitsubishi Pajero Final Edition marks end of Japanese availability

Thirteen years ago, Mitsubishi discontinued the full-size Montero SUV in the U.S., and now the same thing is happening in its home country of Japan where it's called the Pajero. The company is marking the end of availability there with a Pajero Final Edition. Only 700 examples will be built. There isn't a whole lot that separates the Pajero Final Edition from normal ones. It has serial number badging inside, and special stickers on the outside commemorating the SUV's introduction in 1982. One cool feature is a Citizen watch with Final Edition branding that's only available to buyers of this Pajero. For a little extra, customers can opt for an exterior package that adds a rear spoiler, chrome spare tire cover and mud flaps with aluminum plates that spell out Pajero. It comes standard with either a black or tan leather interior, a sunroof, roof rails, cold-weather package, and under the hood a 3.2-liter diesel I4 coupled to a selectable four-wheel-drive system and five-speed automatic transmission. The price for it is 4,530,600 yen, or $40,602 at current exchange rates. Somewhat amazingly, this final Pajero isn't much different from the Montero that left our shores. The exterior has been lightly refreshed over the years with different lights and bumpers, and a more integrated spare tire cover. But it looks otherwise unchanged. The interior does sport more modern trimmings. The U.S. model also used a 3.8-liter gas-powered V6 rather than a diesel, but it did have a five-speed automatic like the current one. For diehard Montero and Pajero enthusiasts, this is a somewhat sad moment, but the good news is that Mitsubishi will continue to offer the SUV in other markets where fuel isn't as expensive and roads can still be seriously nasty.