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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.

Nissan starts building e-NV200 in Spain [w/video]

It doesn't look all that much like a Nissan Leaf, but the new e-NV200 that started production in Barcelona, Spain today shares its powertrain and lithium-ion battery with the world's most popular electric vehicle. The production version of the electric cargo van was unveiled late last year and today's manufacturing start is right on time with the company's previously announced timeline. The first exports will take place in June. The e-NV200 is Nissan's second all-electric vehicle, and the company says that powertrain line-up is "expanding." The vehicle itself will be available in a number of configurations in Europe: a light commercial van, a passenger vehicle and and electric taxi. Nissan has said in the past it is working on installing a fast-charging network of CHAdeMO stations in Barcelona, where the e-NV200 will be used as a cab. The e-NV200 will also be used as an electric taxi in Amsterdam. The zero-tailpipe-emission van is also being tested in Washington, DC with FedEx, but there is no confirmation that it will ever be commercially available in the US. There are a few more details, and a video, on the e-NV200 production start below. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. NISSAN'S SECOND 100% ELECTRIC VEHICLE, THE e-NV200, STARTS GLOBAL PRODUCTION IN BARCELONA 05/05/14 Nissan e-NV200 is the second model in Nissan's expanding range of electric vehicles Barcelona plant starts production of Nissan's first electric van as part of ˆ431 million investment New electric van provides a zero-emission solution for urban cargo delivery and taxi companies Barcelona is the only Nissan plant to produce the e-NV200, which will be exported globally e-NV200 shares drivetrain technology with the world's best-selling electric vehicle - the Nissan LEAF BARCELONA – Nissan has started the production of its second all-electric vehicle, the e-NV200, which will soon be available in Europe as both a passenger vehicle and light commercial van. The ceremony was attended by Spanish Ministry of Industry, Jose Manuel Soria, Catalan President, Artur Mas; and the Mayor of Barcelona, Xavier Trias, who were welcomed by Nissan's Chief Planning Officer, Andy Palmer. The Nissan plant in Barcelona will be the global production site for this ground breaking zero-emission vehicle, which will be available as a light commercial van, passenger vehicle and electric taxi in the European market.

Panoz and DeltaWing suing Nissan over BladeGlider concept

Similarity is bound to occur in an industry where most of the products follow the same basic formula. But once in a while a new design comes along that doesn't quite reinvent the wheel, but comes pretty damn close. The DeltaWing project was one such design - and Nissan, the car's designers allege, stole that design.
After the DeltaWing proposal was rejected by the IndyCar series, its creators took it to Le Mans and brought Nissan on board to supply the power. Nissan subsequently pulled out of the program and came out with the ZEOD RC hybrid racer (right), bearing a suspiciously similar design with an unusually narrow front track at the end of a long nose cone, and a wider track at the back. The Japanese automaker then displayed the BladeGlider concept (below, right) at the Tokyo Motor Show, envisioning a translation of the same formula into road-going form.
The similarity did not escape Don Panoz, who - after making sports and racing cars under his own name and founding the now-defunct American Le Mans Series - was a central figure in bringing the original DeltaWing to life. Now Panoz has filed a lawsuit against Nissan, soliciting the courts to issue a cease-and-desist order on both the ZEOD RC and BladeGlider projects, naming Nissan motorsport chief Darren Cox and Ben Bowlby (who defected to Nissan from the DeltaWing program) as part of the suit.