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Nissan's quarterly profit fell 68% in the last quarter

TOKYO — NissanÂ’s profit fell 68% in the last quarter as a shortage of computer chips hindered the Japanese automakerÂ’s ability to deliver vehicles to its customers. Nissan Motor Co. reported Wednesday that its profit was 17.4 billion yen ($119 million) in the July-September, down from 54 billion yen the same period a year earlier. Quarterly sales jumped to 2.5 trillion yen ($17 billion) from 1.9 trillion yen a year ago. The company's chief executive, Makoto Uchida, acknowledged the company faces various headwinds, including a chips supply crunch that has slammed the global auto industry amid lockdowns and other restrictions related to the pandemic. “But I can say our operations are definitely improving,” he told reporters. Officials apologized to all those who had to wait for their Nissan cars to be delivered because of the semiconductor shortage. On the plus side, a weak yen has helped Japanese exporters, including Nissan, by boosting the value of overseas earnings when translated into yen. But Uchida said a volatile exchange rate was more of a risk because of NissanÂ’s widespread global operations. The U.S. dollar, at about 110 yen a year ago, is now trading at nearly 150 yen. “We find a stable currency as most desirable,” said Uchida. The rising cost of raw materials, as inflation pressures spread around the world, is another challenge, according to Nissan, based in the port city of Yokohama. Uchida and other company officials declined comment on NissanÂ’s talks with alliance partner Renault SA of France. He said any decision on reshaping the alliance will be announced. NissanÂ’s brand power has been tarnished by a scandal centered around its former chairman, Carlos Ghosn, who was sent in by Renault to lead Nissan for more than two decades. Ghosn was arrested on various financial misconduct charges in 2018, including under-reporting his compensation. He jumped bail and fled in late 2019 to Lebanon, which has no extradition treaty with Japan. He says he is innocent. Nissan lowered its vehicle sales outlook for the fiscal year through March to 3.7 million vehicles from an earlier projected 4 million vehicles. Nissan sold 3.8 million vehicles in the fiscal year that ended in March. Nissan raised its annual profit forecast to 155 billion yen ($1.1 billion) from an earlier 150 billion yen ($1 billion). Nissan, which makes the Z sportscar and X-Trail sport utility vehicles, earned 215 billion yen in the last fiscal year.

2019 Toyota Avalon vs. full-size sedans: How they compare on paper

Full-size sedans aren't exactly in great demand at the moment, and at least one of the vehicles in this comparison has been rumored to be on the endangered species list. Yet, we've just had our first drive in the 2019 Toyota Avalon, and if anything has a chance of rejuvenating the segment a bit, it's an all-new version of what has long been the segment's benchmark. To see how the new Avalon compares, we've put together the below spreadsheet featuring the Avalon's primary apples-to-apples rivals, the Buick LaCrosse and Chevy Impala. We also included the Nissan Maxima, which is comparable in price, sales and non-luxury badge, and which offers the sort of increased driver engagement promised by the new Avalon XSE and Touring trim levels. We also included the outgoing Avalon for reference as well as that car's luxury cousin, the Lexus ES, which can definitely be cross-shopped with the luxuriously trimmed Avalon Limited. You can use our Compare Cars tool to create your own comparison, such as one featuring the rear-wheel-drive Chrysler 300, Dodge Charger or even Kia Stinger. Alright, enough chit chat. On to the spreadsheet. Performance and fuel economy The GM sedans may come standard with four cylinders, including a mild hybrid system in the LaCrosse, but puh-lease. The V6 is the name of the game in this segment, with outputs now surpassing the 300-horsepower mark. The LaCrosse is the horsepower and torque champ, though it also weighs a bit more than the new 2019 Avalon, so acceleration is likely to be comparable. The Impala weighs a lot more and has only a six-speed automatic, so despite having a wee bit more power, one should expect it to be pokier (not a good sign for a car rumored to be on the chopping block). One would expect the Maxima's 300 hp and lowest curb weight to result in the quickest acceleration, but then it's also strapped to a CVT, which despite being better than ever, is still a CVT. Things get worse for Chevy when you consider the Impala's base four-cylinder gets the same 25 mpg combined as the Avalon's V6 — once again a segment best. Now, should you really prioritize fuel economy, the 2019 Toyota Avalon Hybrid really stands out with a 43 mpg rating (or 44 with the base XLE trim) that bests the outgoing Avalon Hybrid. Honestly, after driving this new Hybrid, it actually seems like it would be the best bet for most buyers. There's sufficient power, and it only costs $1,000 more than the comparable V6 version.

Nissan recalling 841k vehicles overseas for steering wheel trouble

A possible issue with a steering wheel bolt in the Nissan Micra (shown) and Cube from the 2002 to 2006 model years has Nissan recalling roughly 841,000 units on four continents, as well as Oceania and the Middle East. On the affected cars, the bolt may not have been tightened properly, which could lead to a loss of steering in a worst-case scenario. According to Reuters, there haven't been any reports of accidents or injuries due to the fault, however.
The Micras affected were built in the UK and Japan, the Cubes in Japan. Nissan has yet to say when the recall will begin, but when it does, owners can take their cars to dealers for repairs; the bolt with either be tightened or, if necessary, a new steering wheel installed.