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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.

Recharge Wrap-up: Nikola One to debut in December, UK charging to outnumber gas stations by 2020

Nikola Motor Company plans to unveil its Nikola One electric truck prototype on December 2, 2016. The company, based in Salt Lake City, says it has "engineered the holy grail of the trucking industry," according to founder and CEO Trevor Milton. "We are not aware of any zero emission truck in the world that can haul 80,000 pounds more than 1,000 miles and do it without stopping. The Nikola One requires only 15 minutes of downtime before heading out for the next 1,000 miles." Nikola also has plans to build emissions-free power plants. Read more in the press release from Nikola, or at the company website. Nissan says EV charging stations will outnumber gas stations in the UK by 2020. The UK had just 8,472 gas stations at the end of 2015, down from 37,539 in 1970. Extrapolating that to 2020, the UK is expected to be home to fewer than 7,870 fuel stations. By then, and possibly much sooner, charging stations are expected to surpass 7,900, up from 4,100 in 2016. Growing interest in EVs, infrastructure expansion, and better batteries mean that "the tipping point for mass EV uptake is upon us," according to Nissan EV Manager Edward Jones. Read more from Nissan, or at Green Car Congress. BMW is expanding its ChargeNow service to 25 markets. In a partnership with EVgo, BMW i3 and i8 customers will have the option of an annual or pay-as-you-go ChargeNow membership with service in cities around the country, with "introductory pricing" available until July 31, 2017. For those i3 owners in California already enrolled in the DC fast charging program, their free access is expiring. See more details about the program and its locations in the BMW i forum, and read more at Green Car Reports. Featured Gallery Nikola One Electric Semi Truck Related Gallery BMW i3 Gesture Parking News Source: Nikola, Nikola, Nissan, Green Car Congress, Green Car Reports, The Circuit Green BMW Automakers Nissan Green Automakers Truck Commercial Vehicles Electric Future Vehicles recharge wrapup

Renault plans to sail — literally, sail — on new class of cargo ship

Going green on the ocean may take another step toward reality in about two years, when Renault is expected to load automobiles aboard wind-powered ships for delivery around the world. The partnership between the car maker and Neoline, a French-based company, aims to reduce Renault’s global carbon footprint by eliminating many of the emissions from traditional fuel-powered cargo ships. Neoline officials said that, when propelled solely by the wind, their sailing ships' total emissions drop by as much as 90 percent. The roll-on-roll-off ships will use solid sails that are 50 meters tall. The company says it will start testing the program in 2024 by transporting vehicles to North America and other locales from Saint-Nazaire, in western France. Renault has pledged to achieve zero carbon in Europe by 2030 and worldwide by 2050. Renault, now part of an alliance with Nissan and Mitsubishi, hasnÂ’t sold cars in the U.S. market under its own brand name since 1987. A U.S. return as been considered for years, and the partners are now in talks that could reshape the alliance. The shipper's intent to deliver vehicles to North America is an intriguing wrinkle to those talks. The firm says that about 300 to 400 vehicles can be shipped on each Neoline vessel, although the loading will take longer that it would using a traditional cargo ship. A demonstration vessel shown was 446 feet in total length and had more than 45,000 square feet of sail. The partnership between Renault and Neoline was first announced in 2018.   Green Mitsubishi Nissan Green Culture