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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.

2015 Nissan Micra Cup First Drive [w/video]

A light mist falls on the Circuit Mont-Tremblant. Looming gray skies threaten that more wetness is in store. I'm already nervous about scooting a tiny Nissan around a challenging course in rural Quebec. This damp chill isn't helping. It's an unlikely day to drive an improbable racecar: the Nissan Micra, one of the smallest and cheapest cars sold in Canada. Luckily, the weather and my trepidation ease up. Laps around this gorgeous road course prove to be a lot of fun. The Micra isn't a bad little car, and racing them, well, that sounds like a riot. Nissan is using the time-tested tool of motorsports to raise the profile of its new subcompact with the Micra Cup, a spec series that launches with a pair of races the weekend of May 22-24. It will be followed by five more weekend doubleheaders through the summer and into the fall, including a support race before Formula One's Canadian Grand Prix in June. The investment for Nissan is low, and the six races will all be run in Quebec, a province with a European level of motorsports fervor. Despite the damp conditions, I'm eager for my turn to wheel the diminutive Micra around the Circuit Mont-Tremblant, a 15-turn, 2.65-mile course nestled in the Laurentian Mountains of Quebec. Don't be fooled by the idyllic setting, Mont-Tremblant hosted F1 grands prix in 1968 and 1970, Can-Am and Trans-Am races in the 1960s and 70s, and a Champ Car race as recently as 2007. Racing trim suits the Micra, and the car looks snappy dressed in red, white, and gray livery. I climb into the cabin and strap into the racing harness. It's easy to get comfortable in this basic interior. Nerves steadied, I grip the steering wheel, ease the Micra into first gear, let out the clutch, then shift to second and exit the pit lane. Thankfully I'm not the first guy to get out on the track in this car, so the tires are warm. The rain has stopped, but I'm cautious at first. The track surface is still a little slick, and the front-wheel-drive Micra's rear tires can easily come unbuttoned. As I lap the circuit, my confidence grows. My helpful instructor flashes three and four fingers from the passenger seat to indicate the gear I should be in, and then urges me to floor it in open areas. He's more confident than I am, but as I dart around the track, the adrenaline starts flowing. My peak speed is maybe 93 miles per hour, but that's not the point.

Robert Llewellyn fast-charges long-distance Leaf EV drive in UK

A British actor likely best known in his country for his role in the 1980s and 90s comedy series Red Dwarf has just made a pretty good case for driving green automobiles. Last week, Robert Llewellyn has completed an 862-mile round trip between London and Edinburgh in a Nissan Leaf and says he was able to save time by finding enough fast-charging stations the entire way, UK website Excite/Motoring says. Llewellyn, along with co-driver David Peilow, knocked out the London-to-Edinburgh leg in a single day, in part because of the British network of about 150 fast-charging stations. Llewellyn used his Twitter feed to update the general public of the two drivers' progress, noting that the first leg took about 13 hours. The round trip was completed January 26. Nissan can use all the positive publicity in can get, as UK sales of the all-electric vehicle failed to keep pace with the surging rate of demand in the US, where 2013 Leaf sales more than doubled from a year earlier to 22,610 units. In fact, in the UK, Nissan started offering incentives last month, things like free quick charging at Nissan dealerships, the ability to borrow gas-powered Nissans for free and free towing.