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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.

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.

Nissan already planning for EV sales once incentives run out

The way Nissan looks at it, no good deed goes unpunished. The Japanese automaker will likely be the first to see federal incentives for its electric vehicles disappear. And the company may already be trying to work out some wiggle room with the powers that be. The issue is that the Nissan Leaf is the most popular electric-vehicle in the US, moving more than 77,000 vehicles since the model's late-2010 debut. Sales have likely been helped by the $7,500 federal tax credit for EVs (along with additional state incentives), but that perk starts to disappear for Nissan once the automaker has sold a cumulative 200,000 EVs. Even though that's likely a few years off, Nissan North America executive Pierre Loing told Wards Auto that the company is talking with the feds to see if there is "room for negotiations." In the meantime, Nissan is trying to further cut battery-production costs in order to both reduce the price on the Leaf and lengthen its single-charge range. Nissan notably shaved $6,400 off of the Leaf's sticker price in early 2013, and that seems to have worked wonders. Leaf sales more than doubled that year to 22,610 units and jumped another 34 percent last year to 30,200 units. Featured Gallery 2013 Nissan Leaf View 13 Photos News Source: Wards Auto Government/Legal Green Nissan Electric legislation