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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.

Nissan Gripz Concept foreshadows Z's dark future

Crossover buyers, your love of lifted hatchbacks might be ruining one of the purest sports cars on the planet, the Nissan Z. The Gripz concept you see here foretells a future in which our beloved Z car takes the shape of a functional, high-riding crossover. Sigh. Now, to be perfectly fair, we aren't opposed to the way this new concept car looks. It's a muscular design, with its prominent V Motion grille and sharp body lines. We particularly like the way the A-pillar bleeds into the doors and dash; it's a cool touch. Nissan claims this look was inspired by racing bicycles and desert rally cars, which sounds good. We won't agree with the company's assertion that it pays homage to the 240Z that won the Safari Rally, which Nissan has the gall to call "one of [its] first 'crossovers.'" A 240Z is not a crossover, just like the Mitsubishi Lancer Evolution, Subaru STI, Ford Focus, Volkswagen Polo, or any other rally car is not a crossover. In terms of praise, we do appreciate the Gripz's trio of doors, which is certainly more sporting than a conventional five-door layout. That's not the only good news, either. This concept is actually shorter and wider than the current 370Z, and by several inches in both cases. It is, however, seven inches taller than the low-slung two-seater, which makes this a net loss. Under hood, there's not some barking, turbocharged version of the current 370Z's 3.7-liter V6, but a version of the Leaf EV's electric motor. It's paired up with a gas-powered engine that "is used to power the electric motor," making it sound like this is more of a Chevrolet Volt-style hybrid than a Toyota Prius. Of course, there's no mention whether the Gripz has plug-in capability. We'll admit, our disdain for this vehicle may be premature. Nissan has not given any indication that the 370Z will be discontinued – it was recently updated, and a Nismo-based roadster concept was shown earlier this year – or that the Z family will transition to a CUV platform. But, the language used throughout the press release below, not to mention the name and references to the original Z is rather worrying. It's certainly not the relationship to the 240Z we were hoping for when we posted this report back in June. Check out the PR, as well as the official gallery from Nissan, both of which can be found down below. Up top, you can see our live images from the floor of the Frankfurt Motor Show.

Nissan announces limited-edition 2014 GT-R in Midnight Opal

Nissan has unveiled the 2014 GT-R Special Edition. Finished in Midnight Opal paint, the GT-R SE will be limited to just 100 units worldwide, with 50 earmarked for the US.
With sales slated to start this fall, the Special Edition of the 545-horsepower GT-R tacks $6,000 on to the $105,590 price of a GT-R Premium. The hand-applied Midnight Opal paint isn't the only special item, though. Forged RAYS wheels are included in a ten-spoke design that's never before made it to American shores, and there's a dry carbon-fiber rear spoiler, similar in design and appearance to the one found on the GT-R Black and Track Editions. Finally, a gold-plated plaque has been fitted to single out the GT-R Special Edition from the very fast herd.
US sales of the GT-R SE are slated to begin in September. Scroll down for the official press blast.