The second-largest Japanese automaker cut its full-year earnings forecast by about 16.6 percent to 450 billion yen, while lowering its forecast for the Japanese currency to 110.6 percent from the previous year. American dollar. This reduction follows a lower than expected profit of 103.3 billion yen for the three months ended in December.
Nissan also lowered its North American full-year sales forecast by about 5.6 percent to 1.916 million vehicles, slightly more than the 5.4 percent reduction in global sales, which now raises to 5.925 million.
The Nissan stock closed Tuesday in Tokyo at 931 yen, up 1.87% from the session preceding the release of its third quarter results after the bell. However, the stock has fallen about 10.3% in the last six months, which is comparable to that of many other global automakers. Demand has also fallen in key markets such as China due to slower economic growth and trade tensions with North American deliveries from Washington.
Ghosn, who was arrested in Japan in November last year, has been detained since then on changes in underreporting of his salary for about 8 years and a violation of the rules on pension transfers. Ghosn said that these charges were part of a conspiracy by Nissan executives who opposed his plans to deepen ties with French automaker Renault SA (RNLSY).
Last week, Renault, one of three members of the global automobile alliance grouping Nissan and Mitsubishi Motor Co. (MSBHY), discovered that Mr Ghosn had received about 50,000 euros in cash of the company to pay for his marriage in 2016. French authorities. Ghosn was dismissed from his position as president of Renault on January 24th.
Renault owns 43% of Nissan, which sells a lot more cars every year, and only manufactures 15% of the Paris-based automaker, the equivalent of the French government. And while Japanese Cabinet Secretary Yoshihide Suga said it was important to maintain the alliance, some investors are wondering if Nissan may wish to pull out of this combination to free up some of the value trapped in the lap directed by Ghson. arrangement.
Ghosn resigned from his Nissan CEO position last year, as this 64 – year – old man began to reduce his position as the world 's most visible auto executive, facing the odds. escalating tensions with the French government and the pressure exerted by shareholders to merge its alliance with Nissan or deepen relations. between the two auotmakers and Mitsubishi.
Its payment in 2017, which included 7.4 million euros from Renault and 9.2 million euros during its last year at the helm of Nissan, was also approved as a result. a shareholder vote of 56% to 43%, even though the French government, which holds 15%, rejected the compensation plan.
At the Renault Board meeting in June, Ghosn got a new four-year term. He told the newspaper La Figaro in Paris that a plan for the future of the three-way alliance would be unveiled "well before the end of my term, or even rather early."