By on November 12, 2019

Fulfilling earlier promises that the company had hit a wall and might require several years to recover, Nissan reported a 70-percent decline in quarterly operating profit on Tuesday. It also pulled back its full-year operating profit forecast by 35 percent to 150 billion yen, representing the automaker’s worst annual performance in 11 years. The business now expects to see global retail volume somewhere around 5.2 million vehicles (down from estimates 5.5 million).

“We are revisiting all our assumptions, and as you can see that is why we revised down our forecast for sales volume for the full year,” incoming CFO Stephen Ma explained to Reuters after releasing its first-half results for 2019 (ending September 30th). That was swiftly followed by the announcement of an extraordinary shareholders meeting to decide on proposals for current directors leaving their positions (Hiroto Saikawa, Yasuhiro Yamauchi, Thierry Bolloré) and the new director nominees.  (Read More…)

By on September 24, 2019

Despite assuming the role of one of China’s most promising electric vehicle startups, NIO is struggling. The first quarter of this year was a mess. Worried about bad publicity stemming from battery fires, NIO recalled 4,800 vehicles ⁠— more than it sold in Q1. It also endured a noteworthy sales decline, a drop in share price, sold off its Formula E racing team, and announced it would cut around 10 percent of its workforce.

The situation has not improved for Q2. According to reports from the manufacturer, losses expanded 83.1 percent from the previous year to about 3.3 billion yuan ($463 million). Despite NIO’s recent addition of the ES6 crossover, Q2 sales were down 7.9 percent from Q1 ⁠— resulting in a grand total of 3,553 deliveries. NIO now believes it will have to sheer 20 percent of its workforce to save costs. (Read More…)

Recent Comments

  • nrd515: I would take any of the Big 3 V8’s over an Ecoboost engine. A friend of mine was the last person I know...
  • Lie2me: God also created the ability to think, reason and invent cures so that we’re not always at God’s...
  • Varezhka: Thank you for your impressions! Is the issue in the transition between the gas and electricity, or...
  • Lie2me: Enjoy the Easter service markf and be sure there’s plenty of hand shakes and hugs during the peace. God...
  • Lie2me: Do you know what’s really hard to do markf? Rewrite history when there’s a recorded timeline of...

New Car Research

Get a Free Dealer Quote

Who We Are

  • Timothy Cain
  • Matthew Guy
  • Ronnie Schreiber
  • Bozi Tatarevic
  • Chris Tonn
  • Corey Lewis
  • Mark Baruth