Nissan posts 70% Q2 profit slump, slashes full-year outlook

Nissan is struggling with the fallout from the Carlos Ghosn scandal

Nissan is struggling with the fallout from the Carlos Ghosn scandal

"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", Ma said.

Nissan blamed the risky outlook on weak initially-half earnings, a stable yen, an unsure world extensive outlook and the stagnation of the automobile or truck market in widespread.

"Our sales in China outpaced the market, but sales in other key regions, including the U.S., Europe, and Japan underperformed", Stephen Ma, who will become chief financial officer next month, told reporters.

Nissan shares, down 19% this year, closed up 1% at 714.5 yen before the results announcement, Reuters reported.

That compared with a mean forecast of 47.48 billion yen from nine analyst estimates compiled by Refinitiv.

"Nissan is in a very extreme circumstance at a time when competitiveness in the global auto current market is further intensifying", acknowledged Satoru Takada, vehicle analyst at TIW, a Tokyo-based research and consulting firm.

The automaker in the past few weeks has announced a revamp of its top ranks with younger executives, naming the head of its China business, 53-year-old Makoto Uchida, as its next chief executive, as it seeks to draw a line under Ghosn's legacy.

Ghosn was arrested on November 19 a year ago for alleged financial misconduct at Nissan.

Nissan also said Tuesday that former CEO Hiroto Saikawa and Thierry Bollore, former chief executive at Nissan's partner Renault SA, will retire from the board, pending shareholders' approval at their extraordinary meeting set to be convened on February 18 next year.

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"Uchida is expected to show new strategies for Nissan's survival", he said.

The automaker has cited a worldwide slowdown within the vehicle sector, however additionally it is struggling from a scarcity of innovation on its creation line and reputational destruction from the Ghosn scandal.

"Further restructuring is attainable in the wake of the layoff approach", Takada stated.

For the future, Nissan is putting into place a new leadership.

The company is "very urgently working" to improve sales and profitability, Ma said.

Adding to Nissan's woes is continued tension within the three-way alliance with Mitsubishi Motors and Renault.

The Japanese firm also has a turnaround plan.

"The detrimental affect of the furore about Ghosn is step by step becoming obvious", Takada defined. He prepares to assert his innocence during his trial that may start in the spring of next year.

He denies any wrongdoing.

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