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Added on the 09/04/2019 15:58:00 - Copyright : PRMEDIA
It's a fall from grace as brutal as is it is sudden. Carlos Ghosn, the all-powerful boss of Renault-Nissan-Mitsubishi, arrested as he got off his private jet in Tokyo on suspicion of tax fraud. The boss of the world's biggest auto alliance is due to be out of a job before the end of the week leaving a sometimes uneasy partnership hanging in the balance.
TOKYO -- Mitsubishi Motors Corp. said on Friday that Osamu Masuko will step down as its chief executive on June 21 and be replaced by Takao Kato, who is president of its operations in Indonesia. Japan's sixth-largest automaker, in which Nissan Motor Co. holds a controlling stake, said this month it expects profit to fall to 90.0 billion yen ($821 million) in the year to March as it navigates slowing demand for cars, global trade frictions and the need to develop new technologies.
According to CNN, Nissan posted a big drop in profits and revenues Tuesday, underlining the bumpy road ahead as it tries to move on from the Carlos Ghosn era and fend off a merger proposal from its French partner Renault. The Japanese automaker said in a statement that operating profits plunged 45% to 318 billion yen ($2.9 billion) in the fiscal year that ended in March, . Revenue fell 3% to about 11.6 trillion yen ($105 billion), while vehicle sales were down 4.4% to 5.5 million.
Automotive News reports Tokyo prosecutors have filed a request to revise the content of their indictment of Carlos Ghosn for aggravated breach of trust. This provides further details on alleged cash transfers involving the former Nissan boss and a Saudi friend, Kyodo news reported. Ghosn has been charged on several counts of financial misconduct and of allegedly enriching himself at Nissan's expense. He has denied all charges against him.
YOKOHAMA (Reuters) - Nissan Motor Co forecast a 28% plunge in its annual operating profit, setting it up for the weakest earnings in 11 years and underscoring its struggle to turn the page after the ouster of former Chairman Carlos Ghosn. Nissan CEO Hiroto Saikawa attends a news conference in Yokohama, Japan, May 14, 2019.
The new 2016 Renault Megane gets back to what this company does best: eye-catchingly stylish family cars that are comfortable on the move and packed full of ...
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