operating loss for the fiscal year ending in March and was forced earlier this year to shut down production of the Pajero SUV and other larger vehicle lines, leaving it to focus on smaller cars and markets in Southeast Asia., although the the automaker is still projecting a $3.2 billion operating loss for the fiscal year. It has been on a debt-issuing spree, raising a total of almost 900 billion yen in funding.
By the time Ghosn was arrested, there was deep resentment with Nissan that it had little sway over the partnership, even though it was sending billions of dollars in dividends annually to Renault, which exercised more control over the bigger Japanese company through its 43% stake. Nissan owns 15% of Renault and has no voting rights.
Makoto Uchida took the top job at Nissan less than a year ago, while Luca de Meo started in July as Renault’s second CEO since Ghosn’s arrest. Osamu Masuko, the Mitsubishi Motors chairman who forged the deal with Ghosn and was the automaker’s main link to Nissan, died in August.It remains to be seen whether the leader-follower plan — which is focused on costs — will deliver the meaningful innovations necessary to deal with the larger forces sweeping through the global auto industry.
Yet in the midst of the pandemic, Renault’s de Meo also has warned that Renault and Nissan need to fix their own internal problems to make sure the house doesn’t go up in flames.in an August interview. “I don’t think they know where they are going. There’s no more vision. In my opinion, the best people have left, or will leave.”
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