Nissan CEO sees earnings, cashflow under pressure for current financial year

FILE PHOTO: Nissan Motor chief executive Makoto Uchida speaks during a news conference at Nissan Motor headquarters in Yokohama, Japan, December 2, 2019. REUTERS/Kim Kyung-Hoon/File Photo

YOKOHAMA - Nissan Motor Co Chief Executive Makoto Uchida on Tuesday said he expects the Japanese automaker’s earnings and cashflow to remain pressured through the end of the financial year in March as it grapples with weak global car sales. Uchida was addressing shareholders for the first time since taking over the top position at Nissan in December amid the automaker’s struggles to recover from diving profits and a corporate shake-up following the arrest of former chairman Carlos Ghosn in late 20018.

Last week, Nissan slashed its forecasts for full-year profit to an 11-year low and cut its dividend outlook to its lowest since the 2011 financial year, after dwindling car sales drove the company to post its first quarterly net loss in nearly a decade.

Of course

Strange how a company that is moving to a more higher end of the market is struggling.

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