Nissan has lowered its profit forecast for the fiscal year through March as the Japanese automaker, contends with slowing sales and the fallout from the loss of its former chairman, Carlos Ghosn. Nissan Motor Co. said Wednesday, April 24, 2019 it expects to post a 319 billion yen profit ($2.9 billion) for the fiscal year, marking a 22 percent drop from its earlier 410 billion yen ($3.7 billion) profit forecast earlier. Nissan Motor Co. expects to post a 319 billion yen ($2.9 billion) profit for the fiscal year, marking a 22% drop from its earlier 410 billion yen ($3.7 billion) forecast. Nissan said the downgrade reflects higher costs in the U.S. from a warranty extension campaign for some vehicles and falling sales due to “corporate issues,” alluding to the Ghosn scandal. Nissan, which is allied with Renault SA of France, has seen sales lag in France and Japan, where Ghosn is widely known.

Source: Washington Post April 24, 2019 06:56 UTC