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Nissan’s latest results underline scale of recovery challenge ahead – GlobalData

Following the release of Nissan’s financial results (12 November 2019), where the company has reported quarterly operating profits are down 70 per cent on last year, David Leggett, automotive editor at GlobalData, a leading data and analytics company, offers his view: “The latest set of results from Nissan underlines the scale of the recovery challenge ahead for Nissan’s newly shaken-up management team. The company is clearly struggling to get back on track a year after the arrest of ex-chairman Carlos Ghosn on financial misconduct charges.

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Jean-Dominique Senard becomes Renault chairman

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Jean-Dominique Senard, chief executive officer of the Michelin Group, became chairman of the Board of Directors of Renault effective 24 January 2019. According to the company, Senard’s acceptance comes with “the full backing of all participants in Michelin’s governance system”. He will continue to serve as Michelin Group CEO until his term expires in May 2019.

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Ghosn’s gone

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Roughly two decades after taking the helm at Nissan (and later chairing the Japanese firm’s alliance with Renault and Mitsubishi), the carmaker’s board voted to remove company boss Carlos Ghosn following his arrest in Japan for underreporting his salary.

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Nissan to take a 34 per cent stake in Mitsubishi Motor Company (MMC)

MMC’s share price fell by 45 per cent over the last month after the company announced that fuel economy figures for models in Japan had been inflated, with around 625,000 cars believed to be affected. No announcement has been made about other markets, but investigation in the US is expected to be launched soon.

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ACEA outlines CO2, data protection approach

At the IAA show in Frankfurt yesterday, the president of the European Automobile Manufacturers’ Association (ACEA) outlined the automotive industry’s approach to tackling CO2 from road transport, focusing on the potential of intelligent transport systems (ITS). Carlos Ghosn also presented the EU industry’s new statement on the protection of personal data.

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Carlos Ghosn re-elected as ACEA President

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The board of directors of the European Automobile Manufacturers’ Association (ACEA) has re-elected Carlos Ghosn, chairman and CEO of Renault, as its President for 2015.

Speaking after his re-election, Ghosn said: “I am honoured that my colleagues on the Board have shown their continued confidence in me. 2014 is set to mark the first year of sales growth in the EU industry since 2007. Next year we will continue to push for a political environment that will help us sustain this growth.”

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ACEA elects Renault CEO as new president

The Board of Directors of the European Automobile Manufacturers’ Association (ACEA) has elected Carlos Ghosn, chairman and CEO of Renault, as its new president. Ghosn takes over from Philippe Varin, former chairman of the Board of Management of PSA Peugeot Citroën. This change is effective immediately.

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