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MarketScreener Homepage  >  Equities  >  Tokyo  >  Nissan Motor Co Ltd    7201   JP3672400003

NISSAN MOTOR CO LTD

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Nissan Motor : slams output cut report as 'completely incorrect'

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04/19/2019 | 03:21am EDT
FILE PHOTO: Nissan logo is pictured during the media day for the Shanghai auto show

(Reuters) - Nissan Motor Co Ltd said on Friday a report by the Nikkei that it would slash production this year was "completely incorrect" and that it had lodged a complaint with the business daily, in an unusually strong denial of a media report in Japan.

The comment came after the Nikkei, revered in Japan for its business news and known for its market-moving scoops and previews, said Nissan would cut its global production by about 15 percent for the current fiscal year ending March 2020.

The move would mark a shift away from the aggressive expansion campaign promoted by ousted former Chairman Carlos Ghosn, the Nikkei said.

"The details reported in this story are completely incorrect, and Nissan has voiced its strong objection to the Nikkei," the Japanese automaker said in a statement posted on its website.

"Nissan's production plan for the current fiscal year will be disclosed on May 14, when the company announces its financial results for the previous fiscal year," said the maker of the Rogue sport-utility vehicle and Altima sedan.

The Nikkei reported that Nissan aimed to produce about 4.6 million units in fiscal 2019, citing plans being communicated to the automaker's suppliers. The move was likely to impact earnings and could cast a pall over Nissan's alliance with French automaker Renault SA, the Nikkei said without elaborating.

That would be the steepest production cut in more than a decade by the Japanese automaker, as it battles weak sales in overseas markets including the United States where it plans to scale back sales operations, according to the Nikkei.

Earlier this year, Nissan, which has been battling falling sales, lowered its operating profit forecast for the current fiscal year to 450 billion yen ($4 billion), 22 percent lower than a year earlier. It would be Nissan's lowest profit since 2013.

Japanese companies typically respond to media reports by saying they were not the source of the information and, depending on the content of the report, that they may be considering various options and that nothing had been decided.

It is rare for a Japanese firm say it has issued a strong rebuke to a media outlet.

Shares in Nissan, mired in a financial misconduct scandal involving Ghosn and the company itself, closed down 2.2 percent on Friday, versus a 0.5 percent rise in the broader market.

(Reporting by Rama Venkat in BENGALURU, and Maki Shiraki and Chris Gallagher in TOKYO; Writing by Miyoung Kim and Chris Gallagher; Editing by Shri Navaratnam and Christopher Cushing)

Stocks mentioned in the article
ChangeLast1st jan.
NIKKEI 225 -0.16% 21117.22 Real-time Quote.5.51%
NISSAN MOTOR CO LTD -0.94% 740.6 End-of-day quote.-13.49%
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Financials (JPY)
Sales 2020 11 456 B
EBIT 2020 -
Net income 2020 390 B
Debt 2020 6 580 B
Yield 2020 6,49%
P/E ratio 2020 7,74
P/E ratio 2021 6,43
EV / Sales 2020 0,85x
EV / Sales 2021 0,82x
Capitalization 3 126 B
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Mean consensus HOLD
Number of Analysts 20
Average target price 885  JPY
Spread / Average Target 19%
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Managers
NameTitle
Hiroto Saikawa Vice Chairman, President & Chief Executive Officer
Hiroshi Karube Chief Financial Officer
Takao Asami Senior Managing Executive Officer & Head-Research
Anthony Thomas Chief Information Officer & Corporate VP
Carlos Ghosn Bichara Director
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