Nissan cuts outlook after worst Q2 in 15 years
Nissan unveiled a vision of the future with a set of new generation vehicles last month.
This week, its numbers show the damage of its recent past.
Quarterly profit is down 70 per cent.
Dividends by nearly two thirds.
And it's cut its full-year forecast to an 11-year low.
The figures are the worst Q2 performance in a decade and half.
Slowing demand in the US and China is partly to blame...
And a falling yen.
While heavy discounting and fleet sales have, say analysts, cheapened its brand image.
As have leadership struggles since the ouster of former chairman Carlos Ghosn last year...
And tensions with top shareholder and alliance partner Renault.
Its shares fell 2 per cent to their lowest since April 2013 after the Nissan guidance, though Nissan's - down nearly a fifth this year - actually gained.
For the future, Nissan is putting into place a new leadership ...
Including incoming CFO, Stephen Ma.
The Japanese firm also has a turnaround plan.
(SOUNDBITE) (English) NISSAN MOTOR'S INCOMING CHIEF FINANCIAL OFFICER, STEPHEN MA, SAYING:
"One of the key pillars of that plan was recovery in the U.S. And for that first pillar you can see we are well on track."
But the plan will be costly - for Nissan's workforce and production.
As it braces for its worst annual sales in six years ...
Around 10 per cent of each is to be axed - in a bid to rein in costs.
