Nissan Motor Co Ltd said on Tuesday it had hit 'rock bottom' with a 45...
DETROIT/TOKYO - Nissan Motor Co Ltd said on Tuesday it had hit “rock bottom” with a 45% drop in annual operating profit. The automaker’s troubles in the United States, including a failure to deliver on a slew of promises to dealers, are a major reason why.
He acknowledged Nissan had failed to honor its promises and aimed to bring its fleet sales down to 15% to 17% of total sales by around 2022 - from a high of around 40% in the first quarter. Bulk sales to rental-car fleets undermine resale values and hurt retail consumers at trade-in time, dealers said.Nissan dealers complain the Japanese automaker has provided few specifics of a turnaround plan, and has not delivered on its past promises.
Jose Valls, Nissan’s recently appointed head of North America, told Reuters the automaker will refresh most of its lineup over the next three years. He is reaching out to dealers to persuade them that this time, Nissan really plans to change. At the high end, Nissan and others like Ford Motor Co “still rely heavily on manipulating the deal” with discounts, said Brad Korner, Cox’s general manager for automotive rates and incentives.
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