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Auto Blog
22 minutes ago
- Auto Blog
Nissan Posts $782 Million Loss Amid Factory Closures, Restructuring
By signing up I agree to the Terms of Use and acknowledge that I have read the Privacy Policy . You may unsubscribe from email communication at anytime. Shopping for a small SUV but don't need something new? Here is why shopping for an older Honda CR-V could be smarter than buying a new one. Another quarter of red for Nissan On June 30, Japanese automaker Nissan reported a big loss of 115.7 billion yen ($782 million) during the first quarter of its fiscal year from April to June. This loss comes as the company is in the middle of its Re:Nissan restructuring efforts and attempting to navigate a hefty 25% tariff on imported Japanese cars imposed by U.S. President Donald Trump back in April. 0:04 / 0:09 2025 Nissan Z undercuts Toyota Supra by a surprising amount Watch More This quarter of red marks the fourth straight quarter of losses for the automaker; a far cry from the profit of 28.5 billion yen they reported during the same period last year. On top of that, sales for the quarter hit 2.7 trillion yen, down 9.7% from the previous year, showing just how tough things are for the company right now. Furthermore, it predicts an operating loss of 100 billion yen during its next fiscal quarter after posting a 79 billion yen operating loss during the previous fiscal quarter. Source: Getty Images Trump's 15% tariffs on Japanese imports are still 'challenging,' Nissan CEO says The announcement of Nissan's quarterly financial numbers comes very shortly following the recently announced U.S.-Japan trade agreement, which has reduced automotive tariffs from 25% to 15%. As a result, the automaker reduced the estimated hit to its profit from up to 450 billion yen to 300 billion yen. In a news conference at the automaker's headquarters in Yokohama on the afternoon of July 30, Tokyo time, Nissan CEO Ivan Espinosa warned that it isn't exactly smooth sailing just yet. Global sales during the quarter reached just 707,000 vehicles, a 10.1% dip compared to the year before. Additionally, sales were down 2.4% in North America and 11.1% in Japan. 'We welcomed the improvement, but 15% is still a challenging number,' Espinosa said. 'And this is why we need to continue our efforts to improve costs.' Autoblog Newsletter Autoblog brings you car news; expert reviews and exciting pictures and video. Research and compare vehicles, too. Sign up or sign in with Google Facebook Microsoft Apple By signing up I agree to the Terms of Use and acknowledge that I have read the Privacy Policy . You may unsubscribe from email communication at anytime. In addition, Espinosa emphasized that it is keeping an eye on trade and tariff developments between the U.S. and its neighbor south of the border, as he notes that the automaker has 'a significant volume coming from Mexico.' Though it boasts a major manufacturing presence with factories in Smyrna and Decherd, Tennessee, and Canton, Mississippi, 45% of the cars sold in the United States are imported from Mexico and Japan. Source: Nissan Despite the numbers, its restructuring plan is going well. Nissan CFO says During the news conference, Nissan's Chief Financial Officer Jeremie Papin recognized and acknowledged that 'the Q1 results were weak,' but added that the company is doing well in executing its Re:Nissan restructuring and corporate austerity program. Per the Re:Nissan restructuring plan, the automaker plans to shed 20,000 jobs and close up to seven factories by March 2028. In addition, the company aims to save 500 billion yen by the end of the 2026-2027 fiscal year, which ends in March 2027. 'We are advancing steadily with Re:Nissan, and that progress is encouraging,' Papin said. 'At the same time, the magnitude of our challenge remains significant, as reflected in our Q1 results, which reinforces the urgency of continued, disciplined execution.' Nissan logo on a branch in Bavaria — Source: Getty One of those actions took place the same day it announced its results. Following similar action affecting the flagship historical Oppama plant earlier this month, Nissan announced on the morning of June 30, Tokyo time, that it will sunset production at its historical CIVAC plant in Mexico by March 2026 as part of the Re:Nissan restructuring plan; a decision that was a gutpunch to Espinosa. 'When we made the analysis, we found that the most efficient way was to consolidate everything into Aguascalientes … painful decision … not only because I'm from the region but because it's affecting the lives and sustainment of families,' Espinosa said. Final thoughts Nissan's situation is unique, and as I mentioned previously, it must overcome more than low sales and a bloated production capacity to save itself; it still has to play ball in its largest market, the United States. However, over the past few weeks and months, the Trump administration and its tariff-heavy trade policy have dotted the world map with different tariff rates. Per Axios, starting August 1, cars imported from Japan or Europe will face a 15% tariff in lieu of a 25% tax hike the U.S. imposed on all imported vehicles and car parts earlier this year. At the same time, cars built in Canada and Mexico face a 25% tax, and will face even higher tariffs on Aug. 1: 35% for cars from Canada and 30% for Mexico. To make matters more complicated, non-USMCA-compliant car parts face a 25% tariff, which can make cars produced by the Detroit Big Three and manufacturers like Nissan, Honda, Subaru, and other foreign manufacturers that have U.S. plants more expensive to build. Given Nissan's heavy multi-decade investment in Mexico, any news of a trade deal between the Trump administration and our neighbors south of the border could be a consequential one for Nissan. We will have to wait and see. About the Author James Ochoa View Profile
Reuters
23 minutes ago
- Reuters
BOJ to be cautiously upbeat, keep rates steady as trade gloom lifts
TOKYO, July 31 (Reuters) - The Bank of Japan is set to keep interest rates steady on Thursday and offer a cautiously optimistic view on the economic outlook, after Tokyo's trade deal with Washington cleared some uncertainty surrounding its fragile recovery. Markets are focusing on any hints Governor Kazuo Ueda may offer on the likelihood of another rate hike this year, as the central bank weighs lingering tariff-induced risks to growth and mounting inflationary pressure from higher food costs. "Given the high degree of uncertainty, I understand a wait and see stance is necessary for now," former BOJ Deputy Governor Hiroshi Nakaso told Reuters, warning U.S. tariffs and slowing global demand will weigh on Japan's economy. "But once the uncertainties clear enough for the BOJ to restore confidence that the economic and inflation trajectory will move in line with their projections, I think they will be back on their way to the next rate hike," he said. At the two-day meeting ending on Thursday, the BOJ is widely expected to keep short-term interest rates steady at 0.5%. In a quarterly report, the BOJ is likely to revise up this fiscal year's inflation forecast but maintain its view that underlying inflation - or price moves driven by domestic demand - remains short of its 2% target, sources have told Reuters. The BOJ may offer a less gloomy view on the economy compared with the current one focused on tariff-induced risks, but likely to warn of lingering uncertainty on how the higher U.S. levy affects business activity, separate sources said. "A weak real economy, a lack of demand-driven price pressure and lingering trade uncertainty will keep the central bank on hold," said Stefan Angrick, head of Japan and Frontier markets Economics at Moody's Analytics. "Our best guess is that the central bank will next hike rates in January, though a hike may come as early as December 2025," he said. A Reuters poll, taken before the Japan-U.S. trade deal announcement earlier this month, showed a majority of economists expect the BOJ to raise rates again by year-end. Japan's trade deal struck with President Donald Trump this month lowers U.S. tariffs for imports of goods including its mainstay automobiles, easing the pain for the export-reliant economy and clearing a key hurdle for further BOJ rate hikes. The positive development contrasts with the gloom that surrounded the economy on May 1, when the BOJ produced its current estimates amid heightened market volatility caused by Trump's April announcement of sweeping "reciprocal" tariffs. But the BOJ has not let its guard down yet. Deputy Governor Shinichi Uchida warned earlier this month that it was still hard to tell how much damage U.S. tariffs and slowing global trade could inflict on Japan's economy. The International Monetary Fund on Tuesday edged up its global growth forecast on front-loading demand from firms seeking to beat tariffs, but warned of major risks to the outlook including a potential rebound in tariffs . The key would be whether Japan's big manufacturers, which have been key drivers of wage hikes, will continue to increase pay as their profits get squeezed by U.S. tariffs, analysts say. The BOJ exited a decade-long, massive stimulus last year and raised its short-term policy rate to 0.5% in January on the view Japan was progressing towards durably achieving its price goal. While Governor Ueda has signaled a pause in rate hikes after Trump's April 2 announcement of "reciprocal" tariffs, Japan's trade deal with the U.S. has revived market expectations of an increase in its short-term policy rate to 0.75% by year-end. Some hawkish BOJ board members have stressed the need to pay more attention to upside risks to prices with stubbornly high food costs keeping core inflation above the bank's 2% target for well over three years. In current projections made on May 1, the BOJ projects core consumer inflation to hit 2.2% in fiscal 2025, before slowing to 1.7% in 2026 and 1.9% in 2027.
BreakingNews.ie
23 minutes ago
- BreakingNews.ie
Meta stock surges after Q2 results beat expectations despite heavy AI spending
Meta has posted stronger-than-expected results for the second quarter, buoyed by growing ad revenue even as its expenses increased. Shares in the Facebook owner surged more than 9% after-hours as a result. Advertisement The California-based company earned 18.34 billion dollars in the April-June period. That is up 36% from 13.47 billion dollars in the same period a year earlier. Revenue jumped 22% to 47.52 billion dollars from 39.07 billion dollars. Meta said it expects costs to increase as it spends billions on infrastructure and luring highly compensated employees as it works on its artificial intelligence ambitions. It is forecasting 2025 expenses to be in the range of 114 billion dollars to 118 billion dollars, up 20% to 24% year-over-year. Advertisement
