Renault and Nissan Post some Discouraging Numbers
The global economic and financial crises continues to make it’s presence known on the worl’d main automakers. As
recent numbers show, the Big Three automakers of the united States are not the only manufactures to feel the impact in a
major way. Unfortunately, the Renault company today posted an almost eight percent drop (79%) in full-year net profit because of the severe fall in demand for vehicles and did not offer a specific financial forecast for this year. The French giant is targeting positive free cash flow by slashing inventories, temporary eliminating the dividend and several other key measures. In addition, they will be attempting to get more out of their alliance with Nissan.
All in all, the CEO gave a bearish forecast regarding worldwide sales for the coming year.
When in Hawaii I have noticed the local Hawaii Nissan dealership has been a bit bare of customers lately.
The Hawaii Nissan is generally a thriving operation here too. This is very perplexing to me:
The Nissan CEO won widespread kudos way back in 1999 for bailing Nissan out of near bankruptcy,
but his image has taken a bit of a hit lately as ther sales have been steadily decreasing.
As has been previously reported, Nissan has announced job cuts in the vicinity of twenty thousand positions worldwide. I am not yet sure how Hawaii will be affected by this downsizing wave. As the saying goes, may you live in iteresting times. I would say that we in fact are.
