Nissan new CEO reaffirms alliance, promises revival:The Asahi Shimbun

Nissan Chief Executive Makoto Uchida speaks during a press conference in the automaker's headquarters in Yokohama near Tokyo Monday Dec. 2 2019. (A

Nissan new CEO reaffirms alliance, promises r...

The new venture also aims to strengthen the alliance, in which the relationship has been obsolete since the arrest and expulsion of former supremo Carlos Ghosn, according to the report.

On his first day in the new position, chief executive Makoto Uchida also pledged to fix profitability at Japan's No. 2 automaker and said setting realistic targets would be key toward that goal, as it tries to make a clean break from the leadership of former chairman Carlos Ghosn.

Renault, which holds a 43.4% stake in Nissan after it saved the Japanese automaker from financial ruin two decades ago, has for years been pursuing closer ties with its bigger partner, only to be rebuffed by Nissan.

Uchida takes over at a time of crisis, with sales and profits tumbling, after Nissan's former Chairman Carlos Ghosn was arrested previous year on various financial misconduct charges.

Uchida was appointed after his predecessor, Hiroto Saikawa, resigned. Since Ghosn's ouster as chairman of both companies, Nissan and Renault have squabbled over the selection of Nissan's board members and executives, as well a proposed tie-up between Renault and Fiat Chrysler (FCA) earlier this year, which ultimately failed.

"We need to re-evaluate what has worked and what hasn't worked in the alliance in the past few years".

The new leadership will be tasked with meeting the most pressing challenge - rebuilding its business.

In November, Nissan reported an 85.0 percent fall in its operating profit for the first half of fiscal 2019 due to sluggish global sales, the stronger yen and higher material costs. This has been taking place at a time the automobile industry is going through major changes - the development of self-driving technology and electric vehicles.

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