Nissan shareholders have expressed dissatisfaction with the deteriorating results. Ph: AFP
The leaders of the Japanese car manufacturer Nissan were heavily criticized on Monday by small shareholders at the group’s general meeting, both on its governance, its credibility after the Ghosn affair and on its uncertain future in the crisis.
“It seems to me that Renault controls Nissan (…), I think that this weighs on Nissan’s performance. The French may be excellent in the arts, but in technology they are weak! ” launched a small carrier. Moreover, Renault owns 43% of Nissan, while the Japanese group owns 15% of the French manufacturer, but without voting rights. The president of Renault and the Renault-Nissan-Mitsubishi Motors alliance, Jean-Dominique Senard, as well as a Renault director, Pierre Fleuriot, also sit on the Nissan board of directors.
“I fear that Nissan will disappear within two years (…). We need a strong leader, there are too many chefs in the kitchen (…). Is it karaoke or what? ”Said another small shareholder, nostalgic for the former boss Carlos Ghosn, or at least for the charisma he exuded.
“Nissan lacks credibility and does not inspire confidence,” said another. “You don’t make cars that people want to buy,” said another shareholder.
Faced with this torrent of criticism, Nissan chief executive, Makoto Uchida, delivered only agreed responses: The group suffered a colossal net loss of 671.2 billion yen (5.7 billion euros) on its last fiscal year 2019/20 and has not released a forecast for the current fiscal year, which also looks very bleak due to the persistent Covid-19 pandemic.
Nissan has not paid a dividend for the past year and does not plan to do so until it has returned to positive cash levels, which Makoto Uchida said he hoped to achieve “in the second half of 2021-22”.
In an attempt to climb up the slope, the group intensified its restructuring plan last month, notably by deciding to close its factory in Barcelona (Spain). Nissan is also banking on the launch of new models, starting with the Ariya, a 100% electric SUV, which will be officially presented on July 15. The group also intends to rely largely on its alliance with Renault and Mitsubishi Motors, whose new strategy aims primarily to restore profitability.
– .
