United States

Nissan hits 'rock bottom'

Hong Kong (CNN Business)Nissan posted a big drop in profits and revenues Tuesday, underlining the bumpy road ahead as it tries to move on from the Carlos Ghosn era and fend off a merger proposal from its French partner Renault. Operating profit plunged 45% to 318 billion yen ($2.9 billion) in the fiscal year that ended in March, the Japanese automaker said in a statement. Revenue fell 3% to about 11.6 trillion yen ($105 billion), while vehicle sales were down 4.4% to 5.5 million. This is "rock bottom," Nissan CEO Hiroto Saikawa said during the earnings presentation, warning that challenges will continue for the foreseeable future. Nissan (NSANF) forecast operating profit for the fiscal year to March 2020 would fall to 230 billion ($2.1 bil ...