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Nissan Slashes Profit Outlook After Sales Slide, Says More Restructuring Needed Nissan Motor Co on Thursday cut its annual operating profit forecast by 43%, hit by a slump in vehicle sales and heaping more pressure on new management to fix a company still reeling from the scandal surrounding former leader Carlos Ghosn. Nissan’s sharply waning earnings power has already prompted plans to slash jobs, close manufacturing sites and drop product offerings as the automaker steps back from an aggressive pursuit of market share championed by Ghosn. Source: Reuters
Only One Detroit Vehicle Qualifies for Coveted Top Safety Rating Only one Detroit vehicle has earned the coveted Top Safety Pick+ designation from the Insurance Institute for Highway Safety, under new criteria that prioritize the protection of pedestrians in addition to vehicle occupants. And even that vehicle — the Cadillac XT6 midsize SUV, which went on sale in June — has an asterisk, because it's only those built after October. Source: The Detroit News
Originations Soar at Nation's Top Auto Lenders The nation's largest auto lenders capped off 2019 with strong origination growth amid shrinking new-vehicle sales. Ford Motor Co.'s lending arm posted its best results in nine years, while Santander Consumer Holdings USA set record-high auto originations for the year. Originations slid for General Motors, meanwhile, as a result of complications from an incentive program. Source: Automotive News
U.K. Plan to Ban Petrol and Diesel Cars Creeps Forward to 2032 The U.K.’s deadline for killing off vehicles powered by fossil fuels keeps moving earlier -- and could now be just 12 years away. Transport Secretary Grant Shapps said Wednesday that Prime Minister Boris Johnson’s government is seeking to end the sale of new petrol and diesel cars by 2032 to meet its goal for net zero emissions by the middle of the century. That’s three years earlier than the 2035 date Johnson announced last week, and eight years earlier than the 2040 deadline announced just two-and-a-half years ago. Source: Bloomberg
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