We’ve reached rock bottom, says Nissan

NISSAN is at ‘rock bottom’ after profits fell 45pc and it warned the outlook was grim.

The Japanese car maker said operating profit dived to £2.3bn in the year ending March 31.

It expects profits to fall 28pc to £1.6bn this financial year, half the level analysts forecast, and its weakest performance for 11 years.

The results come after former boss Carlos Ghosn was arrested on financial misconduct charges in November, and ousted soon after.

Chief executive Hiroto Saikawa apologised for the results, saying: ‘We have hit rock bottom. Most of the problems we are facing are the negative legacy of our old leader.’

Results were dragged down by a 9.3pc fall in sales in the US, where it sold 1.44m cars, blaming a costly Ghosn strategy giving discounts to car dealers in the US. Overall, it sold 5.5m cars worldwide, a fall of 4pc.

In the UK sales fell 26pc to 110,000.