Click for more.
Ferrari at Spa finished first and second as the #51 passed under the chequered flag just four seconds ahead of the sister #50 Ferrari prototype. This was ironic or exciting as Antonio Giovinazzi crashed at the crest of Eau Rouge on his first lap out of the pits during Thursday’s FP2 session. The World Endurance Cup said a record crowd of ~ 100,000 showed up in the 14th running of the Belgium endurance race. (read AutoInformed.com on Spa-Francorchamps – LeMans Dress Rehearsal this Weekend)* James Calado drove the opening Ferrari stint, which he dubbed as conservative in order to take care of the tires. Giovinazzi drove the second stint without inducing serious damage. Pier Guidi drove the remainder of the race.
However, BMW’s Robin Frijns and Alpine’s Mick Schumacher provided some tough bare-knuckled challenges in the penultimate hour. Three safety car deployments and numerous yellow flags put a premium on strategy if it was delivered by flawless driving and pit crew performance. It also drew some grumblings from team managers. (Full Results and Standings click here.)* Continue reading
Nissan Motor Posts ¥670.9 Billion Net Loss
Nissan Motor Company (7201T and NSANY ADR)* today announced financial results for the full year and the fourth quarter of the Japanese fiscal year 2024, ending 31 March 2025. During FY2024, global sales remained at 3.346 million units impacted by “intensified sales competition.” Nissan’s consolidated net revenue was ¥12.6 trillion yen, resulting in an operating profit of ¥69.8 billion with a razor thin operating margin of 0.6%. Net loss was, gasp, ¥670.9 billion (~$4.5 billion), which is improved from its previous forecast of a net loss of ¥700 – ¥750 billion for fiscal year 2024. Free cash flow and operating profit in the automotive business were both negative, automotive net cash was ¥1.498 trillion. (Based on average exchange rates of 153 JPY /USD and 164 JPY /EUR for FY2024.)
Click for more.
“In the face of challenging FY24 performance and rising variable costs, compounded by an uncertain environment, we must prioritize self-improvement with greater urgency and speed, aiming for profitability that relies less on volume. As new management, we are taking a prudent approach to reassess our targets and actively seek every possible opportunity to implement and ensure a robust recovery. Re:Nissan is an action-based recovery plan clearly outlines what we need to do now. All employees are committed to working together as a team to implement this plan, with the goal of returning to profitability by fiscal year 2026,” said Ivan Espinosa, Nissan President and CEO. Continue reading →