Shares of Nissan fell the most in more than five years after CEO Carlos Ghosn predicted the first decline in earnings since he took over running the company in 2000.
Shares of Japan’s third-biggest car maker dropped 8,3%, to close at ¥1383 in Tokyo.
The drop was the third-biggest on the Tokyo Stock Exchange, wiping out ¥570bn ($4,72bn) in shareholder value.
The car maker, 44,3% owned by France’s Renault, must improve the timing of the introduction of new models to avoid slumping sales in the future, Ghosn has said.
In response to what he called a “crisis”, Tokyo-based Nissan is developing an emergency plan, including management changes, to be announced in April.
“When Ghosn took over, things were getting worse, and now they are getting worse again,” said Edwin Merner, president of Atlantis Investment Research in Tokyo.
Read Article