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Automotive Industry
The French government is reviewing whether Nissan's European business paid suppliers on time, and it has asked the automaker to submit extensive financial records for 2024, correspondence reviewed by Reuters showed.
The French economy ministry's competition department informed Nissan Automotive Europe of the review last month, saying it was part of a broader effort to ensure companies were paying their suppliers promptly, according to an August 19 letter.
It plans to inspect Nissan's regional headquarters in Montigny-le-Bretonneux near Paris on October 7 as part of the process, the letter shows.
The scrutiny comes as the company is undertaking a sweeping global turnaround plan aimed at cutting $3.4 billion in costs and returning to growth.
The Japanese automaker has not been accused of any wrongdoing. Nissan Europe was instructed in the letter to submit accounting and payment records from January 1 to December 31, 2024, and other documentation ahead of the inspection of its regional headquarters.
Nissan could face administrative punishment, including fines, if violations are found, it was told in the letter. Under French law, companies must pay suppliers within 60 days of an invoice being issued or risk penalties of up to 2 million euros ($2.36 million).
The French investigation and other contents of the correspondence, which did not name the affected suppliers or the number involved, have not been reported previously.
Reuters reported in June that Nissan offered some suppliers in the European Union and Britain the option to get paid more if they agreed to accept delayed payment, a move that would help the struggling automaker free up short-term cash.
It is not uncommon for companies to request payment extensions from suppliers to manage cash flow, and it was not clear what prompted regulators to scrutinise Nissan's actions.
Nissan Automotive Europe received a request for information from a French authority about supplier payments made from its European headquarters in France, the company said in a statement to Reuters, without providing further details.