Nissan forecasts $6.4-billion annual net loss as virus bites

Nissan reports a net loss of 285.6 billion yen ($2.7 billion) in the 1st quarter of its fiscal year, or the April-June period, as sales plunge.

Crisis-hit Japanese automaker Nissan warned on Tuesday, July 28, of a massive $6.4-billion net loss for the current fiscal year as it reels from the impact of the coronavirus pandemic.

And it warned the woes would continue, forecasting annual sales will plunge 21% to 7.8 trillion yen following a 15% drop the previous year. The forecast annual net loss of 670 billion yen would put Nissan in the red for a 2nd straight year after it reported 671-billion-yen annual losses in May, announcing it would shut its Barcelona plant and slash production in an attempt to get back on track.

"This Q1 result in 2020 and the full-year outlook is a very challenging one," Uchida acknowledged, saying it was nonetheless"within our expectations."The entire industry is struggling, said Satoru Takada, an auto analyst at Tokyo-based research and consulting firm TIW.

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