Japanese automaker says global sales plunged 50.5%, with falls across markets including Japan, China, the US. FMTNews Nissan
TOKYO: Crisis-hit Japanese automaker Nissan warned on Tuesday of a massive US$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 second 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. The saga, with Ghosn arrested and bailed before finally fleeing Japan for Lebanon, saw Nissan itself face charges, as well as the unceremonious departure of its former CEO and internal investigations into the conduct of other executives.
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