TOKYO, July 28 — Crisis-hit Japanese automaker Nissan today warned of a massive US$6.4 billion (RM27 billion) net loss for the current fiscal year as it reels from the impact of the coronavirus pandemic. Nissan, which had delayed an annual forecast because of ongoing uncertainty, issued the...
Nissan, which had delayed an annual forecast because of ongoing uncertainty, issued the warning as it reported a first-quarter net loss of 285.6 billion yen on plunging sales. — AFP pic
“These results... reflect a full quarter of Covid-19 disruption that we knew would undermine our performance in key markets,” chief operating officer Ashwani Gupta said announcing the results.Nissan said the value of global sales plunged 50.5 per cent, with falls across markets including Japan, China and the United States.
“Plants in the world were forced to stop their production. At plants that continued running, the ratio of production largely declined as sales dropped. This caused a very severe business environment and impacted financial results,” he added. But the unprecedented global health crisis has hit the auto industry as a whole hard, with lockdowns keeping people indoors and economic woes dampening demand.
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