TOKYO: Nissan Motor Co warned of a record operating loss this year and its lowest sales in a decade as the Covid-19 pandemic hampers its turnaround ef...
A staff member giving a presentation in the showroom at Nissan's global headquarters in Yokohama on Tuesday. – AFPPIXNissan Motor Co warned of a record operating loss this year and its lowest sales in a decade as the Covid-19 pandemic hampers its turnaround efforts.
The company forecast an operating loss of ¥470 billion for the year to March 2021, much larger than analysts' consensus estimate for a ¥262.8 billion loss, according to Refinitiv data. That would be the second annual loss in a row. "The market outlook remains uncertain and we may see a further deterioration in demand due to a possible second wave of the pandemic," chief executive Makoto Uchida told a livestreamed briefing.
In an attempt to revive its fortunes, Nissan unveiled a far-reaching restructuring plan in May that calls for a dramatic reduction in production lines and its vehicle model range. While demand in the United States remains weak due to the pandemic, Nissan said the proportion of retail sales was increasing as it shifts away from years of highly discounted fleet sales. As a result, each car sold in the United States resulted in an increase in revenue of more than US$700.
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