Nissan Warns of Record Loss as Pandemic Hits Turnaround

Nissan Motor Co warned of a record $4.5 billion (3.49 billion pounds) operating loss this year and its lowest sales in a decade as the COVID-19 pandemic hampers its turnaround efforts, Reuters reported. Japan’s No.2 carmaker is battling to recover from a rapid expansion that has left it with dismal margins and an ageing portfolio, as well as revive its alliance with Renault that was rocked by the arrest of long-time boss Carlos Ghosn. But the virus pandemic and associated plunge in demand has taken a heavy toll on the car industry, with Nissan reporting a second straight quarter of operating losses on Tuesday. The company forecast an operating loss of 470 billion yen (3.4 billion pounds) for the year to March 2021, much larger than analysts’ consensus estimate for a 262.8 billion yen loss, according to Refinitiv data. That would be the second annual loss in a row. Read more

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