Nissan Motor Co said on Tuesday it expects to make an annual operating loss for a second straight year, as the coronavirus pandemic hampers its efforts to emerge from a deep slump in sales.
FILE PHOTO: The brand logo of Nissan Motor Corp. is seen at the front nose section of the company's new Ariya all-battery SUV during a press preview, ahead of the world premiere, at Nissan Pavilion in Yokohama, south of Tokyo, Japan July 14, 2020. REUTERS/Issei Kato/File PhotoTOKYO: Nissan Motor Co said on Tuesday it expects to make an annual operating loss for a second straight year, as the coronavirus pandemic hampers its efforts to emerge from a deep slump in sales.
It forecast an operating loss of 470 billion yen , its biggest according to Nissan data that goes back to 1977 and much larger than a consensus estimate of a 262.8 billion yen loss drawn from 20 analysts polled by Refinitiv.Years of aggressive expansion, particularly in emerging markets, has left Japan's No. 2 automaker with dismal margins, an ageing portfolio and a tarnished brand.
Still reeling from the 2018 arrest and ouster of former CEO Carlos Ghosn, Nissan unveiled a far-reaching restructuring plan in May that calls for a dramatic reduction in production lines and its vehicle model range.