Nissan Motor Corporation is forecasting a wider-than-projected operating loss for the current fiscal year, as the Japanese automaker seeks to dig itself out of the hole by shutting assembly lines, cutting jobs and conserving cash. The operating loss for the year ending March will be 470 billion yen (€3.8 billion), compared with analysts’ average prediction for a 216 billion yen (€1.7 billion) loss and a 40.5 billion yen (€329 million) loss in the prior year. The Japanese carmaker is struggling to restore profitability and sales after reporting its biggest loss in two decades. Nissan has been mired in turmoil since the 2018 arrest of former chairman Carlos Ghosn, who had pushed for volume growth. Nissan’s performance during the latest quarter will reduce Renault’s net income by €1.2 billion, the automaker said in a statement.

Source: The Irish Times July 28, 2020 11:03 UTC