Nissan Motor Co warned of a record $4.5 billion operating loss this year and its lowest sales in a decade as the COVID-19 pandemic hampers its turnaround efforts. 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 ($4.5 billion) 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. In the first quarter of this financial year, it made an operating loss of 153.9 billion yen, following a loss of 94.8 billion yen the quarter before.

Source: Standard Digital July 28, 2020 13:56 UTC