Nissan posts record annual loss thanks to pandemic and chip shortage

Nissan Motor Co on Tuesday reported a record annual loss as the coronavirus pandemic hit vehicle sales and a global shortage of semiconductors forced the carmaker to cut production.

Nissan, Japan's No. 3 carmaker by sales, said its annual operating loss widened in the year ended March 31 to 150.65bn yen (roughly R19.3bn) from a 40bn yen (roughly R5.2bn) shortfall in the previous year. It marked a second consecutive annual loss and its worst performance in 12 years.

However, it beat its February forecast of a 205bn yen (roughly R26.3bn) loss thanks to a sales recovery in China and cost cutting.