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.
Would you like to comment on this article or view other readers' comments? Register (it’s quick and free) or sign in now.
Please read our Comment Policy before commenting.