Nissan sees $4.5bn annual operating loss as pandemic hinders turnaround efforts
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 ($4.5bn or roughly R74.38bn), its biggest according to Nissan data that goes back to 1977 and much larger than a consensus estimate of a 262.8 billion yen (roughly R41.1bn) loss drawn from 20 analysts polled by Refinitiv.
Years of aggressive expansion, particularly in emerging markets, has left Japan's No. 2 car maker 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.