Nissan posts record annual loss thanks to pandemic and chip shortage

11 May 2021 - 11:21 By Reuters
subscribe Just R20 for the first month. Support independent journalism by subscribing to our digital news package.
Subscribe now
The Nissan headquarters in Yokohama, Japan.
The Nissan headquarters in Yokohama, Japan.
Image: Takashi Aoyama/Getty Images

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.


subscribe Just R20 for the first month. Support independent journalism by subscribing to our digital news package.
Subscribe now