Nissan cuts annual operating loss estimate to 340 billion yen

Nissan posted a 4.83 billion yen operating loss in the three months ended September 30 after sales fell due to the coronavirus pandemic.
By : Reuters
| Updated on: 12 Nov 2020, 02:14 PM
FILE PHOTO: A man wipes the brand logo of Nissan Motor on the front nose section of the company's new Ariya all-battery SUV (REUTERS)
FILE PHOTO: A man wipes the brand logo of Nissan Motor on the front nose section of the company's new Ariya all-battery SUV (REUTERS)
FILE PHOTO: A man wipes the brand logo of Nissan Motor on the front nose section of the company's new Ariya all-battery SUV (REUTERS)
FILE PHOTO: A man wipes the brand logo of Nissan Motor on the front nose section of the company's new Ariya all-battery SUV

Nissan Motor Co Ltd revised its full-year forecast to an operating loss of 340 billion yen ($3.23 billion) from a previous prediction for a record 470 billion yen loss.

That compares with a Refinitiv consensus estimate of a 335 billion yen loss from 23 analysts.

Japan's third-largest automaker, which is drastically restructuring its business, posted a 4.83 billion yen operating loss in the three months ended Sept. 30 after sales fell due to the coronavirus pandemic.

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That is less than an average estimate of a 80.6 billion yen operating loss from a Refinitiv poll of 5 analysts and compares with a 30 billion yen profit for the same period a year earlier.

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(Also read | Nissan's lawsuit against ex-boss Carlos Ghosn to get first hearing)

Nissan raised its forecast for full-year global vehicles sales to 4.165 million units compared with an earlier forecast of 4.13 million units, although that still represents a decline from the previous year.

In a draw-back from the aggressive expansion pursued by ousted Chairman Carlos Ghosn, Nissan plans to cut production and its vehicle line up by a fifth, and slash costs by 300 billion yen in three years in a bid to improve profitability.

(Also read | Nissan's prospects brighten as China rebounds, but struggle ahead)

It is also focusing on sales in China and the United States. In September, CEO Makoto Uchida said his company would launch nine new and re-designed models by 2025, including plug-in electrical vehicles and hybrid electrical cars that charge with a gasoline engine.

To bolster its finances amid the coronavirus downturn, Nissan has said it would issue $8 billion in dollar-denominated bonds and was considering euro-denominated debt.

First Published Date: 12 Nov 2020, 02:14 PM IST
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