Nissan announces $743m losses

Photo: EPA

The Japanese carmaker Nissan announced it had suffered a 743 million dollars loss in the period from January to March, but the company also earmarked positive forecasts linked to expected increase in sales, AP reported. The main reasons for the negative results were the impact of pandemic and the global shortage of semiconductor chips. Quarterly sales rose to some 23 billion dollars. Nissan Chief Executive Makoto Uchida forecast a recovery in this fiscal year, which began on 1 April.

“Despite very harsh conditions, we are definitely moving in the right direction,” he said in an online news conference. “Along with all our global workers passionately tackling our restructuring efforts, we will bring back a glorious Nissan.” Nissan projects its global vehicle sales will climb nearly 9% to 4.4 million vehicles from 4 million vehicles sold in the fiscal year that just ended. Vehicles sales are expected to rise in North America, Japan and China, the company said. But Nissan still expects to post a $550 million loss for the fiscal year through March 2022. That’s an improvement over its $4.1 billion loss for the previous year.

“There is continued business risk due to semiconductor supply shortages and raw material price hikes in this fiscal year,” the company said in a statement.

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