Nissan Japan Forecasts 7.6 Trillion Won Loss This Year Due to COVID-19 Sales Slump

[Asia Economy Reporter Changhwan Lee] Nissan Motor of Japan is expected to incur massive losses for the second consecutive year.

Nissan announced on the 28th that it expects a net loss of 670 billion yen (approximately 7.6189 trillion KRW) on a consolidated financial statement basis for the 2020 fiscal year (April 2020 to March 2021).

Last year, it also posted a net loss of 671.2 billion yen (approximately 7.6308 trillion KRW), marking massive deficits for two consecutive years. Nissan expects this year's operating loss to reach 470 billion yen (approximately 5.3446 trillion KRW), the largest in the company's history.

This year, the impact of the novel coronavirus infection (COVID-19) particularly caused factory shutdowns and a decline in sales volume, which is interpreted as a major factor.

As part of restructuring, Nissan has decided to close its factory in Indonesia and either withdraw from or reorganize businesses worldwide.

In South Korea, compounded by the boycott movement, the Nissan and Infiniti brands will withdraw by the end of this year.

This content was produced with the assistance of AI translation services.