Struggling Nissan reports $784mn Q1 loss
The heavily indebted firm, whose mooted merger with Honda collapsed this year, is slashing jobs and closing factories in an attempt to return to profit.
FILE: The emblem of Japanese automaker Nissan Motor is seen at a showroom in Yokohama on 9 May 2024. Picture: Yuichi YAMAZAKI/AFP
TOKYO - Struggling Japanese automaker Nissan reported a hefty first-quarter loss on Wednesday and declined to give a full-year earnings forecast.
The heavily indebted firm, whose mooted merger with Honda collapsed this year, is slashing jobs and closing factories in an attempt to return to profit.
On Wednesday it said it posted a net loss of 116 billion yen ($784 million), while revenues tumbled almost 10 percent year-on-year to 2.7 trillion yen.
"(Given) the difficulty in forecasting the business environment surrounding the company at this time, the outlook for operating profit, net income, and auto free cash flow for the fiscal year remains undetermined," it said.
Like many peers, Nissan is finding it difficult to compete against Chinese electric vehicle brands.
Of Japan's automakers, Nissan is also seen as the most exposed to US President Donald Trump's 25-percent tariff imposed - now cut to 15 percent - on imported Japanese vehicles.