Tokyo (AP) – Nissan expects to accumulate a loss totaling 700 billion yen ($ 4.9 billion) to $ 750 billion yen ($ 5.3 billion) for exercise in March due to the drop in sales and the losing value of its assets, said the Japanese manufacturer packed on Thursday.
Nissan Motor Corp. already expected Red Ink, but the loss planned for the year was previously less than 80 billion yen ($ 561 million).
He said the cost of disabilities – which refers to the lost value of assets – exceeded 500 billion yen ($ 3.5 billion) and came after a production assets in North America, Latin America, Europe and Japan.
Annual sales have also decreased, with 3.35 million vehicles expected, less than the 3.4 million vehicles scheduled for February.
Nissan, which manufactures ALTIMA models of medium size and Infiniti luxury, reports the results of the profits on May 13.
The company, based in the port city of Yokohama, has reduced production in its American factories and offering buyback to factory workers.
Some analysts believe that the Nissan range is not sufficiently attractive, which means that sales shrink on the main markets like the United States and China.
Despite being a pioneer in electric vehicles with the sheet, which was sold in 2010, Nissan has lagged behind competition in electric vehicles, as well as hybrids, with powerful rivals like Tesla in the United States and China.
Nissan underlined his solid cash position. It plans to end the 2024 exercise with a net cash of almost 1.5 Billion from Yen ($ 10.5 billion), as well as 3.4 yen billions (24 billion dollars) in liquidity.
“Despite these challenges, we have important financial resources, a solid pipeline of products and the determination of Nissan’s recovery in the coming period,” said Director General Ivan Espinosa in a statement.
Espinosa, who replaced Makoto Uchida as Nissan chief on April 1, promised to make the company Agile.
Earlier this year, Nissan ended the talks he was holding with the Japanese rival Honda Motor Co. S Ice last year to join their business and create a joint portfolio company. Car manufacturers will continue to work together on electric vehicles and smart cars, including autonomous driving.
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