Nissan shares fall 10% after record loss warning

Coronavirus: Nissan shares fall 10% after record loss warning ...

Nissan’s shares have plunged by 10% in Tokyo trading after warning that it would see a record annual loss.

Japan’s second largest carmaker said it expects a $4.5bn (£3.5bn) operating loss this year as the coronavirus hinders its turnaround efforts.

The worse-than-expected forecast came as the company predicted its sales will be the lowest in a decade.

It’s the latest indication of the extent of the damage caused by the pandemic to the global car industry.

“The market outlook remains uncertain and we may see a further deterioration in demand due to a possible second wave of the pandemic,” Nissan’s chief executive Makoto Uchida told investors.

Mr Uchida also said the company would not make a dividend payout to shareholders this year.

Nissan’s global sales slumped 48% in the April-June period as they halved in North America and fell by 40% in China.

source: bbc

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