Nissan has been in bad shape for the last few years.
Things have gone from bad to worse. Honda was rumored to be buying the company but that merger never materialized. Revenues are DOWN roughly 30% from last year.
Things have gone from bad to worse. Honda was rumored to be buying the company but that merger never materialized. Revenues are DOWN roughly 30% from last year.
Nissan sees record loss of up to $5.26 billion as restructuring bites
Reuters
1 min read
Nissan Motor Co. CEO Makoto Uchida attends a press conference in Yokohama · Reuters
TOKYO (Reuters) -Nissan Motor sees a record net loss of 700 billion yen to 750 billion yen ($4.91 billion-$5.26 billion) for the financial year that ended in March, it said on Thursday, due to impairment charges as the struggling automaker restructures.
That compares with a previous forecast for a loss of 80 billion yen. It would be the company's largest ever loss and comes as new CEO Ivan Espinosa attempts to turn around Japan's third largest automaker, which is cutting jobs, reducing capacity and closing plants.
Nissan booked impairments of more than 500 billion yen in North America, Latin America, Europe and Japan after reviewing production assets with additional restructuring costs to total more than 60 billion yen.
"We are taking the prudent step to revise our full-year outlook, reflecting a thorough review of our performance and the carrying value of production assets," Espinosa, who took the helm this month, said in a statement.
Nissan and Honda ended merger talks to forge a $60 billion car company in February. The deal broke apart due to Honda's proposal to make Nissan a subsidiary, sources have said. . . .