Struggling Nissan Reports $1.2 Billion Quarterly Loss
Struggling Japanese automaker Nissan reported a hefty first-quarter loss on Wednesday and declined to give a full-year earnings forecast.
The heavily indebted company, whose mooted merger with Honda collapsed this year, is slashing jobs and closing factories in an attempt to return to profit.
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On Wednesday, it said it posted a net loss of 116 billion yen (about $1.2 billion), while revenues tumbled almost 10 percent year-on-year to 2.7 trillion yen (about $25 billion).
"[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 U.S. President Donald Trump's 25-percent tariff -- now cut to 15 percent -- on imported Japanese vehicles.
