Jul 29, 2020
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. "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. In May, Nissan announced a major turnaround plan after reporting its biggest loss in two decades for the previous financial year. Under the four-year plan production will be cut by 20%, and Nissan's plant in Barcelona, Spain will be closed. In May, Nissan's alliance partner Renault announced that it would shed 15,000 jobs worldwide as part of a €2bn cost-cutting plan after seeing sales plunge because of the pandemic.
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