Nissan closed fiscal year 2019 with record deficit

Nissan closed fiscal year 2019 with record deficit

June 29, 2020 0 By autotimesnews

Nissan Motor unveiled the results of fiscal 2019, which ended March 31, 2020. The automaker reduced its own balance sheet with a deficit of 671.2 billion yen (about 6.3 billion dollars).

The head of the Japanese corporation, Makoto Utida, apologized to the shareholders for the losses and asked them to approve the company’s course on a significant restructuring of its activities in difficult market conditions caused by coronavirus. “We have to function in a very tough, uncertain environment,” Kyodo quoted Utida as saying.

For the sake of “survival”, Nissan plans to reduce its total production capacity by 20%, carry out staff reductions, and shut down enterprises in countries such as Indonesia and Spain.

Nissan also announced plans to strengthen cooperation within the Renault-Nissan-Mitsubishi alliance. Over the past year, three alliance corporations sold 9.34 million cars. It should be emphasized that this is 10.9% lower than in 2018.

In addition, it was recently noted that the updated Nissan Kicks cross debuted in Japan. Sales of the new model will start on June 30 this year.