Nissan Motor logs €2.9b net loss in April-December period

Japan's Nissan Motor Co. on Tuesday reported 367.72 billion yen (2.9 billion euros) in net loss in the April-December period, reported Xinhua.

The Japanese automaker said its sales were dampened amid the COVID-19 pandemic which caused slumping auto demand in North America and other key markets.

As its sales decreased by 29.2 percent from a year earlier to 5.32 trillion yen, Nissan's operating loss came to 131.63 billion yen, the company said.

Nissan previously projected a loss of 615 billion yen in the current fiscal year through March, but now expects a smaller net loss of 530 billion yen and will remain in the red for the second consecutive year.

The automaker brought down its global sales target to 4,015,000 units from 4,165,000 units. The adjusted target represents an 18.6 percent drop compared to fiscal 2019.

In fiscal 2020, the company's sales are expected to drop 22.1 percent to 7.7 trillion yen, revised from the previous projection of 7.94 trillion yen.

Meanwhile, an operating loss of 205 billion yen is expected, Nissan said.

"We will try to minimize the impact of the semiconductor shortage ... and strive to improve profitability without excessively pursuing (an increase) in volume," said Nissan Chief Executive Officer Makoto Uchida.

In an effort to ensure future growth, the company is increasingly paying attention to electric cars and autonomous driving technology.

The automaker has identified Japan, China and the United States as core markets and set a goal of selling all of its new vehicles partially or fully electrified in the three countries by the early 2030s.