Business & Economy

Nissan lost $4.1 billion in 2020, 33% less year-on-year

Tokyo, May 11 (EFE).- Japanese vehicle manufacturer Nissan Motor recorded 448 billion yen ($ 4.1 billion) net loss in 2020, a year-on-year decrease of 33 percent, despite the impact of the coronavirus pandemic, the company announced Tuesday.

In the last Japanese fiscal year, between April 2020 and March 2021, the company’s operating losses amounted to 150 billion yen, almost four times more than a year before, according to results announced Tuesday.

The sales turnover of the Japanese manufacturer fell by 21.4 percent to 7.8 trillion yen, according to the company based in Yokohama (south of Tokyo), which expects to continue with net losses in the current year, according to their estimates.

The past 2020 “has been a year of great changes caused by the pandemic,” the head of Nissan’s operations Ashwani Gupta said when presenting the results in a virtual press conference.

He spoke about “the encouraging results” achieved by the manufacturer in the last quarter of the fiscal year, when “sales increased significantly” and what “enables Nissan to get back on track despite the difficulties.”

Gupta also talked about “the efforts to reduce costs and optimize operations” undertaken by the company, which include “the closure of two plants” and the transfer of production from them.

Nissan confirmed last year the closure of its plant in Barcelona, Spain, scheduled for December, as well as one in Indonesia.

Company CEO Makoto Uchida said Nissan “has reduced its losses above expectations thanks to its accelerated transformation.”

He said his commitment to return to profitability consists of “advancing technology and reducing costs at the same time,” and with the aim of achieving a production chain and life cycle of its products with “zero emissions” 2050.

For the current year, Nissan expects to incur net losses again, although these would be reduced to 60 billion yen due to an increase in its sales of 8.6 percent, according to its estimates. EFE


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