Nissan trims annual loss

TOKYO (AFP/APP): Crisis-hit Japanese carmaker Nissan said Tuesday it had trimmed annual net loss to $4.1 billion but warned its outlook remained clouded by the global chip shortage that has hit the auto industry.

Nissan said it narrowed its net loss to 448.7 billion yen for the fiscal year to March, from losses of 671.2 billion yen a year earlier, beating its own forecast. For the current year, Nissan expects to stay in the red but move closer to profitability, projecting a net loss of 60 billion yen.

The firm also forecast stronger sales for the current fiscal year, steadily recovering from the impact of the coronavirus pandemic.

“However, there is continued business risk due to semiconductor supply shortage and raw material price hike in this fiscal year,” it said in a statement.

Nissan has faced a series of trials, from weak demand during the pandemic to the fallout from the arrest of Ex-boss Carlos Ghosn, now an international fugitive after jumping bail and fleeing Japan.