Nissan Motor Co. has trimmed its loss outlook for the fiscal year, a sign the beleaguered automaker is beginning to recover from the worst of the coronavirus pandemic’s impact on its already depressed sales.
Japan’s second-largest carmaker is now forecasting a net loss of ¥530 billion for the fiscal year through March, narrower than previous expectations of ¥615 billion. Nissan posted an operating profit of ¥27.1 billion for the three months through December. Analysts had on average predicted a ¥46.8 billion loss.
Last quarter saw a recovery for the global auto market as a whole, with retail sales hitting the previous year’s levels in the United States and exceeding them in China, Nissan Chief Operating Officer Ashwani Gupta said at a briefing Tuesday. "We are gaining momentum,” he said.