Renowned Automaker Nissan has forecasted a strong recovery in Chinese markets by the year 2021 after suffering massive losses due to the coronavirus pandemic.
According to the details, Nissan reported its first fiscal year loss in a decade and the biggest in 20 years.
However, the company is now projecting a strong recovery in the Chinese market by year-end and plans to expand its presence there.
It is reported that the Japanese Automaker Nissan will launch nine new and redesigned electric models in China by 2025, including plug-in electric vehicles and hybrid electric cars.
Slash More Jobs
In June this year, Nissan announced to slash more jobs in its three plants due to low demand amid the novel coronavirus pandemic.
The ongoing pandemic has forced the Automaker to cut jobs in three Japanese plants, as the automaker struggles to recover from a drop in sales.
Japan Automaker speculates to cancel all-night shifts at its plant in Oppama, Kanagawa prefecture, and at a production line in Kyushu, southern Japan, between June 29 and July 31.
In April this year, Nissan Motor Company drafted a new plan to become a more cost-efficient automaker after the pandemic aggravates a slide in profitability that culminated in its first annual loss in 11 years.
Nissan Chief Executive Makoto Uchida said “I will make every effort to return Nissan to a growth path,”
In addition to this “We must admit failures and take corrective actions,” he said.
Furthermore, Nissan posted an annual operating loss of 40.5 billion yen for the year to March 31, its worst performance since 2008/09. Its operating profit margin was -0.4pc.