Nissan sales suffer blow amid controversies and Coronavirus outbreak

Amid scandals over former Nissan executive Carlos Ghosn, company has degred into red ink in latest quarter as its vehicle sales dropped globally. Japanese automaker reported a loss of 26 billion yen for October-December in 2019 on February 13 as opposed to 70 billion yen profit which was recorded in 2018. According to international reports, quarterly sales dipped at least 18 per cent to 2.5 trillion yen as Nissan's Motor Co's sales decreased in Japan, United States, Europe, and China. 

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Furr downward revisions expected

Chief Executive of Nissan, Makoto Uchida told reporters at company's Yokohama hequarters that a plan to improve condition is in progress and details will be released in May. Uchida t only said that “situation has worsened” but also said that company must look for products in future.

Furrmore, he also ackwledged that results recorded on Thursday have still t considered loss with Nissan's production halts in China amid Coronavirus outbreak as it would furr result in downward revisions. 

“ situation has worsened, but re is moment to waste as we must keep investing in future products,” Uchida said. “We are heed in right direction, but it will take time.” 

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Nissan's plants in China have been stopped ir productions although preparations are in place to resume work. However, it still remains uncertain wher any plan with start working again t only just Nissan as well as or manufacturers based in China. Some part of productions was being scaled back at Nissan's Japan plant but according to company, it will probably happen in upcoming month. 

Nissan has also slashed its profit forecast for fiscal year through March 2020 to 65 million yen since it fell far short from earlier forecast of 110 billion yen profit. company w reportedly expects to sell more than five million vehicles around world for fiscal year which is also a decrease of four per cent from previous forecast. Moreover, Nissan shareholders will get zero yen in dividends for latest quarter. 

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(With AP inputs)