Nissan slashes full-year profit forecast, hit by sales slump

Nissan Motor Co on Thursday cut its annual operating profit forecast by 43per cent, hit by a slump in vehicle sales and heaping more pressure on new management to fix a company still reeling from the scandal surrounding former leader Carlos Ghosn.

FILE PHOTO: A charging cable is attached to a Nissan Leaf electric car at the Tokyo Motor Show in Tokyo, Japan October 24, 2019. REUTERS/Edgar Su/File PhotoTOKYO: Nissan Motor Co on Thursday cut its annual operating profit forecast by 43per cent, hit by a slump in vehicle sales and heaping more pressure on new management to fix a company still reeling from the scandal surrounding former leader Carlos Ghosn.

Japan's No. 2 automaker now expects operating income of 85 billion yen for the year to March, down dramatically from a previous outlook for 150 billion yen.It compares with an average forecast for 134.5 billion yen from 20 analysts polled by Revinitiv. Seeking to save cash and ensure its survival, Nissan is slashing jobs, closing production sites and dropping product offerings as it unwinds expansionist strategies championed by Ghosn.

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