Nissan stays in red ink amid pandemic, Japan criminal trial

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People walk past the corporate logo at Nissan Motor Co.'s global headquarters in Yokohama, near Tokyo, Tuesday, Feb. 9, 2021. Japanese automaker Nissan reported Tuesday losses for the fiscal third quarter, as its sales were hit by the coronavirus pandemic and its brand image continued to take a beating from the financial misconduct scandal centered on its former chairman, Carlos Ghosn. (AP Photo/Koji Sasahara)

TOKYO – Japanese automaker Nissan reported Tuesday losses for the fiscal third quarter, as its sales were hit by the coronavirus pandemic and its brand image continued to take a beating from the financial misconduct scandal centered on its former chairman, Carlos Ghosn.

Nissan Motor Co. reported a 37.8 billion yen ($360 million) loss for October-December, bigger than the 26 billion yen loss racked up the previous year.

Quarterly sales fell to 2.2 trillion yen ($21 billion) from 2.5 trillion yen.

Nissan’s sales have been recovering from the hit they took earlier this year, when the pandemic slammed supply and demand.

But they still lag, at about a million vehicles for the quarter, down from 1.2 million vehicles a year ago.

Chief Executive Makoto Uchida told reporters the annual sales forecast was lowered to about 4 million vehicles from an earlier 4.2 million vehicles.

New models are in the pipeline, and attractive products will ensure better profitability, he said.

“Our new models are going to bring about a global sales recovery,” said Uchida.