Nissan announced Thursday it will closing two auto plants, in Spain and Indonesia, as it sank into the red for the first time in 11 years, as the coronavirus pandemic sent global demand plunging and halted production.
Nissan's Chief Executive Makoto Uchida told reporters the production in Europe will be centred at the British plant in Sunderland, and the production in Indonesia will move to Thailand, as the Japanese automaker reduces global production by 20%.
Nissan Motor Co. reported Thursday a 671.2 billion yen ($6.2 billion) loss for the fiscal year ended in March, its first annual loss since getting slammed by the aftermath of the financial crisis in the year ending in March 2009.
Yokohama-based Nissan had recorded a 319.1 billion yen profit the previous fiscal year through March 2019.
Nissan said its global vehicle production dropped 62% in April to 150,388 vehicles from a year ago. Global vehicle sales slipped nearly 42% last month.
Its sales for the fiscal year ended in March sank nearly 15% to 9.9 trillion yen ($91.6 billion).
"The future remains unclear and it is extremely hard to predict," Uchida said.