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Automobiles

Nissan faces 'critical' situation with profit set for 10-year low

Coronavirus shutdown to have further impact on earnings

Nissan Motor CEO Makoto Uchida discusses earnings during a news conference at the automaker's headquarters in Yokohama on Feb. 13.   © Reuters

TOKYO -- Nissan Motor's net profit will fall to 65 billion yen ($592 million) for the year ending in March, down 80% on the year to its lowest level since 2009, the automaker forecast Thursday.

This is the Japanese automaker's second downgrade for fiscal 2019. The earnings forecast now stands 62% lower than the initial projection of 170 billion yen in May.

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