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Automobiles

Nissan reports $6.2bn annual net loss, worst in 20 years

Carmaker deals with restructuring and turmoil from the coronavirus outbreak.

Nissan's annual loss for the 2019 fiscal year was driven by 603 billion yen of costs associated with restructuring and impairments. (Photo by Takaki Kashiwabara)

TOKYO -- Nissan Motor has posted a net loss of 671 billion yen ($6.2 billion) for the year ended in March as the new coronavirus outbreak devastated sales and the carmaker started a big restructuring to cut costs.

The annual financial result exceeds the company's net loss of 233 billion yen for the 12 months ending in March 2009, a year marked by the global financial crisis. It lost 684 billion yen in fiscal 1999 amid a restructuring plan initiated by former boss Carlos Ghosn.

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