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Investing.com -- Nissan (OTC:NSANY) Motor reported a fourth consecutive net loss as it continues restructuring efforts to turn around its business and reverse falling sales.
The Japanese carmaker posted a net loss of 115.76 billion yen ($779.7 million) for the three months ended June. This compares with a net profit of 28.56 billion yen in the same period last year. The loss was less severe than analysts expected, with a poll by data provider Visible Alpha forecasting a loss of 139.3 billion yen.
First-quarter revenue fell 9.7% to 2.707 trillion yen.
The latest results follow a much larger loss of more than $4.5 billion for the three months ended March, when Nissan recorded restructuring expenses and wrote down the value of production assets across North America, Latin America, Europe and Japan.
As part of its turnaround strategy, Nissan plans to cut 20,000 jobs over the four years through March 2028. The company also aims to reduce its global production capacity from 3.5 million units to 2.5 million units, not including China.
On Wednesday, Nissan announced it will cease production at its Civac plant in Morelos, Mexico, by the end of March 2026, consolidating all vehicle production in the country to its Aguascalientes complex. This follows an earlier announcement this month that the company would stop making cars at its Oppama plant in Yokosuka, Japan, at the end of March 2028.
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