Nissan’s sales in China plunge due to virus
The company sold 73,297 units in March in its biggest market
Stocks impacted: Nissan Motor Co. (7201)
Japanese automaker said its sales in China, its biggest market, fell 44.9% from a year earlier to 73,297 units in March as coronavirus concerns sapped demand. The company sold 73,297 units in March in China. At the same time, Nissan said in its statement that it sees signs of recovery in the market. Also, the auto giant temporarily laid off all employees at its Canton plant (about 4,000), who have stopped working during the pandemic. As a reminder, in February, Nissan Motor Co.'s vehicle sales in China dropped 80%. Against this backdrop, the company’s new executive team could come under increasing pressure to deliver deeper cost cuts in its recovery plan, which is expected in May. Despite a dismal report, Nissan stocks finished 3.37% higher on Wednesday.
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