Nissan to close its facilities due to virus
After the announcement, the company’s stocks finished more than 3% lower on Tuesday
Stocks impacted: Nissan Motor Co Ltd (NSANY)
The Japanese company announced plans to implement a temporary shutdown at its facilities from April 27 to May 1 in order to contain the spread of the coronavirus. The decision was made despite the government has permitted keeping workplaces open to get the economy running. Of note, the COVID-19 infections in Japan increased to around 11,000 this week. The company said it would be adjusting production at three of its Japan manufacturing facilities next month amid a slump in demand while delivery of some parts are affected by the coronavirus pandemic. As a reminder, Canon Inc and Toshiba also announced similar measures earlier this month. Meanwhile, Toyota Motor Corp said it expects to cut its domestic production by around 40%. Honda Motor Co also said it would stop production at some of its domestic plants next week. Nissan stocks finished more than 3% lower on Tuesday after the announcement.
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