Mitsubishi Motors Corp. reported Monday a 176 billion yen (US$1.7 billion) loss for April-June, and forecast more red ink for the fiscal year, as the coronavirus pandemic slammed auto demand around the world.
The Japanese automaker had posted a profit of 9.3 billion yen for the fiscal first quarter the previous year. Quarterly sales shrank 57% to 229.5 billion yen .
The shaky results come as Mitsubishi Motors' alliance partners Nissan Motor Co. and Renault of France work to recover from the downfall of their former chairman, Carlos Ghosn. They said they expect the company's results to recover next fiscal year, once COVID-19 is brought under control. Product development will leverage "synergies" with alliance partners, and labour costs will be cut through pay cuts, hiring freezes and voluntary retirements, the automaker said.
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