Nissan faces huge losses

Nissan Motor Company recently announced that it expects to face an operating loss of 200 billion yen in the second quarter, compared with a profit of 900 million yen in the same period last year. The main reason for the loss is the sharp decline in sales in the Chinese market and the loss of the North American market. In order to cope with this situation, Nissan plans to lay off 20,000 employees worldwide and close 7 factories.