Pandemic's hit on demand has taken a heavy toll on the car industry, with Nissan reporting a second straight quarterly loss
A man wearing a protective mask walks under an advert featuring the Nissan Motor logo, in Yokohama, Japan, July 28 2020. Picture: AKIO KON/BLOOMBERG
But the virus pandemic and associated plunge in demand has taken a heavy toll on the car industry, with Nissan reporting a second straight quarter of operating losses on Tuesday. Adding to expected losses is a likely deterioration in Nissan's sales financing business as cash-strapped customers struggle to make lease payments, while underutilised factories are also burning through cash.
Peugeot maker PSA Group sounded more upbeat on Tuesday, saying pent-up demand from coronavirus lockdowns was driving a rebound in sales, while a survey showed a surge in export expectations among German vehicle makers. Global sales tumbled 48% to 643,000 vehicle in April-June as sales halved in North America and fell 40% in China.
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