Japanese automaker Nissan reported deeper losses for the latest quarter through December compared to a year earlier, as restructuring costs cut into its profitability.
Nissan Motor Corp., based in the port city of Yokohama, said Thursday it posted a 28.3 billion yen ($185 million) loss for the October-December quarter, about twice the 14 billion yen loss it recorded a year earlier.
Quarterly sales slipped 6% to nearly 3 trillion yen ($19.6 billion) from 3.2 trillion yen the year before.
“Unfortunately, when you do restructuring, there are costs that are incurred,” Chief Executive Ivan Espinosa told reporters. “In a way, it is expected.”
He said Nissan was on the right track but acknowledged headwinds from President Donald Trump’s tariffs and other pressures on sales.
Nissan, which makes the Leaf electric car and Infiniti luxury models, is hoping to achieve an operating profit by the end of fiscal 2026. It expects an operating loss for the current fiscal year and is projecting a 650 billion yen ($4.2 billion) net loss for the year through March.
A Mexican with two decades of experience at Nissan, Espinosa has been trying to steer a turnaround at the money-losing automaker since he took the job last year.
Nissan has slashed jobs and sold its headquarters building. It is closing its flagship factory in Oppama, Japan, as part of its global production restructuring efforts.
Some analysts say the popularity of electric vehicles is subsiding, and that might hurt automakers like Nissan, which has been bullish on EVs.
Espinosa said Nissan needs to do more to win over consumers to EVs, including new kinds of batteries, but was optimistic about the new Leaf model.
Nissan stocks, which have slipped over the past year, gained 0.5% on Thursday.
Nissan has a partnership with French automaker Renault and smaller domestic automaker Mitsubishi Motors Corp.
The Associated Press contributed to this report.