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Nissan hopes to break even, but chip shortage hampers its rebound Autoblog 2 days ago Reuters
TOKYO - Nissan expects to break even this business year, defying expectations for a return to profitability, as the global chip shortage curbs the car maker s recovery from a record annual operating loss.
Research
Volvo The fiscal year 2020 was a year dominated by the COVID-19 pandemic and impacted by multiple factors including growth of environmental awareness and political as well as economic changes, said Chief Executive Makoto Uchida.
The forecast by Nissan, Japan s No.3 carmaker by sales, to break even for the year that began April 1 was lower than a 241.7 billion yen ($2.23 billion) profit predicted by SmartEstimate.
Synopsis
Demand for semiconductors was boosted in 2020 as consumers scooped up home gadgets during the pandemic. But meeting that increase has been hard, thanks to shuttered plants, among other factors.
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The supply constraints are hitting a wide array of industries, with tech firms and automakers alike flagging production cuts and lost revenue from the fallout.
The global semiconductor shortage roiling a wide range of industries likely won’t be resolved for a few more years, according to Intel Corp.’s new Chief Executive Officer Pat Gelsinger.
The company is reworking some of its factories to increase production and address the chip shortage in the auto industry, he said in an interview with CBS News, based on snippets from its “60 Minutes” program. It may take at least several months for the strain on supply to even begin easing, he added.