Nissan’s shares have plunged by 10% in Tokyo trading after warning that it would see a record annual loss.
Japan’s second largest carmaker said it expects a $4.5bn (£3.5bn) operating loss this year as the coronavirus hinders its turnaround efforts.
The worse-than-expected forecast came as the company predicted its sales will be the lowest in a decade.
It’s the latest indication of the extent of the damage caused by the pandemic to the global car industry.
“The market outlook remains uncertain and we may see a further deterioration in demand due to a possible second wave of the pandemic,” Nissan’s chief executive Makoto Uchida told investors.
Mr Uchida also said the company would not make a dividend payout to shareholders this year.
Nissan’s global sales slumped 48% in the April-June period as they halved in North America and fell by 40% in China.