Japan's second-largest automaker announced Thursday that profits were nearly completely erased in the first quarter of its fiscal year . The operating result in the quarter decreased by 99% compared to the previous year.
Revenues fell by almost 13% compared to the previous year.
The company added that it will reduce its product range by at least 10% by the end of fiscal 2022.
Like other global automakers, Nissan faces major challenges. A weak global economy has hurt sales, and the trade war between the US and China remains a major threat to manufacturers. New emission standards, partly due to the climate crisis, have also disturbed the industry.
But Nissan has also dealt with its own problems. It has lost market share in the US and Europe and is still trying to deviate from the dramatic arrest of former chairman Carlos Ghosn, whose legal problems in Tokyo are far from over.
Although he has rejected the indictment against him, Ghosn's charges have enormously burdened the alliance between Nissan, Renault  ( RNLSY ) and Mitsubishi engines. All three companies have renewed their commitment to the partnership, but tensions have not subsided.
This story is being updated.