Nissan Motor sees a record net loss of 700 billion yen to 750 billion yen ($4.91 billion-$5.26 billion) for the financial year that ended in March, it said on Thursday, due to impairment charges as the struggling automaker restructures.

Nissan says it expects to rack up a loss totaling 700 billion yen ($4.9 billion) to 750 billion yen ($5.3 billion) for the fiscal year through March because of declining sales and the losing value of its assets.

Struggling Japanese auto giant Nissan issued a stark profit warning on Thursday, forecasting a huge loss of up to $5.3 billion in the 2024-25 financial year.