Key facts
- Nidec reported a net loss of 564 billion yen ($3.6 billion) for the fiscal year ended March.
- The loss was primarily due to significant impairment losses related to its electric vehicle drive business.
- Michio Kaida has been appointed as the new CEO, replacing Mitsuya Kishida.
Japanese motor maker Nidec reported a net loss of 564 billion yen ($3.6 billion) for the fiscal year ended March, largely due to impairment losses from its struggling electric vehicle drive business. As a result, the company has appointed Chief Technology Officer Michio Kaida as its new CEO, replacing Mitsuya Kishida. The company's headquarters are in Kyoto, Japan.