Japan’s Nissan Motor Co lost $2.4 billion in the fourth quarter as car sales slumped globally, and forecast another loss for the current year as it puts product launches and growth plans on hold to conserve cash.

For January-March, Nissan, which is 44% owned by Renault SA, made an operating loss of ¥230.4 billion, about 15% less than an estimate for a ¥270 billion loss in a survey of 18 analysts by Thomson Reuters. It made a profit of ¥212 billion a year earlier.

The maker of the Altima sedan and Murano SUV lost a net ¥276.9 billion in its fourth quarter, swinging from a year-ago profit of 138 ¥billion.

For the year to next March, Nissan forecast an operating loss of ¥100 billion , less than a consensus forecast for a ¥239 billion loss. It expects a full-year net loss of ¥170 billion .

Nissan urgently needs to offer new cars to compete with domestic rivals Toyota Motor Corp and Honda Motor Co, but a global sales slide and lack of funding have forced it to delay manufacturing projects and model launches.

Carlos Ghosn, chief executive of both Nissan and France’s Renault said that the partners’ top priority this year was to generate cash and break down barriers to cooperating more closely in a tough competitive environment.

Nissan shares have risen 61% so far this year against a 40% gain on Tokyo’s transport sub-index. Ahead of the results on Tuesday, the stock closed down 1% at ¥510.