Japan automaker Nissan’s profit stumbles on China sales decline

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By RockedBuzz 3 Min Read

TOKYO (AP) – Nissan’s profit fell to about half of what it earned a 12 months earlier within the October-December interval, the automaker stated Thursday, although it caught to its earlier earnings forecasts.

Nissan Motor Co., primarily based within the port metropolis of Yokohama, reported that its profit was 29 billion yen ($195 million) within the final quarter, down from 50.6 billion yen a 12 months earlier.

Quarterly sales jumped practically 10% to three.1 trillion yen ($21 billion) for the maker of the Leaf electrical automobile, Infiniti luxurious fashions and the Z sports activities automobile.

Market situations have been significantly troublesome in China, Stephen Ma, Nissan’s chief monetary officer, informed reporters. China’s auto market stays extremely aggressive amid a value struggle between producers, led by locals corresponding to BYD, with its sturdy EV choices.

Nissan car sales in China fell 35% in April-December from a 12 months earlier. Nissan sales rose about 30% within the United States from a 12 months earlier, which helped offset the woes in China.

For the primary 9 months of the fiscal 12 months ending in March, Nissan’s world sales rose 22% to 9.17 trillion yen ($61.7 billion).

FILE - A Nissan logo is seen at the Japan Motor Show in Tokyo, on Oct. 26, 2023. Nissan's October-December profit plunged to about half of what it earned a year earlier, the t -automaker Thursday, February 8, 2024 , although it stuck to its earlier earnings forecasts.  (AP Photo/Eugene Hoshiko, File)

FILE – A Nissan emblem is seen on the Japan Motor Show in Tokyo, on Oct. 26, 2023. Nissan’s October-December profit plunged to about half of what it earned a 12 months earlier, the t -automaker Thursday, February 8, 2024 , though it caught to its earlier earnings forecasts. (AP Photo/Eugene Hoshiko, File)

Nissan saved its annual forecast unchanged for a profit of 390 billion yen ($2.6 billion) on 13 trillion yen ($87 billion) in sales.

Nissan expects to promote 3.55 million autos worldwide for the 12 months to March, down from an earlier forecast of three.7 million autos. That’s nonetheless higher than the three.3 million autos Nissan bought the 12 months earlier than.

By area, Nissan expects car sales to extend within the United States, Japan and Europe, however not in China.

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Yuri Kageyama is on X: https/twitter.com/yurikageyama

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