{"id":8283,"date":"2024-05-09T08:20:48","date_gmt":"2024-05-09T08:20:48","guid":{"rendered":"https:\/\/internationalpulse.net\/?p=8283"},"modified":"2024-05-09T08:20:48","modified_gmt":"2024-05-09T08:20:48","slug":"nissan-annual-net-profit-nearly-doubles-on-year","status":"publish","type":"post","link":"https:\/\/internationalpulse.net\/?p=8283","title":{"rendered":"Nissan annual net profit nearly doubles on-year"},"content":{"rendered":"

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Nissan says demand is rising at home and in North America, Europe and China – Copyright AFP Yuichi YAMAZAKI<\/small><\/em><\/p>\n

Nissan said Thursday it nearly doubled its full-year net profit in 2023-24 but forecast a dip of around 10 percent for the current financial year.<\/p>\n

The Japanese automaker said demand was rising at home as well as in North America, Europe and China, where it has struggled to compete with fast-growing electric vehicle firms backed by Beijing.<\/p>\n

Net profit totalled 426.6 billion yen ($2.7 billion), up 92.3 percent on-year, though Nissan expects that to fall to 380 billion yen in 2024-25.<\/p>\n

Operating income rose more than 50 percent on-year, the company said, citing \u201can increase in sales volume, improved net sales per unit, and disciplined management of fixed costs\u201d.<\/p>\n

The weak yen also provided a \u201cshort term\u201d boost to profits, CEO Makoto Uchida told reporters.<\/p>\n

\u201cBut in the mid and long term, whether it\u2019s a strong or weak yen\u2026 volatility in forex markets is not very beneficial. It will be a challenge,\u201d he warned.<\/p>\n

Thursday\u2019s results struck a different tone to an announcement last month when Nissan trimmed its sales and profit outlook for 2023-24, predicting a more modest net profit of 390 billion.<\/p>\n

\u201cThe increase in operating profit and net income compared to the April 19 forecast revision is due to the reversal of previously recorded litigation provision,\u201d Nissan explained.<\/p>\n

Uchida said this year that Nissan had struggled with sales in the Chinese market, where capacity is \u201cexcessive\u201d despite improvement in recent months.<\/p>\n

China overtook Japan as the world\u2019s biggest vehicle exporter last year, helped by its global dominance in electric cars as firms such as BYD speed ahead of international rivals.<\/p>\n

\u201cHow to compete with China in the Asian market is an underlying theme\u201d for Nissan as well as Toyota and Honda, said Satoru Takada, an auto analyst at research and consulting firm TIW.<\/p>\n

But Nissan has made it clear \u201cit is not slowing down\u201d on efforts to expand its EV market, Takada told AFP.<\/p>\n

Uchida said in March that Nissan was \u201cfocused on providing what Chinese customers want\u201d as the firm pledged to slash production costs for next-generation EVs by 30 percent.<\/p>\n

Nissan and Honda have said they are exploring a strategic partnership in EVs to face up to a \u201conce-in-a-century\u201d upheaval in the car industry.<\/p>\n

Like Honda, Nissan has sent a message that \u201cit is being more and more optimistic about developing solid-state batteries and putting them into use\u201d, Takada said.<\/p>\n

But \u201canother focus is how they will manage to offset the rising costs linked to inflation,\u201d he added.<\/p>\n<\/p><\/div>\n

Nissan annual net profit nearly doubles on-year
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#Nissan #annual #net #profit #doubles #onyear<\/p>\n","protected":false},"excerpt":{"rendered":"

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