Nissan has cut its provisional sales and income results for the last fiscal year, which ended on March 31, 2024. According to a statement issued by the company last Friday, “sales volume is expected to amount to 3.44 million of units and operating profit to 12.6 trillion yen”, about 80,000 million euros.
Net profit is expected to reach 370 billion yen, about 2.2 billion euros. Originally, the company had planned to register about 2.4 billion. The main detrimental factor they have to face, according to Nissan, is costs.
It is not the first time that the Japanese manufacturer has reduced its forecasts for the last fiscal year. Already in February, it lowered its volume goal, from 3.7 million units to 3.5 million, citing “a temporary logistical disruption and more intense competition.”
Even so, on Friday it reaffirmed its intentions to increase its global sales by one million units for fiscal year 2026 (which ends in 2027), as well as accelerate its transition to electric cars.
“To achieve the objectives of the strategic plan, we will look for more efficient ways to collaborate with suppliers,” the brand said. According to its CEO, Makoto Uchida, the brand had had problems in the Chinese market.
«Frankly, we have had problems with sales volume in China. “In the last five months, things have improved significantly, but our capacity is still excessive,” he said at a press conference.
In 2023, China will surpass Japan as the largest vehicle exporter, exceeding five million units. Japanese manufacturers have been cautious about the volume of electric cars that comes from that market, betting, instead, on hybrid propulsion.
Nissan will present its financial results for fiscal year 2023 on May 9.
#Nissan #cuts #forecasts #fiscal #year #truth
