Nissan Slashes Annual Profit Outlook By 14.5%

Author: Shivani Kumaresan | April 19, 2024 12:51pm

Nissan Motor Co Ltd (OTC:NSANY) (OTC:NSANF) revised its financial forecast, first made on Feb. 8, 2024, for the full fiscal year ending March 31, 2024.

The carmaker slashed its annual operating profit forecast to 530 billion yen ($3,428,268,430) from the previous guidance of 620 billion yen ($4,010,427,220).

This represents a 14.5% cut in the annual operating profit.

Nissan now expects an annual revenue of 12.6 trillion yen ($81,507,510,000) as against the previous outlook of 13 trillion yen ($84,091,775,300).

The forecast sales volume has been lowered to 3.44 million units from 3.55 million units and net income is expected to reach 370 billion yen ($2,393,363,500) for FY23.

The revision has been put forward after a decrease in sales volume, various cost reliefs made to suppliers such as inflation, and other factors.

Nissan announced in March it planned to introduce 30 new models by fiscal 2026, targeting a global sales increase of one million vehicles with improved profitability and electrification.

Of the 30 new models, 16 will be electric with the goal to reduce the cost of EVs by 30% by 2030.

NSANY Price Action: Nissan shares were down Friday at publication by 3.86% at $7.11.

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Posted In: NSANF NSANY