Nissan cuts its annual profit and sales forecasts – 04/19/2024 at 11:43

Japanese carmaker Nissan on Friday surprisingly lowered its profit forecast for its 2023/24 financial year ended March 31, citing a drop in its sales volume and an increase in its costs.

The group now expects an annual profit of 370 billion yen (around 2.25 billion euros at current prices) compared to the previous target of 390 billion yen. This would however represent a very large increase compared to its previous fiscal year (+66.7%).

Nissan also lowered its forecast for annual operating profit, from 620 to 530 billion yen (+40.5% year-on-year), and now expects sales of 12,600 billion yen (about 76 .6 billion euros), or 400 billion yen. less compared to his original goal. So its sales should increase by around 19% in one year.

Its sales in volume in its last fiscal year reached 3.44 million vehicles, Nissan announced again, below its last target in this area (3.55 million units), which however had reduced at the beginning of February until the time of the results of the third quarter (October-December).

Nissan is particularly suffering in China due to strong competition now from local manufacturers, who like BYD are also doing well in electric cars at very competitive prices.

The manufacturer, partnered with France’s Renault, also missed the wave of hybrid cars in North America (its “e-Power” technology is not yet available in the region), which slowed its sales growth in the region. region. Nissan is set to release its final results for the year on May 9.

At the end of March, the group set ambitious medium-term goals: it aims to sell 4.5 million vehicles worldwide in 2026/27, or more than one million units more than the average of the previous financial year, while significantly improving its profitability. “Nissan will use best practices to collaborate with its suppliers” to achieve this plan, the manufacturer assured on Friday.