Nissan’s Second-Quarter Operating Profit Drops 13%
Nissan Motor Co. reports its pretax earnings shrank 13% to 153.3 billion yen ($1.4 billion) in the fiscal first quarter ended June 30.
#economics
Nissan Motor Co. reports its pretax earnings shrank 13% to 153.3 billion yen ($1.4 billion) in the fiscal first quarter ended June 30.
The downturn came in spite of rising vehicle sales (+5% to 1.35 million units worldwide) and consolidated revenue (+4% to 2.8 trillion yen/$25 billion). The company blames unfavorable exchange rates and rising materials costs.
Gains were driven by a 12% jump in deliveries to 1.2 million units in Japan. In Europe, an 11% increase in Russia boosted flat sales elsewhere to deliver a 1% gain to 185,000 vehicles across the region. But sales slipped in China (-1% to 6 million vehicles) and the U.S. (-3% to 4.4 million).
For the full fiscal year, Nissan reiterates that it expects its operating profit to shrink 8% to 685 billion yen ($6.2 billion).
RELATED CONTENT
-
VW Warns of Higher Costs to Develop EVs
CEO Herbert Diess says the €20 billion ($23 billion) Volkswagen AG has budgeted to electrify its entire vehicle lineup won’t be enough to meet that goal.
-
On Global EV Sales, Lean and the Supply Chain & Dealing With Snow
The distribution of EVs and potential implications, why lean still matters even with supply chain issues, where there are the most industrial robots, a potential coming shortage that isn’t a microprocessor, mapping tech and obscured signs, and a look at the future
-
Inside Ford
On this edition of “Autoline After Hours” Joann Muller, Detroit bureau chief for Forbes, provides insights into what she’s learned about Ford, insights that are amplified on the show by our other panelists, Stephanie Brinley, principal analyst at IHS Markit who specializes in the auto industry, and Todd Lassa, Detroit Bureau Chief for Automobile.