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Nissan Motor Corp., based in the port city of Yokohama, reported
a 533 billion yen ($3.4 billion) loss, smaller than the 670.9
billion yen in red ink racked up the previous fiscal year.
Nissan’s annual sales fell 5% to 12 trillion yen ($76 billion.)
Chief Executive Ivan Espinosa said Nissan was making steady
progress and seeing “clear signs” of a turnaround.
“We have moved beyond recovery and are entering a phase of
growth,” he said. “We will build on this momentum through
disciplined cost management and faster product execution,
driving sales and profitability.”
On a quarterly basis, Nissan had a net loss of 282.9 billion yen
($1.8 billion) in the January-March period, compared to the 676
billion yen loss the same period a year ago.
Quarterly sales declined nearly 2% to 3.43 trillion yen ($22
billion).
Nissan said it was working on cost cuts and other efforts to
become more profitable. It said it managed to record a
better-than-expected operating profit and expects better results
for the current year with upcoming model launches.
Nissan, which makes the Altima sedan, Pathfinder sport utility
vehicle, Leaf EV and Infiniti luxury models, sold 3.15 million
vehicles globally during the fiscal year ended March 31.
Despite the positive spin the executives tried to put on their
revival plan, the automaker’s financials are in their worst
shape in years. Nissan is slashing thousands of jobs and has
sold its headquarters building.
Nissan said it expects to revert into the black for the fiscal
year through March 2027, eking out a 20 billion yen ($127
million) profit.
Japanese automakers have all struggled amid powerful competition
from the newer Chinese makers, now dominating Asian markets.
There were talks in recent years for Nissan to merge some
operations with Japanese rival Honda Motor Co., which has also
been struggling, but those talks collapsed. Although a merger is
out, there may be limited cooperative partnerships.
Nissan stocks, which have zigzagged over the past year, finished
4% higher.
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