Nissan Reports Strong Global Earnings Except China

Nissan's fiscal year profits through March soared by 92 per cent to 426.6 billion yen ($2.7 billion), driven by sales growth across major global markets, except China. Annual sales surged nearly 20 per cent to 12.7 trillion yen ($81.5 billion). However, profit for the January-March quarter saw a slight dip to 101.3 billion yen ($650 million) from 106.9 billion yen, despite a 13 per cent increase in quarterly sales to 3.5 trillion yen ($22 billion).

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The company aims to maintain its leadership in electric vehicles in Japan, introducing the Ariya sports-utility vehicle. In the U.S., Nissan has launched new models like the Armada and Murano SUVs, alongside the Infiniti QX80 luxury model. Nissan's plans include mass-producing electric vehicles with next-generation batteries by early 2029, including solid-state batteries across various models, such as pickup trucks.

March saw Nissan and Honda Motor Co. announcing a collaboration in developing electric vehicles and auto intelligence technology, though details are still forthcoming. Nissan forecasts a profit of 380 billion yen ($2.4 billion) for the fiscal year through March 2025, down 11 per cent due to development costs, including support for suppliers.

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While the cheap yen has generally benefited Japanese exporters, including automakers, Nissan emphasises the importance of a stable exchange rate. Despite the currency advantage boosting operating profit for the fiscal year, sales of 3.44 million vehicles globally fell slightly short of projections but outperformed the previous year's 3.3 million vehicles. Sales growth was observed in the U.S., Japan, and Europe, contrasting with a 24 per cent decline in China, which faces challenges amidst a competitive market dominated by local brands like BYD with strong EV offerings.

Nissan remains optimistic, expecting global sales to rebound to 3.7 million vehicles for the fiscal year through March 2025, with anticipated recoveries in China alongside continued growth in North America, Japan, and Europe.