On July 26, Nissan Motor released its quarterly financial report up to June 30.

Nissan said that in the first quarter of this fiscal year (April June 2023), the consolidated net revenue was 2.92 trillion yen, with a year-on-year growth of 36.5%; The consolidated operating profit was 128.6 billion yen, a year-on-year increase of 98%; The operating profit margin was 4.4%, an increase of 1.4 percentage points compared to the same period last year; The net income was 105.5 billion yen, a year-on-year increase of 124%.

The company stated that although sales in the Chinese market have decreased due to the pandemic and intensified competition, sales in other regions have achieved significant year-on-year growth. In addition, the depreciation of the Japanese yen, coupled with increased product pricing and strict financial discipline, were important factors contributing to the significant increase in the company's sales and profits.

Nissan's quarterly net income surged, and its business in China still needs time to recover

Image source: Nissan

According to the information released by Nissan China, in the first half of this year, the sales volume of Nissan in China, including passenger cars and light commercial vehicles, was 358509, down 24.4% year on year.

Due to a decline in sales in China, Nissan expects sales to decrease by 7.5% from previous forecasts to 3.7 million vehicles in the fiscal year ending March 31, 2024. However, despite the negative impact of declining sales, Nissan has adjusted its forecast for this fiscal year due to strict financial discipline and exchange rate adjustments.

Among them, Nissan raised its net revenue forecast for this fiscal year from 12.4 trillion yen to 12.6 trillion yen; The expected operating profit increased by 30 billion yen to 555 billion yen, and the net income increased by 25 billion yen to 340 billion yen.

When commenting on performance, Nissan President and CEO Makoto Uchida stated that, (This fiscal year) In the first quarter, we were able to compensate for the downturn in the Chinese market through performance in other regions, resulting in a significant year-on-year improvement. Especially in Japan and North America, production and sales have achieved recovery, and we hope to maintain this momentum in the second quarter and beyond. In China, our sales have been declining. We are strengthening our product lineup, adding the e-POWER version to the X-Trail, and launching the Plug-in hybrid of the Qichen brand. With the rapid changes in China's business environment and intensified competition, it is difficult for our business to rebuild overnight. We will accelerate the formulation and implementation of medium - and long-term strategies, and steadily improve profitability

This article is reprinted from Gaishi Automotive Information Network