TOKYO — Nissan’s revenue sank in October-December to about half of what it earned the 12 months earlier than, the automaker mentioned Thursday, although it caught to its earlier earnings forecasts.
Nissan Motor Co., primarily based within the port metropolis of Yokohama, reported its revenue was 29 billion yen ($195 million) within the final quarter, down from 50.6 billion yen a 12 months earlier.
Quarterly gross sales jumped practically 10% to three.1 trillion yen ($21 billion) for the maker of the Leaf electrical automobile, Infiniti luxurious fashions and Z sportscars.
Market circumstances had been particularly troublesome in China, Stephen Ma, Nissan’s chief monetary officer, informed reporters. The Chinese language auto market stays intensely aggressive amid a worth battle between producers, dominated by locals like BYD, with its robust EV choices.
Nissan’s automobile gross sales in China plunged 35% in April-December from the earlier 12 months. Nissan gross sales rose about 30% within the U.S. from a 12 months earlier, serving to to offset the China woes.
For the primary 9 months of the fiscal 12 months that ends in March, Nissan’s world gross sales rose 22% to 9.17 trillion yen ($61.7 billion).
Nissan saved unchanged its annual projection for a 390 billion yen ($2.6 billion) revenue on 13 trillion yen ($87 billion) in gross sales.
Nissan expects to promote 3.55 million automobiles globally for the 12 months by means of March, down from an earlier projection of three.7 million automobiles. That’s nonetheless higher than the three.3 million automobiles Nissan bought the 12 months earlier than.
By area, Nissan expects automobile gross sales to develop within the U.S., Japan and Europe, however not in China.