Nissan's Financial Performance in Q3

Nissan Motor Corporation announced a significant financial update this Thursday, revealing a 1.6% increase in revenue to ¥3.1 trillion (~$20.5 billion) for the third quarter of fiscal 2024 compared to the same period last year. Despite this growth, the company faced a net loss of ¥14.1 billion, a stark contrast to the ¥29.1 billion net income reported in the previous year.

Operating Profit and Sales Decline

The automaker also experienced a sharp decline in operating profit, which fell to ¥31.1 billion from ¥141.6 billion the year before. Global retail sales have not been spared, with a 1.8% year-to-date drop to 2.4 million units. China saw the most significant decline at 9.1%, and the third quarter alone witnessed a 2.2% decrease in global retail sales to 801,000 units.

Revised Full-Year Outlook

In light of these challenges, Nissan has revised its full-year outlook for fiscal year 2024. The company now expects net revenue to reach 12,500 billion yen, with operating profit anticipated at 120 billion yen, a decrease from earlier forecasts. This revision accounts for volume adjustments and increased incentives, partially offset by favorable foreign exchange rates. A net loss of 80 billion yen is projected for the year.