Nissan Revises Financial Outlook for Fiscal 2024

In a surprising turn of events, Nissan Motor Co., Ltd. has significantly revised its financial forecast for the full fiscal year 2024, now anticipating a net loss ranging between ¥700 billion and ¥750 billion (approximately $4.9 billion to $5.3 billion). This stark adjustment is attributed to the substantial costs associated with its ongoing turnaround strategy among other contributing factors.

Adjustments in Financial Forecasts

The automaker had previously projected a net loss of ¥80 billion, a figure that pales in comparison to the current estimates. Furthermore, Nissan has also adjusted its operating profit expectations downward from ¥120 billion to ¥85 billion for the same period. Despite these financial setbacks, the company has revised its net revenue projections upward, from ¥12.5 trillion to ¥12.6 trillion, indicating a silver lining amidst the fiscal challenges.

Solid Cash Position Despite Anticipated Losses

Amid these financial recalculations, Nissan reassures stakeholders of its robust cash position, with expectations to conclude fiscal year 2024 with net cash of 1.498 trillion yen. The official earnings report, set to be unveiled on May 13, will provide further insights into the company's financial health and strategic direction moving forward.