Nissan Revises Financial Outlook for 2024

In a surprising turn of events, Nissan Motor Co., Ltd. has significantly revised its financial outlook for the fiscal year 2024, now anticipating a net loss ranging between ¥700 billion and ¥750 billion (approximately $4.9 billion to $5.3 billion). This marks a stark contrast to its previous forecast of an ¥80 billion net loss.

Behind the Revised Forecast

The automaker attributes this adjustment to the costs associated with its ongoing turnaround plan among other factors. Operating profit expectations have also been downgraded from ¥120 billion to ¥85 billion, signaling challenging times ahead for the company.

A Silver Lining

Despite the grim forecast, Nissan highlights a positive note with an increase in net revenue projections from ¥12.5 trillion to ¥12.6 trillion. The company reassures stakeholders of its solid cash position, expecting to conclude the fiscal year 2024 with net cash of ¥1.498 trillion.

The official earnings report, set to be released on May 13, will provide further insights into Nissan's financial health and strategic direction moving forward.