Revised Financial Outlook

Nissan Motor Co., Ltd. has significantly revised its financial outlook 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 comes as the company grapples with the costs associated with its ongoing turnaround plan among other challenges.

Adjustments and Expectations

Previously, Nissan had forecasted a net loss of ¥80 billion, a figure that pales in comparison to the current projections. The company also adjusted its operating profit expectations downward from ¥120 billion to ¥85 billion for the full year 2024.

Silver Linings

Despite these daunting figures, Nissan has raised its net revenue projections from ¥12.5 trillion to ¥12.6 trillion. The company remains optimistic about its financial health, citing a solid cash position with an expected net cash of ¥1.498 trillion by the end of fiscal year 2024.

The official earnings report, set to be released on May 13, will provide further insights into Nissan's financial trajectory and the impact of its strategic initiatives.