Nissan has lowered its full fiscal year outlook after the Japanese automaker reported a 73% decline in profit in the April-June quarter compared to the previous year. Chief Executive Makoto Uchida called the results “very challenging,” blaming sales incentives and marketing expenses amid intense competition, especially in the U.S. market.
FILE - Logos at a Nissan showroom are seen in Ginza shopping district in Tokyo , March 31, 2023. TOKYO — Nissan lowered its full fiscal year outlook on Thursday, as the Japanese automaker reported a 73% decline in profit in the April-June quarter compared to the previous year.
The profit challenges came despite its global vehicle sales holding steady at 787,000, according to Nissan Motor Co., based in the port city of Yokohama.The need to optimize inventory also chipped away at profitability. Nissan’s fiscal first quarter profit declined to 28.6 billion yen from 105.5 billion yen the previous year.
Nissan lowered its full-year profit forecast to 300 billion yen from an earlier projection of 380 billion yen .
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