Nissan profits soar to £832.2m as carmaker takes advantage of weaker yen and cuts sales estimates
Nissan said its profits had risen by 60 per cent due to a combination of weaker yen and what it called “cost optimisation”.
The Japanese car maker has reported a ¥133.1bn (£838.2m) in the three months ended, up from last year’s ¥52.2bn.
Revenue also soared by 28.5 per cent to ¥2.2tn, while net income at Nissan increased to ¥50.9bn.
“Compared with the same period last year, Nissan has continued to improve its profit, with significant improvements in both consolidated operating profit and net income,” the car maker said today in a statement.
Nissan said it remained wary of macroeconomic challenges – including semiconductor shortages – shrinking its 2023 sales volume forecasts by 8.1 per cent.
The company had previously announced it was expecting to build 3.4 million units for the year ending 31 March.
In the statement to investors it added: “However, Nissan expects to offset the negative impact of volume decline by continued improvement in performance with strict financial discipline.”
The car maker also maintained its full-year profit forecast of ¥360bn.
Nissan made the headlines earlier this week when it announced it had reshaped the terms of its 24-year partnership with Renault.
Under the new agreement, which was announced on Monday, Renault has cut its stake in Nissan to 15 per cent while the Yokohama-based manufacturer acquired a 15 per cent share in Ampere, Renault’s electric vehicle (EV) subsidiary.