Nissan revises fiscal 2023 profit downwards

Nissan lowers its profit estimates for the 2023 fiscal year in the face of a reduction in sales and progressive increases in raw material prices. For the financial year ending at the end of March, the Japanese car manufacturer expects a profit of 370 billion yen, equivalent to 2.25 billion euros, from the 390 billion estimated last February. Estimates of the operating result for the same period were also reduced, by 14.5% to 530 billion yen, from the previous 620 billion. In an online conference, CEO Makoto Uchida explained that the company deemed it appropriate to provide a greater contribution to its suppliers in light of recent increases in production costs. In this regard, Nissan expects a turnover of 12,600 billion yen compared to 13,000 billion. The new estimates follow last month's announcement of a postponement of a sales increase of 1 million vehicles to fiscal 2026, from the initial target of March 2024.