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Nissan Motor cut its net profit estimate for the fiscal year, missing analysts’ expectations, as it sold fewer cars than previously expected due to heightened competition.
TOKYO (Reuters) -Nissan Motor slashed its annual operating profit estimate by 14.5% on Friday, citing lower-than-expected vehicle sales and other factors. Japan's third-largest automaker by volume now estimates an operating profit of 530 billion yen ($3.43 billion) instead of 620 billion yen for the year that ended in March. Net profit is now estimated at 370 billion yen instead of 390 billion yen.
Nissan (NSANY) plans to produce EVs powered by next-generation batteries at scale by early 2029.