{"id":35623,"date":"2022-11-09T09:03:51","date_gmt":"2022-11-09T14:03:51","guid":{"rendered":"https:\/\/autosector.com\/?p=35623"},"modified":"2022-11-09T09:03:51","modified_gmt":"2022-11-09T14:03:51","slug":"nissan-quarterly-profits-sales","status":"publish","type":"post","link":"http:\/\/autosector.com\/?p=35623","title":{"rendered":"Nissan’s quarterly profit fell 68% in the last quarter"},"content":{"rendered":"

TOKYO \u2014 Nissan<\/a>\u2019s profit fell 68% in the last quarter as a shortage of computer chips hindered the Japanese automaker\u2019s ability to deliver vehicles to its customers.<\/p>\n

Nissan Motor Co<\/a>. reported Wednesday that its profit was 17.4 billion yen ($119 million) in the July-September, down from 54 billion yen the same period a year earlier. Quarterly sales jumped to 2.5 trillion yen ($17 billion) from 1.9 trillion yen a year ago.<\/p>\n

The company’s chief executive, Makoto Uchida, acknowledged the company faces various headwinds, including a chips supply crunch that has slammed the global auto industry amid lockdowns and other restrictions related to the pandemic.<\/p>\n

\u201cBut I can say our operations are definitely improving,\u201d he told reporters.<\/p>\n

Officials apologized to all those who had to wait for their Nissan cars to be delivered because of the semiconductor shortage.<\/p>\n

On the plus side, a weak yen has helped Japanese exporters, including Nissan, by boosting the value of overseas earnings when translated into yen.<\/p>\n

But Uchida said a volatile exchange rate was more of a risk because of Nissan\u2019s widespread global operations. The U.S. dollar, at about 110 yen a year ago, is now trading at nearly 150 yen.<\/p>\n

\u201cWe find a stable currency as most desirable,\u201d said Uchida.<\/p>\n

The rising cost of raw materials, as inflation pressures spread around the world, is another challenge, according to Nissan, based in the port city of Yokohama.<\/p>\n

Uchida and other company officials declined comment on Nissan\u2019s talks with alliance partner Renault<\/a> SA of France. He said any decision on reshaping the alliance will be announced.<\/p>\n

Nissan\u2019s brand power has been tarnished by a scandal centered around its former chairman, Carlos Ghosn<\/a>, who was sent in by Renault to lead Nissan for more than two decades.<\/p>\n

Ghosn was arrested on various financial misconduct charges in 2018, including under-reporting his compensation. He jumped bail and fled in late 2019 to Lebanon, which has no extradition treaty with Japan<\/a>. He says he is innocent.<\/p>\n

Nissan lowered its vehicle sales outlook for the fiscal year through March to 3.7 million vehicles from an earlier projected 4 million vehicles. Nissan sold 3.8 million vehicles in the fiscal year that ended in March.<\/p>\n

Nissan raised its annual profit forecast to 155 billion yen ($1.1 billion) from an earlier 150 billion yen ($1 billion). Nissan, which makes the Z<\/a> sportscar and X-Trail sport utility vehicles<\/a>, earned 215 billion yen in the last fiscal year.<\/p>\n

Nissan, which also makes the Leaf electric car<\/a>, said it remains bullish about electrification. It believes that\u2019s gaining momentum as environmental concerns spread among consumers.<\/p>\n

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