Nissan Motor Co. has announced a significant increase in profit for the fiscal year ending in March, with a jump of 92% to 426.6 billion yen ($2.7 billion). The Japanese automaker also reported a surge in annual sales, which grew by nearly 20% to 12.7 trillion yen ($81.5 billion).
Despite a slight dip in quarterly profit to 101.3 billion yen ($650 million) for the January-March period, Nissan saw a 13% increase in sales to 3.5 trillion yen ($22 billion). The company's product lineup includes popular models such as the Leaf electric car, Infiniti luxury vehicles, and Z sportscars.
CEO Makoto Uchida outlined Nissan's growth strategy, known as 'The Arc,' which focuses on expanding sales through electric vehicles. The company aims to maintain its leadership in the Japanese electric vehicle market with the upcoming Ariya sports-utility vehicle and plans to introduce new models in the U.S., including the Armada and Murano SUVs, and the Infiniti QX80 luxury model.
Nissan is also investing in next-generation battery technology, with plans to mass-produce electric vehicles powered by solid-state batteries by early 2029. The company recently announced a collaboration with Honda Motor Co. to develop electric vehicles and auto intelligence technology.
Despite challenges in the Chinese market, where sales declined by 24%, Nissan remains optimistic about its global sales outlook. The company sold 3.44 million vehicles worldwide in the past fiscal year and projects sales to reach 3.7 million vehicles by March 2025, with growth expected in North America, Japan, and Europe.
Looking ahead, Nissan is forecasting a profit of 380 billion yen ($2.4 billion) for the fiscal year ending in March 2025, with a focus on supporting suppliers and investing in new technologies. The company emphasized the importance of a stable exchange rate for its operations, noting that the cheap yen had a positive impact on its earnings in the previous fiscal year.
Shares of Nissan closed 0.9% higher in Tokyo trading following the earnings announcement, signaling investor confidence in the company's future prospects.
