TOKYO — Nissan’s revenue fell 68% within the final quarter as a scarcity of laptop chips hindered the Japanese automaker’s capacity to ship automobiles to its prospects.
Nissan Motor Co. reported Wednesday that its revenue was 17.4 billion yen ($119 million) within the July-September, down from 54 billion yen the identical interval a yr earlier. Quarterly gross sales jumped to 2.5 trillion yen ($17 billion) from 1.9 trillion yen a yr in the past.
The corporate’s chief govt, Makoto Uchida, acknowledged the corporate faces numerous headwinds, together with a chips provide crunch that has slammed the worldwide auto trade amid lockdowns and different restrictions associated to the pandemic.
“However I can say our operations are positively bettering,” he informed reporters.
Officers apologized to all those that needed to wait for his or her Nissan vehicles to be delivered due to the semiconductor scarcity.
On the plus facet, a weak yen has helped Japanese exporters, together with Nissan, by boosting the worth of abroad earnings when translated into yen.
However Uchida stated a unstable change fee was extra of a threat due to Nissan’s widespread international operations. The U.S. greenback, at about 110 yen a yr in the past, is now buying and selling at practically 150 yen.
“We discover a steady foreign money as most fascinating,” stated Uchida.
The rising price of uncooked supplies, as inflation pressures unfold world wide, is one other problem, in response to Nissan, based mostly within the port metropolis of Yokohama.
Uchida and different firm officers declined touch upon Nissan’s talks with alliance associate Renault SA of France. He stated any determination on reshaping the alliance might be introduced.
Nissan’s model energy has been tarnished by a scandal centered round its former chairman, Carlos Ghosn, who was despatched in by Renault to steer Nissan for greater than twenty years.
Ghosn was arrested on numerous monetary misconduct prices in 2018, together with under-reporting his compensation. He jumped bail and fled in late 2019 to Lebanon, which has no extradition treaty with Japan. He says he’s harmless.
Nissan lowered its car gross sales outlook for the fiscal yr via March to three.7 million automobiles from an earlier projected 4 million automobiles. Nissan offered 3.8 million automobiles within the fiscal yr that led to March.
Nissan raised its annual revenue forecast to 155 billion yen ($1.1 billion) from an earlier 150 billion yen ($1 billion). Nissan, which makes the Z sportscar and X-Path sport utility automobiles, earned 215 billion yen within the final fiscal yr.
Nissan, which additionally makes the Leaf electrical automobile, stated it stays bullish about electrification. It believes that’s gaining momentum as environmental issues unfold amongst shoppers.
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