Nissan reports 37% increase in net revenue to $20bn for Q1 2023

Nissan Motor Co., Ltd. has announced financial results for the three months ending June 30, 2023.
In the first quarter of the fiscal year (April-June), the consolidated net revenue was 2.92 trillion yen ($20.06 billion), consolidated operating profit was 128.6 billion yen, and operating profit margin was 4.4 percent. The net income in the first quarter was 105.5 billion yen.
Although sales volume in China declined due to the pandemic and intensified sales competition, other regions’ sales volume increased significantly year on year. In addition, the weakened yen combined with enhanced product pricing and strict financial discipline led to a significant increase in sales and profits.

Due to the decline in sales volume in China to date, Nissan expects sales volume to decrease by 7.5 percent from the previous forecast to 3.7 million units for the 12-month period ending March 31, 2024.
Nissan is forecasting net revenue of 12.6 trillion yen. The company foresees an operating profit of 550 billion yen, which is 30 billion yen better than the previous outlook. A net income of 340 billion yen is expected, which is 25 billion yen better than the previous outlook.
Commenting on the results, Nissan President and CEO Makoto Uchida said: “In the first quarter, we were able to compensate for the sluggishness in the Chinese market by our performance in other regions, resulting in a significant year-on-year improvement. The recovery in production and sales in Japan and North America was of particular note, and we aim to maintain this momentum in the second quarter and beyond. In China, where our sales have been declining, we are strengthening our product lineup by adding an e-POWER variant to the X-Trail and introducing a plug-in hybrid under the Venucia brand. As the business environment in China is changing drastically and competition is becoming fiercer, it will be difficult to rebuild our business overnight. We will accelerate the formulation and implementation of our medium-to-long-term strategy and steadily improve our profitability.”