Japan automaker Nissan's profit stumbles on China sales decline
ABC News
Nissan has reported its profit sank in October-December to about half of what it earned in the same period the year before
TOKYO -- Nissan's profit sank in October-December to about half of what it earned the year before, the automaker said Thursday, though it stuck to its earlier earnings forecasts.
Nissan Motor Co., based in the port city of Yokohama, reported its profit was 29 billion yen ($195 million) in the last quarter, down from 50.6 billion yen a year earlier.
Quarterly sales jumped nearly 10% to 3.1 trillion yen ($21 billion) for the maker of the Leaf electric car, Infiniti luxury models and Z sportscars.
Market conditions were especially difficult in China, Stephen Ma, Nissan's chief financial officer, told reporters. The Chinese auto market remains intensely competitive amid a price war between manufacturers, dominated by locals like BYD, with its strong EV offerings.
Nissan’s vehicle sales in China plunged 35% in April-December from the previous year. Nissan sales rose about 30% in the U.S. from a year earlier, helping to offset the China woes.
