Nissan returns to profit, ups forecast despite chips crunch

Nissan has reported a $479 million profit for the last quarter, a reversal from the loss it racked up a year earlier

TOKYO -- Nissan reported a profit for the July-September quarter, managing to reverse earlier losses despite challenges that include shortages of computer chips and rising costs for materials.

The 54.1 billion yen ($479 million) profit for the last quarter compared with a 44 billion yen loss racked up in the same period of 2020.

Quarterly sales edged up 1% to 1.94 trillion yen ($17 billion), as Nissan Motor Co. vehicle sales rose in Japan and the rest of Asia, while declining in North America and Europe.

Chief Operating Officer Ashwani Gupta began his presentation by apologizing to customers for disruptions to deliveries of products because of the chips crunch, which has affected all the major automakers including Toyota Motor Corp.