Nissan’s 2023 Net Profit Doubles On Post-Pandemic Growth

Nissan Motor Co. said that its net profit for the year ended March almost doubled from a year earlier to 426.65 billion yen ($2.7 billion), as vehicle sales grew following the coronavirus pandemic and a weaker yen boosted its overseas profit, Kyodo News reported.

Nissan's sales for 2023 jumped by 19.7% to a record 12.69 trillion yen, while operating profit rose by 50.8% to 568.72 billion yen. I Photo: Nissan Facebook

Its sales for 2023 jumped by 19.7% to a record 12.69 trillion yen, while operating profit rose by 50.8% to 568.72 billion yen, the Japanese automaker said. Nissan's global vehicle sales for the reporting year grew by 4.1% to 3.44 million units, lifted by upbeat results in North America and Europe.

"We have been steadily improving our financial strength even in the face of a severe business environment where the market is being fragmented and competition is intensifying," CEO Makoto Uchida said at a press conference.

Sales in North America rose by 23.3% to 1.26 million cars, while those in Europe expanded by 17.2% to 361,000 vehicles.

In Japan, Nissan saw a 6.5% increase to 484,000 units. Nissan continued to struggle in China due to intensifying competition, logging a 24.1% drop to 794,000 vehicles, Mainichi Shimbun also reported.