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Nissan shares plummet as Q3 earnings highlight China worries

2024.02.08 22:27


© Reuters. FILE PHOTO: A Nissan Max-Out idea automobile is displayed on the Auto Shanghai present, in Shanghai, China, April 18, 2023. REUTERS/Aly Song/File Photo

TOKYO (Reuters) -Nissan Motor noticed its shares plunge as a lot as 11.7% on Friday in what may change into their largest selloff since 2001, after the automaker trimmed its gross sales quantity forecast for this monetary yr and amid worries about its enterprise in China.

The decline wiped round $1.8 billion off the inventory’s market worth and put Nissan (OTC:) on observe for its largest single-day drop since falling greater than 12% in September 2001.

Nissan maintained its annual working revenue view of 620 billion yen ($4.15 billion) on Thursday as it anticipated a extra worthwhile product combine to offset a downward revision to its gross sales outlook, to three.55 million autos from 3.7 million.

“Especially given what’s happening in China, we have revised our full-year forecast,” Nissan Chief Financial Officer Stephen Ma instructed a press briefing after the discharge of earnings outcomes.

“This reflects challenges including intensifying competition and logistics issues around our key markets.”

The Japanese automaker has responded to a 26% fall in nine-month retail gross sales quantity in China by taking steps to mitigate industry-wide challenges and increase competitiveness on the earth’s largest automobile market, Ma mentioned.

Industry-wide, China car gross sales rose 12% final yr versus the yr earlier to 30.1 million autos, confirmed knowledge final month from the China Association of Automobile Manufacturers.

Nissan shifted its China ways to give attention to regaining gross sales in cities and areas the place electrification is going on at a slower tempo, Ma instructed the briefing.

That helped the automaker improve gross sales by 19% year-on-year to 247,000 autos within the closing three months of final yr, he mentioned.

“We aim to stay in China and we want to be a relevant player and a sizeable player in China,” Ma mentioned.

($1 = 149.2700 yen)

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