Nissan swings to a first-quarter profit as auto demand recovered in North America

Article by Christian A., on August 27, 2010

As auto demand continued to recover in North America and as sales surged in Asia, Nissan Motor Co. was able to record a first-quarter profit. In a statement, Nissan revealed that it had net income of 106.6 billion yen ($1.22 billion) for the quarter that ended on June 30, compared with a 16.5 billion yen loss a year earlier.

These results exceeded the 58 billion yen average of three analysts surveyed by Bloomberg as sales increased to 2.05 trillion yen from 1.5 trillion yen.

CEO Carlos Ghosn said that Nissan's global sales are expected to rise by 8% this fiscal year.

The increase will be boosted by the launch of 10 new models, including the Leaf electric car and the March compact. In China, its sales rose by 68% when compared to the same period the previous year.

While in Japan, sales were boosted due to government subsidies. Hiroaki Osakabe, a fund manager at Tokyo-based Chiba-gin Asset Management Co., said that in Japan and China, Nissan's sales are "growing very well" when compared to that of rivals Honda and Toyota.

Nissan intends for its March car to start selling in China next month and for its annual production capacity in the nation to increase by nearly 70% to 900,000 units by 2012.

When it comes to Asian sales (excluding Japan), a 62% increase was reported in the quarter to 308,000 vehicles.

In Japan, sales rose by 19% to 138,000 units. Sales in North America increased by 23% to 278,000 units. In a statement, Ghosn said that market conditions continue to be "challenging" but that its performance indicates the "strong demand" for Nissan's products.

If you liked the article, share on:

Comments

Recommended

An RHD (right hand drive) BMW M4 DTM Champion Edition has been listed to be for sale by Romans International, UK’s leading supercar dealership. The first owner of this rare...
by - May 24, 2017
Audi will be offering something exciting for its United Kingdom market. The company announced that it will be adding new features as standard to the A4 range. It also confirmed...
by - May 24, 2017
You guys are probably aware of the collaboration between Mercedes-Benz and Renault-Nissan. Knowing this, you would expect that both companies will come up with something impressive. Sources say that the...
by - May 24, 2017
Amongst all sports cars on the planet, which one is the world’s best-selling model? Would you have guessed that it is the Ford Mustang? According to IHS Markit’s global automotive...
by - May 24, 2017
It’s not a bird. It’s not a plane. It’s Kris Singh’s blue carbon flying machine! Time stood still for a few minutes after the extremely rare Pagani Huayra BC Macchina...
by - May 24, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries