TOKYO (AP) 鈥� Japanese automaker Nissan said Wednesday it reduced losses for the fiscal year through March, but remained in the red, battered by , inflation and intensifying competition.
Nissan Motor Corp., based in the port city of Yokohama, reported a 533 billion yen ($3.4 billion) loss, smaller than the 670.9 billion yen in red ink racked up the previous fiscal year.
Nissan鈥檚 annual sales fell 5% to 12 trillion yen ($76 billion.)
said Nissan was making steady progress and seeing 鈥渃lear signs鈥� of a turnaround.
鈥淲e have moved beyond recovery and are entering a phase of growth,鈥� he said. 鈥淲e will build on this momentum through disciplined cost management and faster product execution, driving sales and profitability.鈥�
On a quarterly basis, Nissan had a net loss of 282.9 billion yen ($1.8 billion) in the January-March period, compared to the 676 billion yen loss the same period a year ago.
Quarterly sales declined nearly 2% to 3.43 trillion yen ($22 billion).
Nissan said it was working on cost cuts and other efforts to become more profitable. It said it managed to record a better-than-expected operating profit and expects better results for the current year with .
Nissan, which makes the Altima sedan, Pathfinder sport utility vehicle, Leaf EV and Infiniti luxury models, sold 3.15 million vehicles globally during the fiscal year ended March 31.
Despite the positive spin the executives tried to put on their revival plan, the automaker鈥檚 financials are in their worst shape in years. Nissan is slashing thousands of jobs and .
Nissan said it expects to revert into the black for the fiscal year through March 2027, eking out a 20 billion yen ($127 million) profit.
Japanese automakers have all struggled amid powerful competition from the newer , now dominating Asian markets.
There were talks in recent years for Nissan to merge some operations with Japanese rival Honda Motor Co., which has also been struggling, but . Although a merger is out, there may be limited cooperative partnerships.
Nissan stocks, which have zigzagged over the past year, finished 4% higher.
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Yuri Kageyama is on Threads:
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