Nissan net profit more than halves in April-June amid chip shortage

Economy

Nissan Motor Co. said Thursday its group net profit fell 58.9 percent to 47.11 billion yen ($347.5 million) in the three months ended June amid a chip shortage and rising material costs. Operating profit in the first quarter of fiscal 2022 dropped 14.2 percent to 64.91 billion yen on sales of 2.14 trillion yen, up 6.4 percent. The Japanese automaker maintained its earnings forecasts for the full business year through March.

Kyodo News

Kyodo News