Nissan Eyes Return to Annual Profit After Strong Q1 Results

CRISIS-hit Japanese carmaker Nissan upgraded its annual outlook Wednesday, projecting a return to the black, after a strong first quarter performance fuelled by a recovery from the impact of the coronavirus crisis.

However, the firm warned that while it was upbeat, there were still headwinds while analysts warned a chip shortage could also pose problems and it faced “a crucial year”.

The firm has faced a series of trials in recent years, from weak demand during the pandemic to the fallout from the arrest of former boss Carlos Ghosn, now an international fugitive in Lebanon.

But CEO Makoto Uchida hailed a “strong performance in the first three months of our new fiscal year” as the company pursues a restructuring programme.

For the three months to June, Nissan logged a 114.5 billion yen net profit, compared with a 285.6 billion yen net loss in the same period last year.

It also