Japanese automaker Nissan reports 92% jump in profit as sales surge

abcnews.go.com:

Nissan’s profit for the fiscal year through March has jumped 92% to 426.6 billion yen, or $2.7 billion, as the Japanese automaker’s sales grew in all major global markets except China

TOKYO — Nissan’s profit for the fiscal year through March jumped 92% to 426.6 billion yen ($2.7 billion) as sales grew in all major global markets except China, the Japanese automaker said Thursday.

Annual sales surged nearly 20% to 12.7 trillion yen ($81.5 billion), Nissan Motor Co. said.

For the January-March quarter, profit at Nissan, based in the port city of Yokohama, edged down slightly to 101.3 billion yen ($650 million) from 106.9 billion yen.

Quarterly sales rose 13% to 3.5 trillion yen ($22 billion) for the maker of the Leaf electric car, Infiniti luxury models and Z sportscars.

Chief Executive Makoto Uchida said Nissan was aiming for further growth under a strategy called “The Arc,” kicking in from last month, focusing on electric vehicles to boost sales.

“We will do this step by step with a balanced product portfolio and by implementing optimal business strategies,” he told reporters.

Nissan hopes to maintain its leadership in electric vehicles in the Japanese market with its Ariya sports-utility vehicle. Its new U.S. models include the Armada and Murano SUVs, and the Infiniti QX80 luxury model.

Nissan has said it will mass produce electric vehicles powered by next-generation batteries by early 2029, offering solid-state batteries in a range of models, including pickup trucks.

In March, Nissan and domestic rival Honda Motor Co. said they will work together in developing electric vehicles and auto intelligence technology. When asked by a reporter, Uchida said he could not comment yet beyond the announcement.

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