Nissan Cuts Profit Forecast 20% After China Sales Plunge
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Nissan Motor Co., the top Japanese seller of vehicles in China, cut its full-year net income forecast 20 percent after consumer backlash stemming from a territorial dispute sent sales lower in its largest market.
Net income may total 320 billion yen ($4 billion) for the year ending March 31, compared with its earlier estimate of 400 billion yen, the Yokohama, Japan-based company said in a statement today. The carmaker cut its operating income forecast to 575 billion yen from 700 billion yen, and lowered its global vehicle sales target by 5 percent to 5.08 million units.