Nissan Motor Company today announced that it had record sales of 4.185 million vehicles and a profit of 537.5 billion yen ($6.27 billion) for the Japanese fiscal year 2010, ending March 31, 2011. Net revenues were ¥ 8.7731 trillion, ~$102.4 billion.
Nissan’s growth at 19% outpaced the total auto industry expansion, which grew 12.6% – from 64.5 million units in fiscal 2009 to 72.6 million worldwide in fiscal 2010.sales increased 19.1%. For the full year, overall global market share stood at 5.8%.
The Nissan financial results also surpassed those of Japan’s largest automaker, the Toyota Motor Corporation, which reported sales of 7.308 million cars and trucks and a profit of $6 billion yesterday. Nissan only built 25% of its vehicles in Japan compared to 45% at Toyota. (See Toyota Posts Fiscal Year Profit of $5 Billion, but Q4 Dives)
Nissan’s net income was ¥30.8 billion (~$380 million) for fourth quarter ending 31 March compared with to a ¥11.6 billion yen loss a year earlier. Sales rose 10% to ¥2.35 trillion. Nissan’s Japanese earthquake losses amounted to ¥39.6 billion (~$489 million) in the quarter. Further losses will be incurred going forward as Japanese production will not return to normal until later this year.
During the fourth quarter Toyota’s profit dropped to ¥25.4 billion (~ $314 million) from ¥112.2 billion a year earlier. During Q4 Toyota sold 1.79 million vehicles globally, which means it is in third place behind General Motors at 2.22 million vehicles and Volkswagen Group at 1.99 million. Nissan sales were 987,000.
“Our recovery efforts were effective, and new models launched in the second half – including the all-electric Nissan LEAF – boosted our brand and sales power in the world’s major markets,” said Nissan President and CEO Carlos Ghosn.
During the fiscal year, ten all-new products were released by Nissan globally: Juke, Elgrand, Serena, Moco, Infiniti QX, Quest, Murano Cross Cabriolet, NV series, Sunny and the zero-emission Nissan LEAF.
Sales in China, Nissan’s largest market worldwide, reached a record 1,024,000 units, a 35.5% increase. In North America, sales were 1,245,000 units, up 16.6%; United States sales were 966,000 units, up 17.3%. Across Europe, sales were 607,000 units, up 19.3%. In Japan, sales were 600,000 units, down 4.7%. Other markets totaled 709,000 units, up 28.2%.
“The March 11 earthquake in Japan significantly disrupted our operations, but Nissan is once again proving its resilience in the face of adversity,” said Ghosn. “We have repeatedly demonstrated our experience in recovering short-term performance while protecting strategic, long-term priorities. Although the effects of this tragedy continue to affect our operations, we are poised for a robust recovery.”
On February 9, 2011, Nissan filed the following forecast with the Tokyo Stock Exchange, based on foreign exchange rates of 85.4 yen/dollar and 112.5 yen/euro, for the fiscal year ending March 31, 2011:
- Net revenues of 8.8 trillion yen (US $103.04 billion, euro 78.22 billion);
- Operating profit of 535 billion yen (US $6.26 billion, euro 4.76 billion);
- Ordinary profit of 530 billion yen (US $6.21 billion, euro 4.71 billion); and
- Net income of 315 billion yen (US $3.69 billion, euro 2.80 billion).
The amounts in dollars and euros for the results are translated at foreign exchange rates of 85.7 yen/dollar and 113.1 yen/euro, the average rates for the fiscal year ending March 31, 2011.