Nissan Motor Company (7201T and NSANY ADR)* today announced financial results for the full year and the fourth quarter of the Japanese fiscal year 2024, ending 31 March 2025. During FY2024, global sales remained at 3.346 million units impacted by “intensified sales competition.” Nissan’s consolidated net revenue was ¥12.6 trillion yen, resulting in an operating profit of ¥69.8 billion with a razor thin operating margin of 0.6%. Net loss was, gasp, ¥670.9 billion (~$4.5 billion), which is improved from its previous forecast of a net loss of ¥700 – ¥750 billion for fiscal year 2024. Free cash flow and operating profit in the automotive business were both negative, automotive net cash was ¥1.498 trillion. (Based on average exchange rates of 153 JPY /USD and 164 JPY /EUR for FY2024.)
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“In the face of challenging FY24 performance and rising variable costs, compounded by an uncertain environment, we must prioritize self-improvement with greater urgency and speed, aiming for profitability that relies less on volume. As new management, we are taking a prudent approach to reassess our targets and actively seek every possible opportunity to implement and ensure a robust recovery. Re:Nissan is an action-based recovery plan clearly outlines what we need to do now. All employees are committed to working together as a team to implement this plan, with the goal of returning to profitability by fiscal year 2026,” said Ivan Espinosa, Nissan President and CEO. Continue reading
GM and LG Energy Solution to Make Prismatic Cells in U.S.
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General Motors (NYSE: GM) said today that it will with LG Energy Solution (KRX: 373220),* commercialize lithium manganese-rich (LMR) prismatic battery cells for future GM electric trucks and full-size SUVs. The announcement could be a battery technology breakthrough with significant sales and marketing advantages. This builds on a partnership between the two companies to develop prismatic battery cell technology and related chemistries.
“GM aims to become the first automaker to deploy LMR batteries in EVs. Ultium Cells, a GM and LG Energy Solution joint venture, plans to start commercial production of LMR prismatic cells in the United States by 2028, with pre-production expected to begin at an LG Energy Solution facility by late 2027. The final production-design of these LMR battery cells will be validated at GM’s Battery Cell Development Center in Warren, MI, which is expected to open earlier that year, as well as LG Energy Solution’s facility,” GM said. Continue reading →