Renault credits Nissan for 797 mn Euros to its CY23 earnings

Nissan's niche touch:  The Renault Group has attributed its healthy year 2023 financial earnings to the contribution from auto major Nissan. As per the company, Nissan's contribution to Renault Group for the full year 2023 amounting to 797 million Euros. 

Nissan hit by China sales  

Nissan Motor shares slumped more than 11 per cent in the Tokyo stock market trading on Friday, after a day earlier the auto maker put forth a bleak car sales projection for the present financial year. The weak projection came after Nissan recorded considerably healthy sales in the preceding year. However, amid worries about its business in China, the auto major is seen 

The 11 p fall put the shares on course for the biggest one-day drop since September 2001 and lost the stock around $1.8 billion in market value.

The Japanese automaker maintained its annual outlook on Thursday as it expected a more profitable product mix to offset a downwardly revised retail sales outlook for the current financial year of 3.55 million vehicles, down from 3.7 million.

"Especially given what's happening in China, we have revised our full-year forecast," Nissan CFO Stephen Ma told a press briefing after the release of the results.