TOKYO — The fiscal year ended March 31 was a challenge for Japan's automakers, as it was elsewhere. But leaner operations, favorable exchange rates and high demand for profitable models in the U.S. market helped bottom lines — even as the automakers warned the current fiscal year would be a tough one hammered by soaring raw material costs and supply chain uncertainty.
Nissan Motor Co.: Posted a $2 billion operating profit for the just-ended fiscal year, a turnaround from two fiscal years of red ink. The rebound puts Nissan ahead of schedule in achieving CEO Makoto Uchida's goal of delivering a sustainable 5 percent operating profit margin by March 31, 2024.
Part of the financial improvement came through the automaker cutting global capacity by 20 percent, trimming the number of nameplates by 15 percent and slashing about $2.87 billion in fixed costs.