On July 25, 2024, Nissan Motor Co., Ltd. announced its financial results for the first quarter of fiscal year 2024 (April 1, 2024 – June 30, 2024) and held an online financial results briefing. During the first-quarter financial announcement, Nissan unveiled teasers of new models, including the Patrol, Armada, Murano SUV, and a compact SUV. Nissan’s operating profit fell 99.2%, leading to a revised target.
Many new models announced in first quarter financial results for fiscal 2024
Nissan teased a slew of new models during its fiscal 2024 first-quarter financial results, notably the new Patrol, its Armada sibling, the sporty Murano, and a mysterious compact crossover.
Among the many graphs and figures displayed, one that particularly caught my eye was a slide showing Nissan’s new flagship models, including the new Infiniti QX80, the new Nissan Kicks, the recently facelifted Nissan Note Aura, and the Nismo version of the Nissan Ariya.
The aforementioned models have already been revealed, so the real focus is on the four silhouettes seen behind them. Two of these have similar proportions to the Infiniti QX80, making them likely twins to the new Patrol (for the Middle East) and Armada (for the US). It’s unclear at this point how different these large SUVs will be in terms of exterior design.
The mid-size SUV on the right is likely the new Murano, which is due to debut in North America soon as a 2025 model. The car will feature a muscular rear shoulder and a sleek roofline, consistent with the split headlight design revealed in recent spy shots.
Nissan teases Patrol, Armada, Murano, and a mysterious small SUV
The final model appears to be a fairly small crossover or SUV. No details were given during the presentation, so we can only speculate based on recent reports. Its proportions make it more likely to be a subcompact SUV, and not the much-anticipated Nissan Leaf crossover.
The teaser could also be a preview of the all-electric Nissan Juke, which is rumored to debut between 2025 and 2027. The model will be sold in Europe alongside the ICE-powered Juke, which first appeared in 2019 and will be updated with a new infotainment system in 2024.
Despite sluggish performance, optimism for the future
Revenues for the first quarter of fiscal year 2024 increased 2.8% to ¥2,998,395 million from ¥2,917,660 million in the same period last year. However, operating profit decreased 99.2% to just ¥995 million from ¥128,595 million in the same period last year. Operating profit margin was 0.0%, and net income also decreased 72.9% to ¥28,562 million from ¥105,475 million in the same period last year. Global sales volume decreased 2,000 units to 787,000 units from 789,000 units in the same period last year.
In the financial results for this quarter, all indicators except for sales declined compared to the same period last year, with operating profit in the automotive business falling from 34.4 billion yen to a loss of 74 billion yen. In addition, free cash flow also deteriorated significantly, from a profit of 109.5 billion yen to a loss of 302.8 billion yen.
Nissan CEO Makoto Uchida highlighted upcoming regional launches as the company looks to bounce back after a tough first quarter. He highlighted the new Armada and Murano for the U.S. market, aiming to recapture customer interest alongside the Infiniti QX80.
In the European market, the electric e-Power versions of the Juke, Qashqai and X-Trail will be key, while the new Patrol will soon be launched in the Middle East. In Japan, the focus will be on the Note hatchback, Serena minivan, and Sakura and Dayz kei cars.
Nissan News Release
https://global.nissannews.com/ja-JP/releases/240725-01-j
Nissan financial results
