Nissan Motor Co. lowered its net profit forecast for fiscal 2023 to 370 billion yen ($2.4 billion) from an initial 390 billion yen, citing a larger-than-expected fall in sales volume and cost relief measures.

The automaker also revised downward its operating profit estimate for the year ending March 2024 to 530 billion yen from the 620 billion yen forecast in February.

Nissan CEO Makoto Uchida said at an online press conference that the company had "decided it was necessary to provide further support" to suppliers struggling with rising costs.

It expects sales of 12.6 trillion yen, down from 13 trillion yen.

The revision comes after the company said last month that it plans to increase its annual sales by 1 million units by fiscal 2026 compared to fiscal 2023 under a new business plan.

==Kyodo

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