YOKOHAMA, Japan – Nissan Motor Co., Ltd. today announced financial results for the nine-month period to December 31, 2017.

Nissan generated an operating profit of 364.2 billion yen on net revenues of 8.53 trillion yen, equivalent to an operating margin of 4.3%. During the period, the Group’s performance was adversely impacted by special items related to the final vehicle inspection issue in Japan, along with slowing sales growth, negative pricing trends and inventory adjustments in the U.S. market.

Net Income reached 578.1 billion yen, up 163.9 billion yen, as the reduction in operating profit was more than offset by increased net non-operating income and the favourable impact of U.S. tax reform.


Nine-Month Financial Highlights

The following table summarizes Nissan’s financial results for the nine-month period to December 31, 2017, calculated under the equity accounting method for the Group’s China joint venture.

(TSE report basis – China JV equity basis)1

Yen in billions



% change year on year

Revenues 8,264.8 8,528.0 +3.2
Operating profit 503.2 364.2 -27.6
Operating margin % 6.1 4.3 -1.8ppt
Ordinary profit 590.2 496.7 -15.8
Net income2 414.2 578.1 +39.6

Year-on-year comparisons impacted by FY17 special items related primarily to final vehicle inspection issue in Japan and FY16 divestiture of Calsonic Kansei.
Based on average foreign exchange rates of JPY 111.7/USD and JPY 128.6/EUR

Under the equity accounting method for the joint venture in China, Nissan reported an operating profit of 122.0 billion yen for the three-month period ending December 31, 2017, excluding the special items. The loss on special items in the third quarter totaled 39.6 billion yen – resulting from production disruption and higher domestic sales expenses associated with the final vehicle inspection issue. Including these special items, operating profit for the three-month period ending December 31, 2017 was 82.4 billion yen.

For the nine-month period, on a management pro forma basis which includes the proportionate consolidation of results from Nissan’s joint venture operation in China, operating profit was 474.8 billion yen on net revenues of 9.42 trillion yen.

Sales performance

For the nine-month period to December 31, 2017, Nissan’s global unit sales were 4.109 million units, an increase of 2.9% over the same period of fiscal year 2016.

In Japan, unit sales increased by 9.7% to 378,000 units as a sharp rise in mini-car demand offset a 3.4% decrease in registered car sales to 252,000 units due to the final vehicle inspection issue.

In the U.S., Nissan sales increased by 1.1% to 1.177 million units as demand continued for the Rogue and Rogue Sport.

Nissan unit sales in China, which reports figures on a calendar-year basis, increased 9.8% to 1.02 million units, representing a market share of 5.3% for the nine-month period, up 0.3 percentage points. For the 12 months to the end of December, Nissan sales outpaced the market and increased 12.2% to 1.52 million units. The company’s calendar-year market share reached 5.6%, up 0.6 percentage points versus the prior year.

In Europe, including Russia, sales rose 0.3% to 544,000 units, equivalent to a market share of 3.7%. In other markets including Asia and Oceania, Latin America, the Middle East and Africa, sales increased by 2% to 607,000 units due amid increased demand for models such as the Nissan Kicks and Datsun redi-GO.


Given the performance in the first nine months of the year, the company has revised its full-year forecasts. It expects to sell 5.78 million units in fiscal 2017.

The company has filed the following revised fiscal-year forecasts to the Tokyo Stock Exchange. Calculated under the equity accounting method for Nissan’s joint venture in China, the forecasts for the fiscal year ending March 31, 2018 are:

(FY17 Outlook: TSE report basis – China JV equity basis)1

Yen in billions Previous FY17 Forecast Revised FY17 Forecast % Change in Forecast
Net revenue 11,800 11,800 Unchanged
Operating profit 645 565 -12.4
Net income2 535 705 +31.8

1 Since the beginning of fiscal year 2013, Nissan has reported figures calculated under the equity method accounting for its joint venture with Dong Feng in China. Although net income reporting remains unchanged under this accounting method, the equity-accounting income statements no longer include Dong Feng-Nissan’s results in revenues and operating profit.

2 Net income attributable to owners of the parent


For detailed Nissan financial information and presentations:


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About Nissan Motor Co., Ltd.
Nissan is a global full-line vehicle manufacturer that sells more than 60 models under the Nissan, Infiniti and Datsun brands. In fiscal year 2016, the company sold 5.63 million vehicles globally, generating revenue of 11.72 trillion yen. Nissan engineers, manufactures and markets the world's best-selling all-electric vehicle in history, the Nissan LEAF. Nissan’s global headquarters in Yokohama, Japan, manages operations in six regions: Asia & Oceania; Africa, Middle East & India; China; Europe; Latin America; and North America. Nissan has a global workforce of 247,500 and has been partnered with French manufacturer Renault under the Renault-Nissan Alliance since 1999. In 2016, Nissan acquired a 34% stake in Mitsubishi Motors, which became the third member of the Alliance – a grouping with combined annual sales of almost 10 million units a year.

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