NSANF - Nissan raises profit outlook despite fewer expected car sales as chip crunch continues

Nissan (OTCPK:NSANY +4.1%) shares get a boost after the automaker raises its full-year operating profit to ¥180B ($1.6B) from an earlier ¥60B ($531M) due to higher margins. The company has been forced to lower production due to the semiconductor shortages affecting automakers around the world. Chief operating officer Ashwani Gupta told reporters that the semiconductor shortage would continue to be a "challenge" for automakers is Nissan will produce 600K fewer cars than previously forecast. But Nissan's strategy of reducing models by a fifth has paid off. Nissan's revamped models are seeing a surge in demand in the US and China following the pandemic and higher margins due to fewer sales promotions will contribute to Nissans bottom line. Nissan is the ninth ranked automobile manufacturer stock according to seeking Alpha's Quant Rating. Find out which stock is number one.

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Nissan raises profit outlook despite fewer expected car sales as chip crunch continues