Nissan reports surging profit amid strong sales, easing chip crunch

By YURI KAGEYAMA
AP Business Writer

TOKYO (AP) — Japanese automaker Nissan is reporting a seven-fold surge in January-March profit and forecasting strong sales for this fiscal year riding on the popularity of its new model offerings. Nissan’s net profit for the fiscal fourth quarter totaled 106.9 billion yen, or $798 million, up dramatically from 14.2 billion yen a year ago. Quarterly sales jumped 36% amid an easing of the supply shortage of computer chips, caused by social restrictions related to the coronavirus pandemic. Chief Executive Makoto Uchida says Nissan is working on all-solid-state batteries for its electric models, as the world makes a rapid shift toward green technology.