Japan’s Nissan returns to profit despite chips shortages

By YURI KAGEYAMA
AP Business Writer

TOKYO (AP) — Japanese automaker Nissan has returned to profitability for the first time in three fiscal years, despite challenges such as supply shortages caused by the pandemic and soaring costs.  Nissan reported a profit of 215.5 billion yen, or $1.7 billion, for the fiscal year through March, a reversal from the loss recorded the previous fiscal year. Annual sales rose 7%. The company’s Chief Executive Makoto Uchida said semiconductor supply shortages will remain a challenge in coming months. Higher raw materials prices, lockdowns in China and the war in Ukraine were also reasons for concern.