Nissan has cut its annual profit forecast by 20% owing to tumbling Chinese sales after a territorial dispute between Japan and the world's second largest economy.
The Yokohama-based carmaker joined Honda and Toyota in suffering plummeting demand due to a consumer boycott over the islands, called Senkaku in Japan and Diaoyu in China. Nissan cut its full-year net profit forecast by a fifth to $4bn (£2.5bn), reflecting its dependence on a market that accounts for more than a quarter of sales. The scale of the boycott was revealed by October sales figures, which showed that Nissan and its Chinese joint venture sold 64,300 vehicles – a decline of 41% on the same month last year. Toyota and Honda reported Chinese sales slumps of 49% and 41% respectively in September.Read Article