TOKYO — Nissan Motor and Honda Motor expect double-digit growth in net profit for the year ending March 2024 as the chip shortage wanes, though the Japanese automakers face challenges from tough competition in China and surging U.S. interest rates.
“It’s a tough environment, but production volume will grow from our new models and the recovery in the semiconductor supply chain,” Nissan President and CEO Makoto Uchida said Thursday at an online earnings event.