Nissan Motor Co., Ltd. revised its financial outlook for the full fiscal 2024 on Thursday, sharing that it now expects a net loss of between ¥700 billion and ¥750 billion (approximately between $4.9 billion and $5.3 billion).

"The revision is due to costs related to its ongoing turnaround plan, and other factors," the company detailed in a press release. In its previous forecast, Nissan expected a net loss of ¥80 billion. Meanwhile, operating profit expectations for the full year 2024 were lowered from ¥120 billion to ¥85 billion.

On the other hand, net revenue projections were increased from ¥12.5 trillion to ¥12.6 trillion. "Despite the anticipated net loss, Nissan remains in a solid cash position, expecting to end fiscal year 2024 with net cash of 1.498 trillion yen," the firm remarked. The official earnings report will be released on May 13.