UPDATE 2-Nissan says U.S. discounts remain a sore spot as Q2 profit tumbles [Reuters]
Toyota Motor Corporation (TM)
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Source: Reuters
Nissan says U.S. discounts remain a sore spot as second-quarter profit tumbles | Reuters 4 Min Read YOKOHAMA (Reuters) - Nissan Motor Co Ltd ( 7201.T ) on Thursday said it had more work to do to rein in U.S. vehicle discounts to improve profit in its key market, after it took a surprisingly big profit hit from sluggish sales as well as currency moves in the second quarter. Japan’s second-biggest automaker and domestic rivals including Toyota Motor Corp ( 7203.T ) have struggled with low profit in North America for the past two years as they expanded discounts in an increasingly competitive U.S. market where vehicle sales have plateaued near record highs. “Unfortunately we can’t say that we’ve been able to lower incentives significantly,” Chief Financial Officer Hiroshi Karube told reporters at an earnings briefing. During the July-September quarter, the automaker eked out only a 1 percentage point improvement in incentives as a proportion of vehicle sales revenue, he added. “We’re
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