EV motor maker Nidec cuts profit outlook on intense China competition

E-Axle-focused segment takes restructuring charge as quarterly sales fall by half

20240124N Nidec main

Nidec's profit for the year is expected to be its second-highest amount on record, despite the downward revision. (Photo by Kosaku Mimura)

YUJI OHIRA and HIROTAKA TAMAOKA, Nikkei staff writers

KYOTO, Japan -- Japanese motor maker Nidec on Wednesday lowered its profit forecast for the year ending March in light of restructuring costs in its EV parts business stemming from a competitive Chinese market.

The company lowered guidance for consolidated net profit to 135 billion yen ($910 million), down 30 billion yen from the prior forecast.

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