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Nissan and Toyota Set the Bar Lower than GM and Ford

Toyota and Nissan are giving more warning signals about the road ahead than their American peers. This is misleading: The Japanese players may actually handle it better.

Nissan said it expected an operating profit of 250 billion yen, equivalent to roughly $1.9 billion, for the year through March 2023—in line with what it achieved in the last fiscal year. Analyst forecasts currently average ¥316 billion, according to FactSet, so they may come down. Thursday’s announcement came after the Tokyo close, but shares in French car maker Renault , which owns 43% of Nissan, fell about 7% in European trading.