Nissan Motor announced on July 25 that its operating profit from April to June this year plummeted 99 percent from last year.

The carmaker’s operating profit for the quarter stood at 995 million yen (USD 6.4 million), down from 12.86 billion yen recorded during the same period in 2023.

One of the reasons for the decline is attributed to a decrease in sales volume in the key US market.

Nissan said one of the factors contributing to the profit plunge is that its emphasis on electric vehicles did not accommodate the mounting demand for hybrid cars in the US market.