Nissan profits plunged almost 60% in first quarter amid Shanghai lockdown and chip shortage

Car giant Nissan said Thursday that net profit sank nearly 60% in the three months to June, as pressures including a lockdown in Shanghai and chip shortages weighed on business.

The firm, which in May reported a positive full-year net profit for the first time in three years, said it logged a net profit of ¥47.1 billion ($347 million), down 58.9% on the year.