Financial Results for the Three Months Ended June 30, 2024
(Japanese Accounting Standards) (Consolidated)
July 25, 2024
<Tokyo Stock Exchange in Japan>

Company name :Nissan Motor Co., Ltd.

Code no :7201

Representative :Makoto Uchida, Representative Executive Officer, President and Chief Executive Officer

Contact person :Julian Krell, Vice President, IR Department(URL https://www.nissan-global.com/EN/IR/)
Tel. (045) 523 - 5523

Scheduled date of payment of cash dividends : ―The additional materials of the Financial Results : Yes
The briefing session of the Financial Results : Yes(Amounts less than one million yen are rounded)

1. Consolidated Financial Results for the Three Months Ended June 30, 2024 (April 1, 2024 through June 30, 2024)<1> Consolidated operating results(Percent indications show percentage of changes from corresponding figures for the previous period.)
Net sales
Three Months Ended

Operating income

Net income attributable toowners of parent

Ordinary income

Millions of yen％

Millions of yen％

Millions of yen％

Millions of yen％

June 30, 2024

2,998,395

2.8

995

(99.2)

65,128(60.9)

28,562(72.9)

June 30, 2023

2,917,660

36.5

128,595

98.1

166,579

60.1

105,475

123.9

Note : Comprehensive income : 231,762 million yen for the three months ended June 30, 2024, (43.9%)
413,097 million yen for the three months ended June 30, 2023, (14.6%)

Basic earnings
per share
Three Months Ended

Diluted earnings
per shareyenyenJune 30, 2024

7.77

7.77

June 30, 2023

26.93

26.93

<2> Consolidated financial position
Total assets

Net assets asa percentage of
total assets

Net assets

Millions of yen

Millions of yen％

FY2024 1st quarter

20,173,236

6,589,191

30.1

FY2023

19,855,151

6,470,543

30.1

Reference: Net assets excluding share subscription rights and non-controlling interests: 6,081,875 million yen as of June 30, 2024,
5,981,647 million yen as of March 31, 2024

2. Dividends
Annual cash dividends per shareat 1st quarter end at 2nd quarter end at 3rd quarter end at fiscal year end
yen

FY2023―

FY2024

―

yen

yen

5.00

―
―

―

FY2024 forecast

Total

yen

yen

15.00

20.00

―

25.00

Note : Changes in dividends forecast for FY2024 from the latest disclosure : No
For FY2024 forecast, allocation of cash dividends per share between 2nd quarter end and fiscal year end has not yet been determined.

3. Forecast of consolidated operating results for FY2024 (April 1, 2024 through March 31, 2025)(Percent indications show percentage of changes from corresponding figures for the previous period.)
Net sales
Millions of yen

FY2024 1st half
FY2024―14,000,000

Net income attributable toowners of parent

Operating income％

Millions of yen％

Millions of yen

―

―

―

―

10.4

500,000(12.1)

300,000(29.7)

Forecast of consolidated operating results for FY2024 1st half is not prepared.

yen

％

―

Note: Changes in forecast of consolidated operating results for FY2024 from the latest disclosure : Yes

Basic earnings
per share―81.95

※ Notes<1> Significant changes in consolidation scope

:

None

<2> Adoption of specific accounting policies for quarterly consolidated financial statements:

Applicable

Note: See attached page 9 "(4) Notes to quarterly consolidated financial statements - (Adoption of specific accounting policies for quarterly consolidated financial statements) "<3> Changes in accounting policies, accounting estimation change and restatement<3>-1 Changes in accounting policies due to the revision of the accounting standards.

:

None

<3>-2 Changes in accounting policies except for those in <3>-1

:

None

<3>-3 Changes due to accounting estimation change

:

None

<3>-4 Restatement

:

None

<4> Number of shares issued<4>-1 Number of shares issued at the end of the period (including treasury stocks)

FY2024 1st quarter

3,909,472,212 shares

FY2023

4,009,715,112 shares<4>-2 Number of treasury stocks at the end of the period

FY2024 1st quarter

255,449,948 shares

FY2023

269,511,941 shares<4>-3 The average number of shares issued during the three months ended June 30

FY2024 1st quarter

3,676,190,799 shares FY2023 1st quarter 3,916,656,056 shares※ Reviewed by the external auditor： Yes (Optional)※ Explanation regarding the appropriate use of forecast of operating results
The financial forecast of operating results is based on judgements and estimates that have been made using currently available information.
By nature, such financial forecast is subject to uncertainty and risk. Therefore, the final results might be significantly different from theaforementioned forecast due to changes in economic environments related to our business, market trends, exchange rate, etc.
For other remarks, please refer to "3.Other Information" on page 14.

Nissan Motor Co., Ltd. (7201)
Financial Results for the First Quarter Ended June 30, 2024

【Table of Contents】
1.

2.

3.

Overview of the operating results, etc. ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

2(1)

Operating results ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

2(2)

Cash flows ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

2

Quarterly Consolidated Financial Statements ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

3(1)

Quarterly consolidated balance sheet ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

3(2)

Quarterly consolidated statement of income and quarterly consolidated statement of comprehensive income ・・・・

5

Quarterly consolidated statement of income ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

5

Quarterly consolidated statement of comprehensive income ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

6(3)

Quarterly consolidated statement of cash flows ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

7(4)

Notes to quarterly consolidated financial statements ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

9(Notes to events and conditions which indicate there could be substantial doubt about going concern assumption) ・9(Note to significant changes in shareholders' equity) ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

9(Adoption of specific accounting policies for quarterly consolidated financial statements)

・・・・・・・・・・・・・・・・・・

9(For consolidated balance sheets) ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

9(Segment information) ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

10

Other Information ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

14

Independent Auditor’s Interim Review Report on Quarterly Consolidated Financial Statements-1-

Nissan Motor Co., Ltd. (7201)
Financial Results for the First Quarter Ended June 30, 2024

1. Overview of the operating results, etc.
(1) Operating results
The global industry volume for the three months ended June 30, 2024 increased by 3.8% from the corresponding period of thelast year ("last year") to 20.56 million units. Global retail sales volume of the Group decreased by 0.2% from last year to 787
thousand units. Net sales of the Group totaled ¥2,998.4 billion, increasing by ¥80.7 billion (2.8%) from last year. Operating
income totaled ¥1.0 billion, decreasing by ¥127.6 billion (99.2%) from last year. This was mainly due to an increase in selling
expense resulting from increased competition.
Net non-operating income totaled ¥64.1 billion for the three months ended June 30, 2024, increasing by ¥26.1 billion from lastyear. Ordinary income totaled ¥65.1 billion, decreasing by ¥101.5 billion (60.9%) from last year. Net special gains totaled ¥0.2
billion, improving by ¥37.5 billion from last year. Income before income taxes totaled ¥65.3 billion, decreasing by ¥63.9 billion(49.5%) from last year. Net income attributable to owners of parent totaled ¥28.6 billion, decreasing by ¥76.9 billion (72.9%)
from last year.

(2) Cash flows(Cash flows from operating activities)
Net cash used in operating activities was ¥253.6 billion in the three months ended June 30, 2024, declining by ¥389.4 billion
from ¥135.8 billion provided in the prior fiscal year. This was mainly due to a reduction in working capital due to the timingof payments and a decline in income.
(Cash flows from investing activities)
Net cash used in investing activities decreased by ¥14.7 billion to ¥210.1 billion in the three months ended June 30, 2024 from
¥224.8 billion used in the prior fiscal year. This was mainly due to a decrease in net payment (net difference between thepayment for purchase and the proceeds from sales) of leased vehicles in the sales finance business, despite an increase in thepurchase of fixed assets.
(Cash flows from financing activities)
Net cash used in financing activities decreased by ¥73.9 billion to ¥70.5 billion in the three months ended June 30, 2024 from¥144.5 billion of net outflow in the prior fiscal year. This was mainly due to lower repayment of borrowings when comparedto the prior fiscal year.
Free cash flows in the automobile business for the three months ended June 30, 2024 were negative ¥302.8 billion. The Group’s
net cash for the automobile business at June 30, 2024 declined from the end of the prior fiscal year by ¥142.2 billion to ¥1,403.8
billion.

-2-

Nissan Motor Co., Ltd. (7201)
Financial Results for the First Quarter Ended June 30, 2024

2.

Quarterly Consolidated Financial Statements(1) Quarterly consolidated balance sheet(in millions of yen)
Prior fiscal year

Current first quarter(As of March 31, 2024)(As of June 30, 2024)

AssetsCurrent assets
Cash on hand and in banks
Trade notes and accounts receivable, andcontract assets
Sales finance receivables

1,896,401

1,418,612

635,329427,387

7,418,200

7,962,732

235,745

255,708

1,279,001

1,404,630

Work in process

100,166

105,913

Raw materials and supplies

676,438

663,587

Other

796,505

827,731

Allowance for doubtful accounts(154,185)(163,654)

Total current assets

12,883,600

12,902,646

654,425

661,558

2,939,857

3,082,512

Securities
Merchandise and finished goods

Fixed assets
Property, plant and equipment
Buildings and structures, net
Machinery, equipment and vehicles, net
Land583,792

584,357

Construction in progress

247,191

191,207

Other, net

338,245

385,0764,763,510

4,904,710

186,469

182,037

1,379,078

1,472,258

Other

645,356

715,112

Allowance for doubtful accounts(7,425)(7,723)

Total investments and other assets

2,017,009

2,179,647

6,966,988

7,266,394

Bond issuance costs

4,563

4,196

Total deferred assets

4,563

4,196

19,855,151

20,173,236

Total property, plant and equipment
Intangible fixed assets
Investments and other assets
Investment securities

Total fixed assets
Deferred assets

Total assets-3-

Nissan Motor Co., Ltd. (7201)
Financial Results for the First Quarter Ended June 30, 2024

(in millions of yen)
Prior fiscal year

Current first quarter(As of March 31, 2024)(As of June 30, 2024)

Liabilities
Current liabilities
Trade notes and accounts payable
Short-term borrowings
Current portion of long-term borrowings

2,229,210

1,989,462

837,266

1,042,583

1,221,739

1,289,624

Commercial papers

103,262

27,797

Current portion of bonds

239,032

217,682

Lease obligations

46,78446,289Accrued expenses

1,119,093

1,130,868

112,678

118,644

Other

1,017,875

1,021,130

Total current liabilities

6,926,939

6,884,079

Bonds

2,351,216

2,459,152

Long-term borrowings

2,921,628

3,039,880

Lease obligations

90,46685,962

Accrued warranty costs

144,621

158,559

Accrued warranty costs

Long-term liabilities

Net defined benefit liability

154,439

159,222

Other

795,299

797,191

6,457,669

6,699,966

13,384,608

13,584,045

Total long-term liabilities
Total liabilities
Net assets
Shareholders’ equity
Common stock605,814605,814

Capital surplus

826,151

826,151

Retained earnings

4,285,508

4,198,182

Treasury stock(111,377)(105,067)

Total shareholders’ equity

5,606,096

5,525,080

3,500

4,120

13,15915,075(103,135)(107,759)

422,883

611,666

Remeasurements of defined benefit plans

39,14433,693

Total accumulated other comprehensive income

Accumulated other comprehensive income
Unrealized holding gain and loss on securities
Unrealized gain and loss from hedging
instruments
Adjustment for revaluation of the accounts of theconsolidated subsidiaries based on general pricelevel accounting
Translation adjustments

375,551556,795

Share subscription rights

304

302

Non-controlling interests

488,592

507,014

Total net assets

6,470,543

6,589,191

Total liabilities and net assets

19,855,151

20,173,236-4-

Nissan Motor Co., Ltd. (7201)
Financial Results for the First Quarter Ended June 30, 2024

(2) Quarterly consolidated statement of income and quarterly consolidated statement of comprehensive income
Three month period ended June 30
Quarterly consolidated statement of income(in millions of yen)
Prior first quarter

Current first quarter(From April 1, 2023
To June 30, 2023)(From April 1, 2024
To June 30, 2024)

Net sales

2,917,660

2,998,395

Cost of sales

2,420,000

2,597,136

Gross profit

497,660

401,259

Advertising expenses

71,65987,692

Provision for warranty costs

30,13537,691

Selling, general and administrative expenses

Other selling expenses

29,31152,000

Salaries and wages

113,331

125,521

5,110

6,741

Retirement benefit expenses
Provision for doubtful accounts

5,557

17,632

Other

113,962

72,987

Total selling, general and administrative expenses

369,065

400,264

128,595

995

14,713

14,424

Operating income
Non-operating income
Interest income
Dividends income34

31

Equity in earnings of affiliates

33,37237,788Derivative gain

20,64557,521

Miscellaneous income

9,874

30,074

Total non-operating income

78,638139,838

Interest expense

17,98819,282

Exchange loss

16,923

48,791Non-operating expenses

Miscellaneous expenses

5,743

7,632

Total non-operating expenses

40,65475,705

166,579

65,128

6,443

6,074

557

22

7,000

6,096

418

1,304

Loss on disposal of fixed assets

1,375

2,675

Other

42,538

1,925

Total special losses

44,331

5,904

Ordinary income
Special gains
Gain on sales of fixed assets
Other
Total special gains
Special losses
Loss on sales of fixed assets

Income before income taxes

129,248

65,320

Income taxes

18,37430,195

Net income

110,874

35,125

5,399

6,563

105,475

28,562

Net income attributable to non-controlling interests
Net income attributable to owners of parent-5-

Nissan Motor Co., Ltd. (7201)
Financial Results for the First Quarter Ended June 30, 2024

Quarterly consolidated statement of comprehensive income(in millions of yen)
Prior first quarter

Current first quarter(From April 1, 2023
To June 30, 2023)(From April 1, 2024
To June 30, 2024)

Net income

110,874

35,125

Other comprehensive income
Unrealized holding gain and loss on securities

(424)

66

Unrealized gain and loss from hedging instruments(5,734)

2,959

Adjustment for revaluation of the accounts of theconsolidated subsidiaries based on general price levelaccounting(2,872)(9,350)Translation adjustments

287,956

145,876

Remeasurements of defined benefit plans(8,700)(5,435)The amount related to equity method companies

31,99762,521

Total other comprehensive income

302,223

196,637

413,097

231,762

395,928

209,806

17,16921,956Comprehensive income(Breakdown of comprehensive income)Comprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests-6-

Nissan Motor Co., Ltd. (7201)
Financial Results for the First Quarter Ended June 30, 2024

(3) Quarterly consolidated statement of cash flows(in millions of yen)
Current first quarter(From April 1, 2024
To June 30, 2024)

Prior first quarter(From April 1, 2023
To June 30, 2023)
Cash flows from operating activities
Income before income taxes
Depreciation and amortization (for fixed assets excluding
leased vehicles)
Depreciation and amortization (for long-term prepaid expenses)

129,248

65,32085,852

91,994

9,210

9,991

Depreciation and amortization (for leased vehicles)

72,866

72,143

Increase (decrease) in allowance for doubtful accounts(1,128)2,857Interest and dividends income(14,747)(14,455)

Interest expense

61,96887,949Equity in losses (earnings) of affiliates(33,372)(37,788)

Loss (gain) on sales of fixed assets(6,025)(4,770)Loss on disposal of fixed assets
Decrease (increase) in trade notes and accounts receivable, andcontract assets
Decrease (increase) in sales finance receivables

1,375

2,675

229,851

228,727(171,612)(231,963)

Decrease (increase) in inventories(50,426)(36,375)

Increase (decrease) in trade notes and accounts payable(103,954)(316,812)

Retirement benefit expenses(1,679)(8,363)

Payments related to net defined benefit assets and liabilities(2,045)(2,775)

Other(1,017)(57,258)

Subtotal

204,365(148,903)

Interest and dividends received
Proceeds from dividends income from affiliates accounted forby equity method
Interest paid

15,104

18,292

4,435

16,672(49,385)(72,594)

Income taxes paid

(38,682)(67,053)

Net cash provided by (used in) operating activities

135,837(253,586)

Cash flows from investing activities
Net decrease (increase) in short-term investments

623

6,069

Purchase of fixed assets(92,858)(124,848)

Proceeds from sales of fixed assets

10,62812,260Purchase of leased vehicles(305,610)(374,980)

Proceeds from sales of leased vehicles

156,143

256,585

Payments of long-term loans receivable

(23)

(22)

Collection of long-term loans receivable

688

1,551

(3,158)(3,864)8

1,084

Net decrease (increase) in restricted cash

8,764

20,166

Other

(13)

(4,149)(224,808)(210,148)

Purchase of investment securities
Proceeds from sales of investment securities

Net cash provided by (used in) investing activities-7-

Nissan Motor Co., Ltd. (7201)
Financial Results for the First Quarter Ended June 30, 2024

(in millions of yen)
Prior first quarter

Current first quarter(From April 1, 2023
To June 30, 2023)(From April 1, 2024
To June 30, 2024)

Cash flows from financing activities
Net increase (decrease) in short-term borrowings(117,872)

80,922

Proceeds from long-term borrowings

372,800

272,086

Repayments of long-term borrowings(286,911)(299,428)

Redemption of bonds(59,103)

5,717

(0)

(59,490)

Repayments of lease obligations(13,737)(13,780)

Cash dividends paid

(39,174)(56,104)

(460)

(467)

Net cash provided by (used in) financing activities(144,457)(70,544)

Effects of exchange rate changes on cash and cash equivalents

83,74282,152

Increase (decrease) in cash and cash equivalents(149,686)(452,126)

Cash and cash equivalents at the beginning of the period

2,014,387

2,126,206

Cash and cash equivalents at the end of the period

1,864,701

1,674,080

Purchase of treasury stock

Cash dividends paid to non-controlling interests-8-

Nissan Motor Co., Ltd. (7201)
Financial Results for the First Quarter Ended June 30, 2024

(4) Notes to quarterly consolidated financial statements(Notes to events and conditions which indicate there could be substantial doubt about going concern assumption)
None(Note to significant changes in shareholders' equity)
Based on resolution at the meeting of the Board of Directors held on March 27, 2024, the Company acquired 100,243 thousand
shares of treasury stock and cancelled all these shares during the current first quarter. As a result, treasury stock decreased by¥6,292 million and retained earnings decreased by ¥59,786 million. The total number of outstanding shares after the cancellation
was 3,909,472 thousand shares.
(Adoption of specific accounting policies for quarterly consolidated financial statements)
Calculation of tax expense
Income taxes are determined based on the amount of income before income taxes for the current first quarter ended June 30,2024 multiplied by the effective tax rate, after adoption of tax-effect accounting, estimated for the entire fiscal year ending
March 31, 2025.
Deferred income taxes are included in income taxes.
(For consolidated balance sheets)
Contingent Liabilities
・ Lawsuits related to Takata’s airbag inflators
For ongoing lawsuits related to Takata’s airbag inflators, management has not recognized a provision for loss contingencies
because as of the date of this report it is not possible to reasonably estimate the amount, if any, of any potential future losses.
・ Lawsuits related to misstatements in Annual Securities Reports (“Yukashoken-Houkokusho”)
As a consequence of misstatements in Annual Securities Reports for each fiscal year in the past, there are some ongoingdomestic and foreign lawsuits.
The consolidated financial results may be affected by the progress of legal proceedings.

-9-

Nissan Motor Co., Ltd. (7201)
Financial Results for the First Quarter Ended June 30, 2024

(Segment information)【Current first quarter segment information】〔Net sales and profits or losses by reportable segment〕
Prior first quarter (From April 1, 2023 To June 30, 2023)
Automobile
Net sales
Sales to third parties
Inter-segment sales ortransfers
Total
Segment profits

Reportable segments
Sales
financing

Total

Elimination ofinter-segment
transactions

Prior firstquarter

2,657,051

260,6092,917,660―

2,917,660

45,55524,37569,930(69,930)―

2,702,606
27,742284,984
94,156

2,987,590
121,898(69,930)
6,697

2,917,660
128,595

Current first quarter (From April 1, 2024 To June 30, 2024)
Automobile
Net sales
Sales to third parties
Inter-segment sales ortransfers
Total
Segment profits (losses)(in millions of yen)

Reportable segments
Sales
financing

Total

Elimination ofinter-segment
transactions(in millions of yen)
Current firstquarter

2,694,293

304,1022,998,395―

2,998,395

53,17615,16068,336(68,336)―

2,747,469(87,275)

319,262
75,0303,066,731(12,245)(68,336)
13,2402,998,395
995

Notes: 1. Main products of each business segment(1)(2)

Automobile
Sales financing: passenger cars, commercial vehicles, manufacturing parts for overseas production, etc.
: credit, lease, etc.

2. In principle, the accounting method for the reportable segments is the same as the basis of preparation for the quarterly
consolidated financial statements. The segment profits are based on operating income. Inter-segment sales are based on theprice in arms-length transactions.

- 10 -

Nissan Motor Co., Ltd. (7201)
Financial Results for the First Quarter Ended June 30, 2024

[Consolidated financial statements by business segment]*Regarding summarized quarterly consolidated statements of income and summarized quarterly consolidated
statements of cash flows for the prior fiscal year, the Sales financing segment consists of Nissan Financial Services
Co., Ltd. (Japan), Nissan Motor Acceptance Company LLC (U.S.A.), NR Finance Mexico, S.A. de C.V. (Mexico),
Dongfeng Nissan Auto Finance Co., Ltd. (China), 13 other companies and the sales finance operations of Nissan
Canada, Inc. (Canada).
*Regarding summarized quarterly consolidated statements of income and summarized quarterly consolidated
statements of cash flows for the current fiscal year, the Sales financing segment consists of Nissan Financial
Services Co., Ltd. (Japan), Nissan Motor Acceptance Company LLC (U.S.A.), NR Finance Mexico, S.A. de C.V.
(Mexico), Dongfeng Nissan Auto Finance Co., Ltd. (China), 13 other companies and the sales finance operationsof Nissan Canada, Inc. (Canada).
*The financial data in the Automobile & Eliminations represent the differences between the consolidated figures andthose for the Sales financing segment.
1) Summarized quarterly consolidated statements of income by business segment
Automobile & Eliminations(in millions of yen)
Consolidated total

Sales financing

Prior first quarter(From April 1, 2023
To June 30, 2023)

Current first quarter(From April 1, 2024
To June 30, 2024)

Prior first quarter(From April 1, 2023
To June 30, 2023)

Current first quarter(From April 1, 2024
To June 30, 2024)

Prior first quarter(From April 1, 2023
To June 30, 2023)

Current first quarter(From April 1, 2024
To June 30, 2024)

Net sales

2,632,676

2,679,133

284,984

319,262

2,917,660

2,998,395

Cost of sales

2,252,359

2,390,602

167,641

206,5342,420,000

2,597,136

Gross profit

380,317

288,531

117,343

112,728

497,660

401,259

Operating income as a percentageof net sales

1.3%(2.8%)

33.0%

23.5%

4.4%

0.0%

Operating income (loss)

34,439(74,035)

94,15675,030128,595

995

Financial income / expenses, net(3,307)(5,031)66

204(3,241)(4,827)

Other non-operating income andexpenses, net

39,21469,906

2,011

(946)

41,22568,960Ordinary income (loss)

70,346(9,160)96,23374,288

166,579

65,12871,063(4,015)58,18569,335

129,248

65,32067,276(22,304)

38,19950,866

105,475

28,562

Income (loss) before income
taxes
Net income (loss) attributableto owners of parent

2) Summarized quarterly consolidated statements of cash flows by business segment
Automobile & Eliminations

Cash flows from operating
activities
Cash flows from investing
activities(Free Cash flow)
Cash flows from financing
activities
Effects of exchange rate changes
on cash and cash equivalents
Increase (decrease) in cash andcash equivalents
Cash and cash equivalents at the
beginning of the period
Cash and cash equivalents at
the end of the period

Sales financing(in millions of yen)
Consolidated total

Prior first quarter(From April 1, 2023
To June 30, 2023)

Current first quarter(From April 1, 2024
To June 30, 2024)

Prior first quarter(From April 1, 2023
To June 30, 2023)

Current first quarter(From April 1, 2024
To June 30, 2024)

198,239(192,112)(62,402)(61,474)

135,837(253,586)(88,759)(110,648)(136,049)(99,500)(224,808)(210,148)

109,480(302,760)(198,451)(160,974)(88,971)(463,734)(316,493)(194,534)

172,036

123,990(144,457)(70,544)

79,284

77,917

4,458

4,235

83,74282,152(127,729)(419,377)(21,957)(32,749)(149,686)(452,126)

1,900,184

2,014,343

114,203111,8632,014,387

2,126,206

1,772,455

1,594,966

92,246

79,114

1,864,701

1,674,080- 11 -

Prior first quarter(From April 1, 2023
To June 30, 2023)

Current first quarter(From April 1, 2024
To June 30, 2024)

Nissan Motor Co., Ltd. (7201)
Financial Results for the First Quarter Ended June 30, 2024

[Net sales and profits or losses by region]
Prior first quarter (From April 1, 2023 To June 30, 2023)
Other

Japan

North
America

498,271

1,610,162

329,722

183,113296,392

630,391

91,22559,666170,281

Total

1,128,662

1,701,387

389,388

Operating income(loss)(28,158)

132,048

6,986

Net sales(1) Sales to third
parties(2) Inter-segment
sales

Europeoverseas(in millions of yen)
Eliminations

Consolidated

2,917,660―

2,917,660

4,994

956,557(956,557)―

353,394

301,386

3,874,217(956,557)

2,917,660

16,78815,643

143,307(14,712)

128,595

Asia

countries

Total

Notes: 1. Regions represent the location of the Company and its group companies.
2. Areas are segmented based on their geographical proximity and their mutual operational relationship.
3. Major countries and areas which belong to segments other than Japan are as follows:
(1)
(2)
(3)
(4)

North America
EuropeAsia
Other overseas countries: The United States of America, Canada and Mexico: France, The United Kingdom, Spain and other European countries: China, Thailand, India and other Asian countries: Oceania, Middle East, South Africa and Central & South America excluding
MexicoCurrent first quarter (From April 1, 2024 To June 30, 2024)
Other

Japan

North
America

476,510

1,712,518

336,095

168,267

305,005

708,105

95,87087,511

220,679

Total

1,184,615

1,808,388

423,606

Operating income(loss)

53,740(20,930)(15,944)

Net sales(1) Sales to third
parties(2) Inter-segment
sales

Europeoverseas(in millions of yen)
Eliminations

Consolidated

2,998,395―

2,998,395

5,042

1,117,207(1,117,207)―

388,946

310,047

4,115,602(1,117,207)

2,998,395

17,355(8,178)26,043(25,048)

995

Asia

countries

Total

Notes: 1. Regions represent the location of the Company and its group companies.
2. Areas are segmented based on their geographical proximity and their mutual operational relationship.
3. Major countries and areas which belong to segments other than Japan are as follows:
(1)
(2)
(3)
(4)

North America
EuropeAsia
Other overseas countries: The United States of America, Canada and Mexico: France, The United Kingdom, Spain and other European countries: China, Thailand, India and other Asian countries: Oceania, Middle East, South Africa and Central & South America excluding
Mexico- 12 -

Nissan Motor Co., Ltd. (7201)
Financial Results for the First Quarter Ended June 30, 2024

[Information about geographical areas](Net sales)
Prior first quarter (From April 1, 2023 To June 30, 2023)
Japan
470,638

North America
U.S.A.
1,548,706

1,186,547Europe353,053

Asia
199,242

Other
overseas
countries(in millions of yen)Total

346,0212,917,660

Notes: 1. Regions represent customers’ location.
2. Areas are segmented based on their geographical proximity and their mutual operational relationship.
3. Major countries and areas which belong to segments other than Japan are as follows:
(1)
(2)
(3)
(4)

North America
EuropeAsia
Other overseas countries: The United States of America, Canada and Mexico: France, The United Kingdom, Spain and other European countries: China, Thailand, India and other Asian countries: Oceania, Middle East, South Africa and Central & South America excluding
MexicoCurrent first quarter (From April 1, 2024 To June 30, 2024)
Japan
435,188

North America
U.S.A.
1,650,889

1,204,222

Europe357,677

Asia
191,828

Other
overseas
countries(in millions of yen)

362,813

Total
2,998,395

Notes: 1. Regions represent customers’ location.
2. Areas are segmented based on their geographical proximity and their mutual operational relationship.
3. Major countries and areas which belong to segments other than Japan are as follows:
(1)
(2)
(3)
(4)

North America
EuropeAsia
Other overseas countries: The United States of America, Canada and Mexico: France, The United Kingdom, Spain and other European countries: China, Thailand, India and other Asian countries: Oceania, Middle East, South Africa and Central & South America excluding
Mexico- 13 -

Nissan Motor Co., Ltd. (7201)
Financial Results for the First Quarter Ended June 30, 2024

3.

Other Information
・Matters related to misconduct led by the Company’s former chairman and others
There have been no changes made to the timely disclosure released on September 9, 2019 “Nissan board receives report on
misconduct led by former chairman and others” at the time of submission of this report. In the future, if significant progressoccurs in the contents stated in the previous Securities Report, we will disclose such fact in accordance with relevant laws
and regulations.
・Matters related to a recommendation from the Japan Fair Trade Commission
On March 7, 2024, the Company received a recommendation from the Japan Fair Trade Commission based on the “Actagainst Delay in Payment of Subcontract Proceeds, Etc. to Subcontractors”.
As noted in the Securities report as of March 31, 2024, the Company takes such recommendation from the Commission
very seriously and is working to strengthen its compliance system and to take measures to prevent recurrence. We will
disclose any significant progress made in relation to these efforts.

- 14 -

(For Translation Purposes Only)

Independent Auditor’s Interim Review Reporton Quarterly Consolidated Financial Statements
July 24, 2024
The Board of Directors
Nissan Motor Co., Ltd.
Ernst & Young ShinNihon LLC
Tokyo, Japan
Designated and Engagement Partner
Certified Public Accountant
Designated and Engagement Partner
Certified Public Accountant
Designated and Engagement Partner
Certified Public Accountant
Designated and Engagement Partner
Certified Public Accountant

Masayuki Nakamura
Makoto Matsumura
Hiroshi Minagawa
Taiga Matsumoto

Auditor’s Conclusion
We have reviewed the accompanying quarterly consolidated financial statements of Nissan Motor Co., Ltd. andits consolidated subsidiaries（the“Group”）, which comprise the quarterly consolidated balance sheet as of June30, 2024, the quarterly consolidated statements of income, comprehensive income, and cash flows for the threemonth period then ended, and the related notes included in the “attachment” of Financial Results.
Based on our review, nothing has come to our attention that causes us to believe that the accompanying quarterly
consolidated financial statements are not prepared, in all material respects, the consolidated financial position of
the Group at June 30, 2024, and the consolidated results of their operations and their cash flows for the threemonth period then ended in accordance with Article 4 (1) of Standards for Preparation of Quarterly Financial
Statements of the Tokyo Stock Exchange, Inc. and accounting principles generally accepted in Japan for quarterly
financial statements, applying the provisions for reduced disclosures as set forth in Article 4, Paragraph 2 of theStandards.
Basis for Auditor’s Conclusion
We conducted our review in accordance with review standards for interim financial statements generally acceptedin Japan. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the
Review of the Quarterly Consolidated Financial Statements section of our report. We are independent of the Groupin accordance with the ethical requirements that are relevant to our review of the financial statements in Japan,
and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that wehave obtained evidence to provide a basis for our conclusion.
Management’s and the Audit Committee’s Responsibilities for the Quarterly Consolidated Financial
Statements
Management is responsible for the preparation of these quarterly consolidated financial statements in accordancewith Article 4 (1) of Standards for Preparation of Quarterly Financial Statements of the Tokyo Stock Exchange,
Inc. and accounting principles generally accepted in Japan for quarterly financial statements, applying theprovisions for reduced disclosures as set forth in Article 4, Paragraph 2 of the Standards, and for designing andoperating such internal control as management determines is necessary to enable the preparation of quarterly
consolidated financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the quarterly consolidated financial statements, management is responsible for assessing the Group’s
ability to continue as a going concern and disclosing, as required by Article 4 (1) of Standards for Preparation of
Quarterly Financial Statements of the Tokyo Stock Exchange, Inc. and accounting principles generally acceptedin Japan for quarterly financial statements, applying the provisions for reduced disclosures as set forth in Article
4, Paragraph 2 of the Standards, matters related to going concern.
The Audit Committee is responsible for overseeing the duties of executive officers and directors in designing andoperating the Group’s financial reporting process.

Auditor’s Responsibilities for the Review of the Quarterly Consolidated Financial Statements
Our objective is to issue an auditor’s interim review report that includes our conclusion from an independent
standpoint.
As part of a review in accordance with review standards for interim financial statements generally accepted inJapan, we exercise professional judgment and maintain professional skepticism throughout the interim review. We
also:
・Make inquiries, primarily of management and persons responsible for financial and accounting matters, andapply analytical and other interim review procedures. A review is substantially less in scope than an audit
conducted in accordance with auditing standards generally accepted in Japan.
・If we determine that a material uncertainty exists related to events or conditions that may cast significant doubt
on the Company’s ability to continue as a going concern, then we conclude, based on the evidence obtained, on
whether anything has come to our attention that causes us to believe that the quarterly consolidated financial
statements are not prepared in accordance with Article 4 (1) of Standards for Preparation of Quarterly Financial
Statements of the Tokyo Stock Exchange, Inc. and accounting principles generally accepted in Japan forquarterly financial statements, applying the provisions for reduced disclosures as set forth in Article 4, Paragraph
2 of the Standards. Additionally, if we conclude that a material uncertainty exists, we are required to draw
attention in our auditor’s interim review report to the related disclosures in the quarterly consolidated financial
statements or, if such disclosures are inadequate, to express a qualified conclusion or adverse conclusion. Our
conclusions are based on the evidence obtained up to the date of our auditor’s interim review report. However,
future events or conditions may cause the Company to cease to continue as a going concern.
・Evaluate whether anything has come to our attention that causes us to believe that the quarterly consolidated
financial statements are not prepared in accordance with Article 4 (1) of Standards for Preparation of Quarterly
Financial Statements of the Tokyo Stock Exchange, Inc. and accounting principles generally accepted in Japanfor quarterly financial statements, applying the provisions for reduced disclosures as set forth in Article 4,
Paragraph 2 of the Standards.
・Obtain evidence regarding the financial information of the entities or business activities within the Group as abasis for expressing a conclusion on the quarterly consolidated financial statements. We are responsible for the
direction, supervision and review of the quarterly consolidated financial statements. We remain solely
responsible for our conclusion.
We communicate with the Audit Committee regarding, among other matters, the planned scope and timing of theinterim review and significant review findings.
We also provide the Audit Committee with a statement that we have complied with the ethical requirements
regarding independence that are relevant to our review of the financial statements in Japan and communicate withthem all relationships, other matters that may reasonably be thought to bear on our independence, and whereapplicable, measures taken to eliminate inhibiting factors or apply safeguards to reduce them to an acceptable level.
Interest required to be disclosed by the Certified Public Accountants Act of Japan
Our firm and its designated engagement partners do not have any interest in the Group which is required to bedisclosed pursuant to the provisions of the Certified Public Accountants Act of Japan.
Notes:
1. The original copy of the above Independent Auditor’s Interim Review Report is in the custody of the Company(a company that discloses quarterly financial results).
2. The XBRL data and HTML data are not included in the scope of Interim Review.