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00:02Nissan Motor plans to expand exports of vehicles developed in China
00:07to compete with Chinese rivals globally,
00:10CEO Ivan Espinosa told CNBC on Wednesday.
00:13The automaker plans to increase exports from two models to five
00:17across 12 regional market clusters.
00:20Nissan is using local technology, lower costs,
00:23and faster development processes to compete in China.
00:26The company lowered its global sales forecast
00:28for the fiscal year ending March 2027
00:31from 3.15 million vehicles to between 2.97 million and 3 million.
00:37Nissan also reported a 96% drop in second quarter operating profit
00:42to $13 million, missing analyst expectations.
00:46Revenue rose 8.2% to 3.1 trillion yen.
00:50Espinosa said the company's restructuring plan
00:53has generated 365 billion yen in savings.
00:56For all things money, visit Benzinga.com.
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