Nidec Corp. Posts Quarterly Net Loss Due to EV-Motor Business Restructuring
By Kosaku Narioka
Nidec Corp. reported a net loss in its fourth quarter due to restructuring expenses for its electric-vehicle traction motor business as severe competition disrupts the EV market in China.
The Japanese maker of electric motors said Tuesday that it booked net loss of 20.49 billion yen ($132.3 million) for the three months ended March, compared with a Y59.11 billion net loss in the year-earlier period.
The quarterly net loss was worse than the estimated net profit of Y2.21 billion in a poll of analysts by data provider Visible Alpha.
Nidec booked about Y59.8 billion of restructuring expenses for its EV traction motor business.
Fourth-quarter revenue increased 9.3% from a year earlier to Y593.51 billion.
Write to Kosaku Narioka at kosaku.narioka@wsj.com
(END) Dow Jones Newswires
April 23, 2024 03:01 ET (07:01 GMT)
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