Nissan cuts sales forecast to about 3 million cars

Nissan Motor (NSANY) cut its sales forecast on Wednesday November 11 to about 3 million vehicles this fiscal year, its second cut since August. It blamed weak demand and fierce competition in China. Quarterly operating profit fell 96% because a boost from lower U.S. emissions costs a year ago did not repeat. CEO Ivan Espinosa plans to export more China-developed models.