Nissan said Thursday that it nearly doubled its full-year net profit in 2023-24 but forecast a dip of around 10% for the current financial year.

The automaker said demand was rising at home as well as in North America, Europe and China, where it has struggled to compete with fast-growing electric vehicle firms backed by Beijing.

Net profit totaled ¥426.6 billion ($2.7 billion), up 92.3% on-year, though Nissan expects that to fall to ¥380 billion in 2024-25.