Nissan Motor saw its operating profit plunge by 99 percent year-on-year in the second quarter of 2024 as sales slumped in the United States.

Nissan said on Thursday that its consolidated sales for the three-month period from April to June stood at 2 trillion 998 billion yen, or about 19.7 billion dollars. That's up 2.8 percent in yen terms from the same quarter a year before.

However, the Japanese carmaker said its operating profit plummeted by 99.2 percent to 5.9 million dollars.

The drop was mainly due to delays in introducing new models in the US market despite rising demand for hybrid vehicles. Greater sales incentives for local dealerships also weighed on profits.

Nissan cut its global unit sales outlook for this fiscal year through March by 50,000 units to 3.65 million.

It also slashed its operating profit projection for fiscal 2024 from 3.9 billion dollars to 3.3 billion dollars, and its net profit forecast from 2.5 billion dollars to 2 billion dollars.

President and CEO Uchida Makoto said the quarterly results were very tough for the company. He vowed to turn around the business by addressing each of the issues and steadily rolling out new models.