TOKYO - - Japanese motor maker Nidec reported a 30% increase on the year of operating profit for the six months through September despite headwinds brought by global supply chain disruptions on Tuesday.
Six-month sales came to 910 billion yen, up 21%, versus market expectations of 800 billion yen.
Nidec is the world's largest supplier of motors used in home appliances, computer hard disk drives, robots and automotive parts such as seats and power steering.
Since 2018, Nidec has expanded into the EV motor business. It aims to grab 40% to 45% of the global market for such motors by investing heavily in China, a large and rapidly growing market for electric vehicles.
However, the company has been hit by global supply chain disruptions this year as automakers have cut back production due to semiconductor shortages exacerbated by recent COVID outbreaks in Southeast Asia. Power supply restrictions in China have also disrupted various industries.
In Japan, new car sales fell for three straight months through September on a year-on-year basis, while sales of home appliances dropped for the fourth straight month. In China, new car sales fell for the fifth straight month.