TOKYO -- Nissan Motor revised its earnings projection upward on Wednesday to a net profit of 60 billion yen ($548 million) for this fiscal year through March 2022, saying it expects to avoid its previously anticipated third consecutive year of net loss.

The Japanese automaker, which announced in May that it would record a net loss of 60 billion yen for the fiscal year, now believes it can mitigate the risks of the global chip crunch on its production. Sales of newly launched models are also expected to boost profit.

Nissan then forecast it would produce 500,000 fewer vehicles this fiscal year, although the second half of the year might see that number reduced by half. In June, CEO Makoto Uchida said at the company's annual general meeting that he wanted to "avoid at any cost" having net losses for three years in a row.