Following lacklustre sales, rumours of a Wii U price cut have been quashed by Nintendo president Satoru Iwata.

The sales forecast for the struggling console was cut by 1.5 million yesterday, and whilst speaking to investors today Iwata has made assurances that no price cut will take place. This can be partly explained by the fact that the Wii U is already sold at a loss:

“With Wii U, we have taken a rather resolute stance in pricing it below its manufacturing cost, so we are not planning to perform a markdown,” the president said. 

Though the Wii U will in all likelihood be the cheapest new console on the market later this year – provided that new and expensive Playstation and Xbox console releases go ahead as rumoured – Nintendo’s best opportunity for profits will be game releases, of which there were fewer than anticipated on launch of the console. Iwata addressed the need for new material and a reinvigoration of the brand during his address, promising that Nintendo would “work to enrich the software line-up which could make consumers understand the appeal of Wii U.”

More directly, as part of a feature-packed Nintendo Direct presentation on January 23rd, Iwata made an apology for the console’s limited variety of games on launch: ”I apologize to those supporting Wii U about the lack of new titles from Nintendo in January and February,” he said. “But please understand we will have new titles to offer from March onward. We are planning a steady stream of games from spring to summer.”

 Source: Eurogamer