Fleet News

Ghosn says Nissan on track for profitable growth

CARLOS Ghosn, Nissan's president, says the company has weathered the current economic storm and is on track to achieve his target of profitable growth and zero debt.

At the North American International Auto Show, which began this week, Ghosn reviewed the status of the Nissan Revival Plan (NRP) and outlined Plan 180, Nissan's goals for the period following NRP to 2005.

He said Plan 180 was aimed at building profitable growth, achieving one million additional unit sales worldwide, the highest level of profitability and zero debt.

Ghosn said the impact of the adverse market conditions in the United States and Japan, Europe and elsewhere, was softened by “favourable exchange rates”.

He stated that the company has sustained profits despite a challenging market and there have been no 'negative surprises' in Nissan's financial performance so far this fiscal year. On October 18, 2001, the company confirmed its forecast of 350 billion yen (£1.8 billion) for consolidated operating profit and 330 billion yen (£1.7 billion) of consolidated net income this year.

Nissan will publish its year-end financial results in May 2002.

In May 2000, Ghosn vowed Nissan would return to profit within 12 months, after announcing net losses of £3.94 billion for the first quarter of that year and unveiling a programme to close five plants in Japan and shed 21,000 jobs.

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