Nissan reported an annual net loss of 233.7 billion yen ($2.4 billions USD) in the last fiscal year and reported a loss of 276.89 billion yen ($2.8 billion USD) in the first quarter of 2009. However CEO Carlos Ghosn expects the loss to lessen in the current fiscal year.
“We are beginning to see some signs of improved access to credit, the impact of government stimulus packages and a gradual return in consumer confidence,” said Ghosn. “The crisis is ongoing and market conditions are still volatile.”
It was Nissan’s first annual loss in a decade and its first loss since Ghosn has been behind the wheel saving Nissan from near-bankruptcy by forming an alliance with Renault.
Toshiyuki Shiga, Chief Operating Officer, blames the loss on three factors – the financial crisis of the United States, the global economic slowdown and the strong yen.
Nissan has projected a smaller loss of 170 billion yen for the fiscal year ending March 2010.
– By: The Daily Auto Editor
Source: Detroit News