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Business

Nissan registers first loss under Ghosn's presidency

Video by Catherine VIETTE

Latest update : 2009-05-12

Nissan has registered its first loss since Renault put chief executive Carlos Ghosn in command of the carmaker in 1999. However, Ghosn, while remaining cautious, said he was seeing signs of a renewed consumer confidence.

AFP - Nissan Motor Co., Japan's number three automaker, announced Tuesday an annual net loss of 233.7 billion yen (2.4 billion dollars) and said it expected to stay in the red this year.

It is the automaker's first loss since chief executive Carlos Ghosn was parachuted in by Renault a decade ago to rescue the company from the brink of bankruptcy.

"The global economic recession and financial crisis continue, but 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," Ghosn said in a statement.

"We remain cautious about the economic environment and fully focused on our company's recovery efforts," he said.

 

Date created : 2009-05-12

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