Nissan reports profit in full-year results
The carmaker reported an annual profit of ¥42.4 billion (€320 million) compared to a loss of ¥233.7 billion for fiscal year 2008.
Nissan said its performance last year was aided by sales volume growth in emerging markets, especially in China, and the effective execution of recovery plan actions to counter the effects of the global financial and economic crisis.
'Fiscal year 2009 was an extremely challenging year. Within Nissan, we kept our focus on recovery, guided by our company's recovery plan,' said Nissan president and CEO Carlos Ghosn. 'Though we are still operating in crisis mode, Nissan is well on track toward complete recovery without any compromise to our strategic priorities.'
Total vehicle sales were up by 3% to 3,515,000. In North America, sales were 1,067,000 units, down 5.8%; United States sales were 824,000 units, down 3.8%. In Japan, sales were 630,000 units, up 2.9%. In Europe, sales were to 517,000 units, down 2.4%. Sales in China reached 756,000 units, a 38.7% increase. Other markets totalled 545,000 units, down 7.8%.
Nissan said that it will plough on with its recovery plan, which covers the three areas of revenue growth, tight cost management and free cash flow generation. The company aims to complete its recovery in fiscal year 2010.
The manfacturer added that its performance in 2010 will be underpinned by its forthcoming Leaf electric car.
'Although we continue to operate in an environment that is volatile and uncertain, fiscal year 2010 will be an important year in which we launch an affordable, mass-market, all-electric, zero-emission vehicle, extend our presence in emerging markets and develop additional synergies in the Renault-Nissan Alliance,' said Mr Ghosn.For more of the latest industry news, click here.