Nissan is the latest car maker to unveil horrible figures because of slumping sales. It lost 1.75 billion euros in the last quarter.
Forecasting more losses this year, Nissan said it will try to conserve cash by delaying new model launches and putting growth plans on hold. Carlos Ghosn, who is chief executive of both Nissan and France’s Renault, predicted another tough year ahead. At a Tokyo news conference he said: “It’s not finished. It seems that now it’s a little bit better, a little bit more stable than two months ago, but I don’t consider that this is finished. At any moment you may have another wave of instability coming.” Ghosn said the full-year operating loss was just over one billion euros – his first loss since he took over as boss of Nissan almost eight years ago. He said he would not quit until the company is back making profits comfortably which he predicted would be in the financial year starting March 2010, if external conditions remain the same. For this fiscal year Nissan is not paying shareholders a dividend for the first time in 10 years.