JAPAN: Nissan Motor CEO Carlos Ghosn says the company will forecast sales for fiscal 2011 significantly higher compared to the prior year

Record ID: 463470

  • Title: JAPAN: Nissan Motor CEO Carlos Ghosn says the company will forecast sales for fiscal 2011 significantly higher compared to the prior year
  • Date: 23rd June 2011
  • Summary: OPPAMA, KANAGAWA PREFECTURE, JAPAN (FILE - JANUARY 2011) (REUTERS) VARIOUS OF NISSAN "LEAF" BEING MANUFACTURED AT OPPAMA FACTORY
  • Embargoed: 8th July 2011 13:00
  • Keywords:
  • Location: Japan, Japan
  • Country: Japan
  • Topics: Business,Industry
  • Reuters ID: LVA3SK5D3AWNCFLVIMNBTTQBAC2W
  • Story Text: Nissan Motor Co. will forecast "significantly higher" sales for fiscal 2011 after restoring production more quickly than expected after the March 11 earthquake, CEO Carlos Ghosn told a Thomson Reuters Newsmaker event on Wednesday (June 22).
    "We thought that the damage and the loss of production and of sales at the beginning would be much bigger than what we think today," Ghosn said at the Newsmaker, which concluded the Reuters Rebuilding Japan Summit in Tokyo.
    Japan's No.2 automaker is scheduled to announce this year's profit forecasts on Thursday (June 23), followed by a new mid-term growth plan on June 27.
    "We're going to announce our forecast for the year 2011 finally tomorrow, and I think you're going to be surprised about how far we have covered ground to recuperate the company as soon as it was possible," Ghosn said.
    Nissan has said it is expecting unrestricted production to return in October, when it sees the supply of parts recovering to conditions before the March 11 earthquake. Despite the severe disruption, Ghosn surprised financial markets last month by flagging sales growth in the business year that started in April.
    Ghosn also said the carmaker would unveil new steps in the coming weeks to accelerate its growth in the Brazilian market.
    Japan's Nikkei business daily reported last week Nissan is building a new plant in Brazil that can produce more than 200,000 vehicles a year in a move that would allow Nissan to expand across the South American market.
    The Japanese automaker is also considering building a plant in Turkey and lifting output in India, China and Southeast Asia.
    For its new worldwide strategy, Nissan could invest more than 25 billion U.S. dollars in the next five years, Nikkei reported.
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