Nissan has posted better results for the 2008/9 financial year than expected, despite a net loss of £1.57 billion.
Although the loss is significant, it betters the £1.77 billion loss the company predicted at the beginning of this year. Nissan’s figures are also much stronger than the record £2.9 billion loss that Toyota posted for the same period last week.
“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,” said Nissan President and CEO Carlos Ghosn. “We remain cautious about the economic environment and fully focused on our company’s recovery efforts.”
Nissan sold 3.4 million cars in the last financial year, a drop of almost 10 per cent over the previous financial year. This year it has forecast that it will sell just 3.08 million units, but that it will reduce its operating loss to £1.18 billion, despite spending £2.68 billion on R&D alone.
“2009 will be another challenging year,” said Ghosn. “Our priorities will be preserving cash, improving our profitability and pursuing deeper synergies within the Renault-Nissan Alliance.”