GINZA, Japan: The Nissan Motor Company expects its current fiscal ending March 31 to register an operating loss for the first time since current president/ceo Carlos Ghosn (pictured) joined the company as chief operating officer in 1999.
Ghosn, who also serves as ceo and president of French automaker Renault, which owns 44.4% of Nissan, is widely credited as the latter's saviour after he reversed the company's ill fortunes within twelve months of assuming office.
Struck by the current economic malaise, Nissan will cut the number of new models to be introduced over the next five years by more than 20%, reducing these from the sixty forecast last May.
Its global sales target for the year through March will also be lowered from the current 4.2 million units.
Ghosn and other board members are expected to take a substantial pay cut, and bonuses paid to lower-ranking managers will also be slashed.
Data sourced from The Asahi Shimbun (Japan); additional content by WARC staff