Ghosn Sees Record Global Retail Sales for Nissan and Tough Year in Europe image

Nissan-Renault CEO Carlos Ghosn said he expects Nissan to reach a record global retail sales year, but also sees another tough year in Europe.

“I think 2013 is going to be tough and I don’t foresee any growth in Europe probably before the end of [Nissan’s] mid-term plan, which means not before 2016, or even later,” said Ghosn. “We think the European consumer lacks confidence. The European consumer is confused, he doesn’t know when Europe is going to get out of this crisis and until he sees or understands what’s going on in Europe, I don’t think [he’s] going to buy cars.”

During the financial year ended March 31st, Nissan’s sales in Europe dropped 8% to 660,000 vehicles. The automaker sees global retail sales up to 5.3 million units this financial year ending March 2014, up from 4.9 million units in 2012. While Nissan increased 1.4% last year, Toyota was up 16.3% and Honda 32.2%.

The anti-Japan sentiment lingering in China and still affecting the Japanese automakers’ sales in the region, make analysts doubt that Nissan will be able to reach its target of winning 8% global market share by March 2017. Ghosn said that he expects full recovery in China by the end of this year and that the company will reach a net profit of 420 billion yen for this financial year, below the analysts’ estimates of 475.1 billion yen.

Source: Autonews