Nissan predicts that net income will increase 22.6% during this financial year due to overseas profits which come at more profitable rates due to the weakening yen.
Renault and Nissan CEO Carlos Ghosn said that he sees Nissan’s annual global retail sales reach record volume but he also expects the European market to be hit by another tough year.
“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 Mr 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, I don’t think (he’s) going to buy cars.”
Nissan forecasts global retail sales to reach 5.3 million vehicles during this financial year which ends March 2014, an increase from 4.9 million in 2012, when it was up 1.4%. During the same period Toyota increased 16.3% and Honda rose 32.2%. The sales drop in China last year affected Nissan the most as it is the most exposed to this market compared to the other Japanese automakers. Analysts doubt that Nissan will be able to reach its target of 8% global market share by March 2017.