Nissan makes a loss
* Nissan reports net loss of 1.59 billion * Results better than expected * Predict more losses for this year, too...
Nissan has reported a net loss of 233.7 billion yen (1.59 billion) for the past year, but insists its results were better than expected.
Sales of the company's cars fell by nearly 10% to 3.4 million units during the year to 31 March 2009, with the largest drop experienced in the US market.
Nissan also said that it expected to report a net loss of 170 billion yen for the next financial year, along with a further reduction in its car sales to around 3.1 million vehicles.
Despite the gloomy predictions, Nissan's chief executive, Carlos Ghosn, said: 'The global 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.
'2009 will be another challenging year. Our priorities will be preserving cash, improving our profitability and pursuing deeper synergies within the Renault-Nissan Alliance.'
The news of Nissan's loss follows Monday's announcement that confirmed Toyota's largest-ever annual net loss.
Best hybrid SUVs 2024 – reviewed, rated and ranked
Sales of SUVs and hybrids are booming, making hybrid SUVs some of the most desirable cars around. But which of them are best ones to go for and which are best avoided?