Following the lead of fellow Japanese auto makers Honda Motor Co. Ltd. and Toyota Motor Corp., Nissan Motor Co. Ltd. says it foresees a gloomy fiscal 2008, predicting its largest net income decline in nine years.
Assuming an exchange rate of ¥100:$1 and ¥155:E1, Nissan forecasts a net income of ¥340 billion ($3.40 billion), down 30% from its fiscal-2007 net income of ¥482.3 billion ($4.22 billion) released today in Tokyo.
Take a look at the headwinds we’re facing in 2008,” Carlos Ghosn tells Bloomberg Television. “We’re not being pessimistic, we’re being prudent.”
Nissan also predicts revenue will decline 4% to ¥10.4 trillion ($103.5 billion) from ¥10.8 trillion ($94.6 billion) in FY07.