Nissan Motor Co. said Tuesday it logged in business 2008 its first annual loss since Carlos Ghosn took the reins a decade ago and is projecting a group net loss of ¥170 billion for this business year.
Echoing its rivals, Nissan said its earnings were badly eroded by shrinking global demand for cars amid the sharp recession and stronger yen, which crippled its overseas profits.
For the year that ended in March, Japan's third-largest automaker booked a group net loss of ¥233.71 billion, its first red ink since fiscal 1999, when Ghosn joined Nissan's management team from France's Renault SA.