June 27, 2011

Nissan Unveils Power 88 Plan

June 27 -Yokohama- Nissan CEO Carlos Ghosn unveiled Nissan Power 88 on Monday, the automaker’s new mid-term plan that aims to raise profit margins and worldwide market share to 8 percent by fiscal 2016.

To hit targets, Nissan's president says the company will add a new vehicle model about every six weeks, more than triple deliveries of Infiniti cars, with surging sales in emerging markets supporting expansion.

China, the world’s biggest car market, will likely lead the way with Nissan pledging to raise its current 6.2 percent market share to 10 percent, while in Brazil more than quadrupling share.

"This is the first time Nissan is starting a plan on the offensive instead of reconstructing something or defending something." Ghosn said. "It's the first time. That's why we feel very good."

Nissan introduced its battery-powered LEAF compact last year, and the plan targets 1.5 million EV sales with partner Renault by 2016.

"Electric cars demonstrate that what is good for the public and what is good for the planet is also good business," Ghosn said.

With an eye on the bottom line, Nissan also aims to trim costs by 5 percent a year, while garnering about 10 percent of the global market for premium vehicles by the time Nissan Power 88 powers down in fiscal 2016.