Ghosn says Renault, Nissan recovery his priority; alliances can wait |
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Fri, 02 Feb 2007 15:38
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PARIS AFX - Carlos Ghosn, chief executive of both Renault and its Nissan Motor Co affiliate, said putting each group back on track is his current priority and other matters, such as alliances, can wait.Speaking in a video conference after Nissan's third quarter earnings, he also denied market rumours that the group has been building a stake in German rival, DaimlerChrysler AGThe Japanese group warned on full-year profits overnight, prompting a slide in both its own shares and those of Renault, for whom Nissan profits have acted as a cash-cow to see the group through lean times.Nissan, in which Renault owns a 44 pct stake, cut its year-to-March net profit estimate to 460 bln yen from 523 bln forecast previously, blaming a lack of new model launches, an affliction that has also hit Renault earnings.The DaimlerChrysler rumour is 'groundless,' Ghosn said, adding, 'we are not going to divert our attention or energy from (the following) two objectives: resume the growth of sales and profits at Nissan (and) set up a good rhythm of growth in sales and profits at Renault. And this before thinking about anything else.'Talks last summer between Nissan/Renault and General Motors over a possible alliance, collapsed after three months.paris@afxnews.comafp/mrg/jagCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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Renault-Nissan CEO Ghosn says Nissan experiencing 'performance crisis' 