AM Online

Nissan board takes bonus cut

Nissan's board members will be not receive bonus payments this year after the manufacturer failed to meet its profit targets.

Carlos Ghosn, chief executive of Nissan, informed shareholders of the news at a meeting in Yokohama today.

“In 2006 we did not meet our fiscal-year performance objectives, and we are taking that responsibility seriously,” said Ghosn.

Ghosn plans to invest in new models and hopes to expand Nissan's operations in India to help turn around the company's 11% fall in profits for the financial year that ended in March.

Ghosn also revealed plans to launch a £3,000 budget car, but did not say when it would go on sale.

  • Nissan revealed that it would miss its 2009 ‘value-up’ plans back in April. Ghosn said Nissan would push back its target of selling 4.2 million vehicles in the fiscal year March 2009 to March 2010.
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