Nissan Says Tough Economy Won't Stall Plans for Electric Vehicles

Nissan Says Tough Economy Won't Stall Plans for Electric Vehicles

There was a bit of green news along with the river of red ink that Nissan Motor Co. reported earlier today in Tokyo.

Nissan reported a $2.85 billion net loss for its fiscal fourth quarter ended March 31. The Japanese automobile company reported a full-year loss of $2.4 billion, down from a $4.9 billion profit for fiscal 2007.

Last week, Toyota Motor Co. reported a $4.5 billion loss, while Honda Motor Co. Ltd. posted a $1.4 billion profit.

"The global economic recession and financial crisis continue, but we are beginning to see some signs of improved access to credit, the impact of government stimulus packages and a gradual return in consumer confidence," Nissan President and CEO Carlos Ghosn said in a statement. "We remain cautious about the economic environment and fully focused on our company's recovery efforts."

Now for the green.

Nissan said that the tough times in the automobile world won't slow its plan to start building electric vehicles at its Oppama plant outside of Tokyo in the fall of 2010. The plant's initial production capacity will be 50,000 units, but that volume will "continuously increase for the start of EV mass-marketing in 2012," according to Nissan.

Electric motors and other key components of the planned EVs will be built at Nissan's Yokohama plant and its Zama Operations Center. Automotive Energy Supply Corp., a Nissan affiliate, will produce laminated-type compact lithium-ion batteries.

Nissan also said that it would "continuously seek overseas production opportunities for EVS and sourcing of compnents."

Nissan, which plans to launch a battery-electric vehicle in the U.S. next year is urging government agencies and utility companies to help it develop an EV charging infrastructure. It has signed a number of deals in various parts of the country, the most recent being in Raleigh, N.C.

Greg Johnson, Contributor

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