Nissan three-year plan to underpin record growth

Japanese carmaker Nissan Motors has reported record operating profits for 2003 and unveiled a three-year business plan aimed at maintaining these margins.

Beginning this time next year the business plan - entilted 'Nissan Value-Up' - hopes to reach annual global sales of 4.2m units by the end of 2007 and maintain a minimum capital return of 20%.

The carmaker, now controlled by the Renault group, plans to launch 28 new Nissan and Infiniti models around the world during the period.

President and chief executive Carlos Ghosn said today: "Nissan Value-Up will broaden and strengthen our that position."

Nissan contributed a hefty €1.7bn ($2bn) to Renault's profits last year, lifting the French group's net profits by a higher-than-expected 27% to €2.48bn, according to figures released in February.

Shares in the company closed up 1.4% on Monday to having jumped 46% during the past year.