Nissan Annual Report 2004 3
LETTER FROM CEO
Volume:Nissan will achieve global sales of 4.2 million
units in fiscal 2008—an increase of 812,000 units over
fiscal 2004.
ROIC:Nissan will achieve a 20 percent or higher
return on invested capital on average over the course
of the plan, excluding cash on hand.
To meet this commitment, over the NISSAN Value-Up
period we will launch 28 new products, including 10 models
that are highly innovative in their concept and benefits.
Our investment in advanced technology continues.
From fiscal 2002 to 2005 we have increased spending 
on research and development by 50 percent. Over the next
three years we will invest a further 5 percent of net sales
annually, creating new and exciting technologies to benefit 
our customers.
During NISSAN Value-Up we will pursue several key
business opportunities:
• Our Infiniti luxury brand will extend its reach into new
markets such as China and Russia and continue to
establish its credibility as a Tier-1 luxury player.
• We will develop our Light Commercial Vehicle
business into a fully competitive global operation
through new market and product entries.
• We will take a more efficient global sourcing
approach to maximize our opportunities and minimize
our overall costs as we grow. Our engineering,
production and purchasing functions will continue
their acceleration towards being fully integrated
global operations.
• We will continue to invest in new and emerging
markets, including China, India and Russia.
NISSAN Value-Up also delivers increased value for our
shareholders through a clear and well-defined dividend
strategy. By the end of the plan period, we will pay an
annual dividend of no less than ¥40 per share, a 66
percent increase over fiscal 2004.
Share price performance
What should investors expect from Nissan’s share price? 
Over the long-term, share prices reflect fundamentals.
But in the short-term share prices are driven by
performance against expectations.
In Nissan’s case, recent share price trends signal
market expectations that greater uncertainty will result in
lower growth. So our challenge is to both manage those
expectations and to exceed them. This supports our belief
in a high level of disclosure and transparency.
Our business plans and commitments, and our ability 
to communicate our strategy clearly, are the most effective
means to convey transparency. But we recognize that
financial announcements alone are no longer sufficient
communication for the markets. We need to provide more
forward-looking information and to avoid surprises that
create uncertainty for shareholders and investors. 
We intend to serve the professional investment
community better in fiscal 2005. We will also extend 
our welcome to individual investors—whose numbers 
grew by 51,323 in fiscal 2004, increasing our list to
193,000 shareholders. 
That growing interest in Nissan was apparent in the
turnout of more than 1,800 people at our June 21
shareholders’ meeting in Yokohama. Questions from the
shareholders were many and varied, but it was encouraging
to hear in each one a passionate commitment to Nissan. 
This year, and in the future, I hope we merit such
support from all our shareholders as we create lasting
value in a transparent way.
Carlos Ghosn
President and Chief Executive Officer