Nissan to Unveil Z Car, Sport Utility Truck Concepts
13 October 1998
Nissan to Unveil Z Car, Sport Utility Truck Concepts at Detroit Auto Show
Nissan North America President Nakamura Gives `Back to Basics'
Plan Progress Report
DEARBORN, Mich., Oct. 13 -- With the "father" of the Z car at
his side, Nissan North America President Minoru Nakamura today unveiled
illustrations of a sleek, new Z car and an innovative Sport Utility Truck.
Then, Nakamura announced that both vehicles will be displayed at Detroit's
North American International Auto Show in January 1999.
The Z car, which was retired in 1996, is the fastest-selling sports car of
all time. The Z car concept borrows from the classic 1970s 240Z design while
maintaining a futuristic look. The Sport Utility Truck's (SUT) design is
based on surveys showing that truck owners use the cargo bed only 20 percent
of the time, and, even then, they use only 20 percent of the bed. Therefore,
the SUT's cargo bed is smaller than a regular truck. However, the back seats
can be folded down, and the rear of the cabin can be opened to accommodate
larger objects.
The Z car and SUT announcements came hours before former Nissan executive
Yutaka Katayama's induction into the Automotive Hall of Fame, scheduled for
6 p.m. tonight (EST) at The Ritz-Carlton Hotel here. Katayama, affectionately
known within the automotive industry as "Mr. K," is credited with introducing
Americans to the Z car, compact pickup trucks and the "King Cab." He also
served as Nissan's U.S. president from 1965 to 1975.
In other news, Nakamura provided an update of Nissan's progress on its
"Back to Basics" restructuring plan -- the first status report since the
company embarked on a four-state "Road Show" in July to address its future
prospects.
Among Nakamura's key points:
* Although Nissan sales will be down on a calendar 1998 versus 1997 basis
(as previously announced), the company will be flat for fiscal year 1998, and
expects to show gains for calendar year 1999 and beyond as the company
introduces seven all-new or refreshed vehicles. Nissan is still on target to
meet its 1998 sales goals of between 600,000 to 650,000 vehicles.
* As promised, Nissan has reduced its inventory significantly by
approximately 100,000 units and is (as of September 1) at a 56-day supply of
vehicles -- near the industry average.
* Nissan reduced its remarketing inventory from 52,000 units at the
beginning of 1998 to below 10,000 units through September. In addition,
Nissan's captive lease penetration rate is down to about 25 percent (from 40
percent).
* Nissan's Smyrna, Tenn., manufacturing facility returned to its full
five-day production schedule, which had been trimmed in order to reduce
inventory.
* Through August 1998, Nissan dealer profits are up roughly 23 percent
from one year ago.
"Nissan has a clear vision for the future. We are doing what we said we
would do -- reduce inventory, improve efficiency and productivity, and cut
costs -- and I'm extremely confident we will continue to get the job done,"
Nakamura said during his news conference remarks.
In North America, Nissan's operations include styling, engineering,
manufacturing, sales, consumer and corporate financing, and industrial and
textile equipment. Nissan in North America employs more than 20,000 people in
the United States, Canada and Mexico, and generates more than 70,000 jobs
through more than 1,500 Nissan and Infiniti dealerships across the continent.
More information on Nissan in North America and the complete line of Nissan
and Infiniti vehicles can be found online at http://www.nissan-na.com.
Visuals: Digital illustrations of the concept vehicles accompany this
news release.