2003 was a year of real value creation.

10 all-new models were launched in markets around the world. We entered some new segments, such as mini-commercial vehicles in Japan, and created a stir in others, with our entry into full-size segments in the United States. Innovative designs continued to reflect the spirit of Nissan, from the thoroughly modern Cube Cubic to the bold Titan truck. We offered our customers competitive products and services to meet their needs and delight their senses, and sales volumes were up in every region as a result.

All the achievements of 2003 were significant, but not for the past year alone. The investments we have been making in our operations, in our brand, in our products and in our people are positioning Nissan for even greater performance in years to come.

Beginning in April 2005, our midterm future will be charted by the commitments outlined in NISSAN Value-Up, our next three-year business plan. If the Nissan Revival Plan represented survival and NISSAN 180 started growth, then NISSAN Value-Up expresses our aim for indisputable performance leadership in the global automotive industry.
With three critical commitments relating to growth, sustained profitability and return on investment, NISSAN Value-Up will be the framework for the growth initiatives we will pursue in every major region of the world.

Convinced that we have ample opportunity for continued growth, we are realistically ambitious. Our vision is clear and our strategy is sound, but we know our success is far from guaranteed. We have to earn our results one day at a time, one customer at a time. Even though we are making progress in many areas, we are constantly learning, adapting and making improvements to assure that Nissan will deliver its very best.

The credibility of the Nissan brand is growing. Financial performance trends are positive. Our technical capabilities are expanding. In an intensely competitive industry and amid challenging market and economic conditions, Nissan is steadily moving forward in the right direction. And we believe we have many more good years ahead of us.
(from Annual Report, year ended March, 2004)

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