NISSAN Motor says its recent alliance with Renault could help to reverse its financial downturn after reporting its sixth year of losses out of the last seven. The manufacturer has blamed slow sales in Japan and USA for losses which almost doubled to Yen 27.7billion/£144.7million (1998: Yen 14billion/£73.1million) for the year ending March 31. A senior official said: 'We will strive to establish a solid foundation by accelerating our business reform plan and bringing into full play the benefits of our strategic alliance with Renault.'

In the UK, Nissan Motor Manufacturing has reported a fall in pre-tax profits for the year ending March 31, down to £23million (1998: £77.3million). Managing director John Cushnaghan said: 'During 1998, the strength of Sterling meant that our profit margins were significantly reduced and consequently our profits suffered. This has been a direct consequence of the unrelenting and uncompetitive level of the Pound against all other European currencies.'