Thomson Reuters Newsmaker - Rebuilding Japan
- Foreign investment may flourish again in Japan as value-hunters return to a market that is slowly rebounding after the March earthquake, but only if the country can break the political impasse that is blocking policies to deal with its nuclear disaster and massive public debt. Read exclusive stories from the Rebuilding Japan Summit. www.reuters.com
Paul Ingrassia describes the structural challenges facing Japan and Nissan's production recovery strategy -- a critical piece in jumpstarting Japan's recovery -- in advance of his Newsmaker with Carlos Ghosn on June 22.
- Good morning, welcome to the Thomson Reuters Newsmaker on Rebuilding Japan following the major earthquake and tsunami on March 11. Reuters Deputy Editor-in-Chief Paul Ingrassia will be interviewing Carlos Ghosn, Chief Executive of Nissan and Renault on the Japanese automaker’s critical role in helping restart Japan’s economy after the double disaster earlier this year.
- Ghosn has been at the forefront of Japan’s recovery efforts following the quake, which killed more than 15,000 people and caused widespread damage. He was one of the first execs to travel into the radiation zone surrounding the stricken Fukushima nuclear plant, while Nissan restored operations at one of its damaged engine plants weeks ahead of expectations. Ghosn has set ambitious rebuilding targets for Nissan and has encouraged other automakers not to shift production overseas. Nissan’s production recovery strategy is critical to jumpstarting Japan’s recovery, and no doubt this is something Paul Ingrassia will discuss with Carlos Ghosn in great detail when we get going in around 30 minutes from now.
- You can watch a live stream of today's Thomson Reuters Newsmaker with Carlos Ghosn on this page (the video player will appear at 10:30 a.m. BST). You can also watch on our Newsmaker blog - blogs.reuters.com - and follow tweets from @ReutersAuto and @Japan_Reuters (these will also appear on this page).
- A note on the timings of today's Thomson Reuters Newsmaker. Just after 10:30 BST/18:30 JST Carlos Ghosn will make a speech, after which he will be interviewed by Reuters' Paul Ingrassia, followed by a Q&A session. So not long now until we get going.
- Nissan CEO Ghosn at Reuters Tokyo for live interview. More to follow.by ReutersAuto via twitter 6/22/2011 9:32:53 AM
- Carlos Ghosn will take to the stage in Tokyo shortly - click on the player above to follow our live stream.
- Ghosn starts by saying that no matter how well prepared you are, sometimes things happen that are unexpected, and this is when companies and countries are tested. He adds that Japan has seen this twice in three years – the global financial crisis and the March 11 disaster.
- Priority was to help the employees who were directly affected, says Ghosn.
- Nissan CEO Ghosn on quake response: "We didn't follow a book. We followed very simple rules."by ReutersAuto via twitter 6/22/2011 9:42:02 AM
- Nissan CEO Ghosn says that tomorrow the company will announce forecasts for 2011, and people will be surprised how much ground they have covered in recuperating the company.
- Nissan's Ghosn to Reuters: People will be "surprised" by automaker's rebound from production slowdown after quakeby ReutersAuto via twitter 6/22/2011 9:43:34 AM
- Ghosn: It was a tragedy for Japan and its people, but it is also an opportunity to fix things you could not have fixed before. It should open our eyes to certain weaknesses.
- Ghosn: Japan will emerge stronger after the disaster.
- Deputy Editor-in-Chief of Reuters News Paul Ingrassia is being introduced. Ingrassia will now moderate the discussion with Carlos Ghosn.
- Ghosn: Nissan will fix weaknesses it identified in its operations after quakeby ReutersAuto via twitter 6/22/2011 9:47:36 AM
- Question from Ingrassia: What lessons learned from the turnaround of Nissan can be applied to Japan in the wake of the March 11 disaster?
- Ghosn: You need to establish a clear order of importance and a diagnosis of the company, or the country. This is absolutely essential, because after this you are going to act and when you act you need to do it fast. People need to be aligned and share your vision so you can move in the same direction.
- Ghosn: In the wake of the disaster, the Japanese workforce has shown that it is second to none in its speed and execution.
- Ghosn says the Japanese people asking after the disaster, "What is the roadmap?" Need a "vision" for recovery.by ReutersAuto via twitter 6/22/2011 9:53:29 AM
- Ghosn: Production stopped and it stopped for many weeks on March 11. I can tell you today that we are today very near normal production.
- Ghosn: There are still some restrictions but in terms of production we are nearing normal levels.
- Nissan CEO: "We are approaching normal production" in Japan.by ReutersAuto via twitter 6/22/2011 9:57:12 AM
- Ingrassia: Why is it important for you to produce one million vehicles a year in Japan?
- Ghosn: never would have expected Japan output to snap back this quickly 2 months agoby ReutersAuto via twitter 6/22/2011 9:59:32 AM
- Ghosn: Nissan is a Japanese company and it’s very important for us that the growth of Nissan benefits Japan.
- Ghosn: Our roots are in Japan. We want to produce one million cars a year in Japan and we will. We will fight for it.
- Ghosn: Our main base of engineering will remain in Japan.
- Ingrassia: Are you worried that a global economic slowdown or double dip is a danger right now?
- Ghosn: I never believed in the scenario of a double dip and I don’t believe today. After the crisis people believed that the recovery would not happen in a linear way. It will be chaotic before we come back to growth. And that is exactly what we are seeing.
- Ghosn: I think the emerging market will do well, that the US economy will recover. But it may not be linear.
- Ingrassia: What about electric car production in China?
- Nissan CEO Ghosn says does not see double-dip recession.by ReutersAuto via twitter 6/22/2011 10:10:31 AM
- Ghosn says China has still not made its official policy on electric cars. Hopefully they will around the summer of this year.
- Time for questions from the audience.
- The first question is on Ghosn’s vision for growth beyond 2015 targets.
- Ghosn says Nissan has plans to expand into Russia, where the market is going to expand. They are well placed to be the number one Japanese brand in Russia, he adds.
- Nissan's Ghosn wants to be top Japanese auto brand in Russia, take 10 pct share in China. Comments at Reuters Summit in Tokyo.by ReutersAuto via twitter 6/22/2011 10:17:35 AM
- Ghosn says there is tremendous growth in the market in India, and Nissan needs to position itself to grab some of this growth. There are a lot of markets where they have made massive investment, he says, and it's time to benefit from this.
- Ghosn: Nissan is relevantly bearish on domestic consumption in Japan.
- Ghosn not optimistic on Japan car sales. "We are relatively bearish on internal consumption in Japan."by ReutersAuto via twitter 6/22/2011 10:19:32 AM
- Sekisui House set to lift outlook on post-quake demand
r.reuters.com #RSUM2011by Japan_Reuters via twitter 6/22/2011 10:20:51 AM - Nissan CEO Ghosn says China replacing US as most profitable auto marketby ReutersAuto via twitter 6/22/2011 10:21:21 AM
- On the emergence of a global Chinese car maker, Ghosn says the risks to Nissan are small compared to the opportunities.
- Ghosn: I expect one or two Chinese global car makers to emerge.
- Japan pensions bet on hedge funds to boost returns r.reuters.com #RSUM2011by Japan_Reuters via twitter 6/22/2011 10:22:41 AM
- Nissan's Ghosn sees one or two "global champions" emerging from ranks of China automakers. Says could happen through acquisition.by ReutersAuto via twitter 6/22/2011 10:23:58 AM
- How fast could China get an international automaker? Nissan's CEO Ghosn says it could happen within 5 years through an acquisitionby ReutersAuto via twitter 6/22/2011 10:28:57 AM
- "The alliance is not perfect but it's working." Ghosn at Reuters Summit on Renault-Nissan tie-up. "You never hear about conflicts."by ReutersAuto via twitter 6/22/2011 10:31:52 AM
- Next question from the audience: In the post-quake era what are the top lessons you have learned?
- Ghosn: After the earthquake there is no resistance to localisation. We have localised production and it’s one of the reasons why we are recovering faster.
- Ghosn: Nissan will require suppliers to have at least two production plants available. Today we are talking about an earthquake in Japan, but in future it could be an earthquake in China or a flood in Thailand.
- Nissan's Ghosn: Japan quake will drive Japanese automaker to shift more engine and transmission output to China and other marketsby ReutersAuto via twitter 6/22/2011 10:37:20 AM
- Paul Ingrassia thanks Nissan CEO Carlos Ghosn for taking part in this Thomson Reuters Newsmaker, and brings the event to a close. Many thanks for joining us.
- Nissan CEO Ghosn: to forecast "significantly higher" sales
r.reuters.com #RSUM2011by Japan_Reuters via twitter 6/22/2011 10:44:43 AM - RT @hmassyberesford: Reuters Rebuilding Japan summit is taking place now in Tokyo, including Toyota, Nissan interviews t.co ...by ReutersAuto via twitter 6/22/2011 10:55:33 AM
- Nissan's Carlos Ghosn has now left the building. Read about his appearance at Reuters Tokyo: www.reuters.comby ReutersAuto via twitter 6/22/2011 11:01:19 AM
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