DUBAI (Reuters) -- Nissan Motor Co. expects to be debt-free by the end of 2010 and is looking to double its market share in the Middle East region, its CEO said on Sunday.
Japan's third-largest automaker returned to quarterly profit last week and lifted its outlook for the second time, while warning of a continuing shaky outlook for the global car market.
"We are far from our potential (in the Middle East)," said Carlos Ghosn while talking to reporters. "I am looking to double our market share," he added without offering any timeline.
Nissan's larger rival, Toyota Motor Corp., is struggling with the worst recall in its history. The recall involves more than 8 million vehicles and has tarnished Toyota's reputation for industry-leading quality.
"When a car company (Toyota) is in trouble you can have a tactical advantage in the short term, but don't expect more from that. It doesn't change the whole ballgame," Ghosn said when asked on the impact of Toyota recalls.
Ghosn is the head of both Nissan and France's Renault SA. Renault holds a 44 percent stake in Nissan.
Ghosn said the company looked "very favorably" on a plan to build a factory for Renault in Algeria but declined to say when a decision will be made.
Nissan also plans to launch a new platform in Geneva next month with small cars that would be "very well" priced for everyone, Ghosn said.
On Saturday, the automaker launched a new version of its Patrol model, designed specifically for the Middle East region in a bid to meet demand. The four-wheel drive will go on sale across the Gulf Arab region in April.
Nissan expects its overall industry volume for the year to be good helped mainly by sales in China, an executive told Reuters earlier in the week.