Nissan has announced a five-year business plan, Nissan GT 2012, emphasizing a program of cutting costs, the development of electric vehicles, and a new concentration on evolving markets in China, Russia, and Brazil.

Initially the company will turn its attention to an ultra-low cost vehicle for India with a target wholesale price of $2,500. The car is intended to go head to head with the much-discussed Tata Motors "Nano."

According to Nissan CEO Carlos Ghosn the goal is to see average revenue growth of 5% from 2008 to 2009 with 60 models set to be unveiled over the next five years and 15 new technologies to be unveiled beginning in 2009.

"We have restored out company's profitability and built a solid foundation and complete new infrastructure from which growth can continue, and that is what we intend to do," said Ghosn.

The initials in the plan's name, GT, stand for "growth" and "trust" respectively. It avoids setting specific profit goals and focuses instead on developing markets and technological innovation. Currently the company estimates that its stable of cars covers only 79% of the potential global automotive market. It aims for 94% by 2012.

Nissan's interest in electric cars is in response to the growing demand for cleaner, more efficient vehicles. They plan an electric for the California market in 2010 that will go global by 2012.