Grapevine: No Formula One Plans Yet for Nissan

Japanese manufacturer Nissan has no plans to enter Formula One racing in a near future, according to the company's president Carlos Ghosn.

Nissan, the second biggest Japanese carmaker behind Toyota, had been linked to a possible entry in Formula One following its rival's decision to join the sport in 2002.

But, despite admitting that competing in Formula One would help Nissan improve its image, Ghosn claim they have no plans to compete at the pinnacle of motorsports yet.

"Are we going to go for racing? Not in the short term," Ghosn was quoted as saying by BBC. "Obviously, Formula One helps building an image. (But) I don't think that Formula One would be the basic ingredient to regain market presence.

"There are more basic things that we have to do first, if we go to such kind of investment. We are still at the beginning of this phase, so you cannot expect us to come back to racing for another two to three years."