On October 18, 1999, Nissan, led by Carlos Ghosn, announced the Nissan Revival Plan. The company said that it would reduce its 1,145 suppliers of parts and materials to 600 or fewer by fiscal 2002. It also said that it held shares in 1,394 companies and would move to sell them, on grounds of cost and benefit, to raise cash.
Nissan presented these cuts as steps to revive the company.