Nissan's Sunderland plant employs almost 5,000 people

Chief executive Carlos Ghosn says Nissan will pour more money into the Sunderland plant to start building its new Almera only if the UK has signalled it will join the euro.

Mr Ghosn warned if not, the company would take its money elsewhere.

Nissan wants to start building the replacement Almera in 2004.

Mr Ghosn said: "If the signs are clear and reassuring, we will reinvest in Sunderland.

"If there are too many risks we will go elsewhere.

"We want our main cost base in Europe to be in the same currency as our receipts."

The Sunderland plant currently employs about 4,900 workers building the new Micra car.

Sars virus threat

Mr Ghosn also warned the Sars virus world would hit its business, and that of its competitors.

He said: "It will slow us down - us and our competitors.

"We have had to limit trips by engineers to China and put people coming back in quarantine.

"It will impact our progress, but it will not be significant in terms of Nissan's global results."

Nissan decided to produce the Micra in Sunderland rather than in France where both its costs and its revenues would be in euros.

In a close decision, Sunderland was chosen because it was, and still is, Europe's most efficient car manufacturing plant.