"In extraordinary market conditions, every company takes a fresh look at its marketing strategy and tactics," said Nissan spokesman Alan Buddendeck, the Chicago Tribune reported Tuesday.

Jerry Cizek, president of the Chicago Automobile Trade Association, producers of the Chicago Auto Show, said he would not accept the decision lying down. "We're going to keep lobbying to see if they will reconsider because Chicago is too important for Nissan North America," he said.

As the industry struggles with declining sales and a potential U.S. recession sets in, Cizek said exhibits in Chicago could decline 10 percent to 15 percent this year.

Ferrari, Rolls-Royce, Land Rover and Suzuki Motor Corp. are also dropping out of the Detroit auto show this year, while Porsche quit the Detroit show a year ago, the Detroit News reported.

Buddendeck said the company felt the shows were currently "not the best way to invest marketing money," the News reported.

"This is not a comment in any way about the importance of the Detroit or Chicago auto shows," Buddendeck said.