Nissan to cut plants and slash jobs as it struggles with poor financial results
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Nissan to cut plants and slash jobs as it struggles with poor financial results
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Nissan Motor Corporation is making huge changes as it struggles with
disappointing financial results, slashing 11,000 jobs and closing seven
production facilities. New CEO Ivan Espinosa says he wants to make total
cost savings of around 500 million yen or $5.39 billion Australian dollars.
Nissan has been hit by slow sales in China and the U.S., has ended talks of
a merger with Honda and replaced its Chief Executive. Sales of 3.3 million
vehicles last year were down 42 per cent compared to 2017, the company
believed to be looking at closing production plants in South Africa, India
and Argentina and reducing the number of its factories in Mexico. The
company’s Chief Financial Officer said he has estimated the company’s
operating loss in the first quarter of the current financial year at around
$2.16 billion Australian dollars. I’m David Berthon
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