Overview

• Nissan has announced the elimination of 20,000 jobs globally, representing 15% of its workforce, as part of its recovery plan.
• The automaker reported an 88% drop in operating profit to $472 million and a record $4.5 billion net loss for the fiscal year ending March 2025.
• Seven manufacturing plants will be closed by 2027, reducing the total number of factories from 17 to 10, while plans for a $1.1 billion EV battery plant in Japan have been canceled.
• New CEO Ivan Espinosa, appointed earlier this year, is leading efforts to cut costs by $3.4 billion and refocus on profitability and EV investments.
• Nissan is investing $1.4 billion in the Chinese market and plans to launch 10 new vehicles to counter a 12% sales decline in 2024 and stiff competition from domestic EV makers.