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Nissan braces for pain as weak profits force restructuring

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As part of the planned cost reduction measures, Nissan is considering production cuts in markets including Southeast Asia and Latin America. FMTNews

TOKYO: Nissan Motor Co confirmed reports of a 90% drop in quarterly operating profit and a broader restructuring a day before posting results, underscoring the Japanese automaker’s struggle to get back on stable footing.

Separately, Kyodo News earlier reported that Nissan is planning to cut at least 5,200 additional jobs globally to improve its performance, on top of a plan unveiled in May to shed 4,800 positions. In total, the reductions make up more than 7% of the workforce. Nissan has been struggling to get back on stable ground following the arrest in November of Carlos Ghosn, the former chairman and architect of the global alliance between Nissan, Renault SA and Mitsubishi Motors Corp.

Even the statement, which was reworded at least once as it was being posted to Nissan’s website, came shortly after the company said it wouldn’t comment on the newspaper’s report. Nissan is planning to refresh all core models, introduce 20-plus new products and focus on American retail sales over the next three years.

 

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