Even before the spread of the coronavirus, Nissan's sales and profits had been slumping and it was burning through cash, forcing it to row back on an aggressive expansion plan pursued by ousted leader Carlos Ghosn. The pandemic has only piled on urgency and pressure to renew efforts to downsize.
But Nissan's plans for restructuring through to March 2023 should be based on the assumption that it would only be able to return to annual sales of five million cars by then, two sources said, adding this would entail a large reduction to manufacturing capacity. “For years, Nissan was looking for annual sales volumes about 7-8 million vehicles. The company has never managed to sell much more than five million or so,” one of the sources told Reuters.
A third senior company source said the figure could be even lower than five million given the impact of the virus, which has hammered car demand about the world.In July, Nissan said it was aiming to cut annual global production capacity to about 6.5-million vehicles. Shrinking its sales target by one million vehicles would equate to closing three to four more assembly plants and shedding thousands more jobs on top of already announced plans to cut its workforce by 10%.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
What you should know about driving during the Covid-19 lockdownWhile it’s assumed driving may be quiet and uneventful, there are things to be cautious of
Source: BDliveSA - 🏆 12. / 63 Read more »
Ramaphosa has realised his power, now he must act on SOEs, says economistThe Covid-19 crisis presents an opportunity for the South African government to restructure state-owned enterprises (SOEs) and cut back on state spending It's not enough for Ramaphosa (a billionaire) to reduce his salary by 30%;he needs to reduce Cabinet to 25 ministries, get rid of Deputy Ministers, reduce government, mercilessly pursue all those who benefitted from corruption.
Source: TimesLIVE - 🏆 28. / 59 Read more »
Lockdown likely to accelerate remote sales of carsIncrease in pre-owned sales provides a glimmer of hope for the embattled automotive industry This is so stupid. We need to work to buy cars, stop supporting this bullshit
Source: BDliveSA - 🏆 12. / 63 Read more »
SA car industry may have to lay off 10% of workersJobs losses could rise up to 30% if Covid-19 lockdown is extended until the end of May When Get them to make ventilators Why don’t we furlough like America? Unpaid leave
Source: BDliveSA - 🏆 12. / 63 Read more »
SA car industry may have to lay off 10% of workersJobs losses could rise up to 30% if Covid-19 lockdown is extended until the end of May Given the greater depression looming with new cars being a non necessary purchase, I suspect the carnage will be much higher than that by year end. Why?🤔 Thanks to LockdownSAExtended
Source: BDliveSA - 🏆 12. / 63 Read more »
Covid-19: Worldwide call for ban on wildlife marketsConservationists have welcomed the Chinese government’s ban on the consumption of wild animal products, but have voiced concerns it may drive sales underground. Americans are bats now I DNT believe in this at all,bats been on earth for years ,but nw they causing desease,I doubt Nonsense, these animals have been here for centuries why not then only today I don't buy their theories
Source: TimesLIVE - 🏆 28. / 59 Read more »