Nissan solicits early retirements in U.S. as turnaround moves ramp up
KYODO NEWS - 41 minutes ago - 13:03 | All, Japan, World
Nissan Motor Co. said Thursday that it has begun soliciting early retirement applications in the United States, as the struggling automaker accelerates efforts to turn its fortunes around.
The Japanese carmaker has not disclosed details such as the number of employees eligible for early retirement, but the package is believed to target those in administrative departments and at vehicle assembly plants.
The program is part of Nissan's streamlining efforts revealed earlier this month, which included cutting 20,000 jobs and shutting seven vehicle plants globally.
Japan's third-largest automaker by volume, which already conducted a round of voluntary retirements last year in the United States, aims to further reduce its workforce in the key market, where it has been grappling with poor sales due to a limited hybrid model lineup.
Domestically, Nissan will also solicit early retirement applications from administrative staff this summer, in the first such program in 18 years, according to a source close to the matter.
Nissan has been stepping up its efficiency drive, addressing production capacity in excess of demand and overstaffing after logging a net loss of 670.90 billion yen ($4.6 billion) for fiscal 2024.
Related coverage:
Nissan to raise 1 tril. yen by issuing debt, selling assets: source
Former top execs of struggling Nissan got $4.5 mil severance pay
Nissan may sell HQ as it eyes extra 60 bil. yen restructuring costs
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