Major car brand ‘pauses work on some models' to cut costs after axing 20,000 jobs and £4billion loss
A MAJOR car brand has revealed it will halt operations for some new models in a bid to cut soaring costs.
The manufacturer also announced it will be
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Nissan revealed they are set to lose £4 billion after axing 9,000 jobs earlier this year
Credit: Getty
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Some 6000 workers at Nissan's Sunderland plant could be faced with job cuts
Credit: PA
Japanese car giant Nissan has said it will pause work on the development of a few cars.
The brand said that work has been suspended on "advanced and post-FY26 product activities".
But the manufacturer did not reveal the names of the models that will be affected by the sudden change.
However, Nissan suggests that the rollout of these models might not be delayed.
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In this new era of development at Nissan, the first models to launch will be a global compact crossover and a similarly sized model.
A new version of Nissan Skyline is also in the works that could end up becoming a sedan - or even an SUV.
It comes after Nissan confirmed it will
The announcement said: " Nissan will consolidate its vehicle production
plants
from 17 to 10 by fiscal year 2027."
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It added: "Nissan aims to reduce its workforce by a total of 20,000 employees between fiscal years 2024 and 2027."
The seven factories which will close are currently unknown, but the Nikkei business daily has reported today that some of these will be in Nissan's home country, Japan.
Nissan's gloomy future
The company has confirmed that it will cancel plans to build a
Nissan also hasn't said where the 20,000
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As of March last year, the company had more than 133,000
However, there could be further structural changes to its remaining
The company said: "This workforce reduction globally covers direct/ indirect roles and contractual roles in manufacturing, SG&A (selling, general and administrative expenses) and R&D (research and development) functions.
"Additionally, Nissan will implement further measures under SG&A, including expanding the scope of shared services and identifying efficiencies in marketing."
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These new cost-cutting measures arrive under Nissan's explosive "Re:Nissan" plan, announced this
The plan aims to save an
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Nissan has lost almost $3bn in the last two financial years
Credit: Getty
The company is seeking to implement these after a disastrous two years for the company's finances.
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This morning
, Japan's third-largest carmaker announced a net loss of 671 billion yen over the last financial year.
Combined with considerable losses of 427 billion yen ($2.88bn) last year, Nissan has had a net loss of almost 1.1 trillion yen ($4.11bn) since March 2023.
The company is looking to produce an incredible
Nissan president and CEO Ivan Espinosa said: "In the face of challenging FY24 performance and rising variable costs, compounded by an uncertain environment, we must prioritise
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"As new management, we are taking a prudent approach to reassess our targets and actively seek every possible opportunity to implement and ensure a robust recovery.
"Re:Nissan is an action-based
"All employees are committed to working together as a team to implement this plan, with the goal of returning to profitability by fiscal year 2026."
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