Major car brand ‘targets £1.3bn of cuts' after plans to axe 20,000 jobs in bid to exit ‘crisis mode'
ONE of the world's biggest car brands is reportedly planning a huge wave of cuts worth a staggering £1.3 billion.
The shocking moves comes as the company battles with its worst annual loss in a quarter century - forcing it to axe a whopping 20,000 jobs.
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In April 2025, Nissan confirmed that it was anticipating losses of up to £4 billion.
Just a year ago, the company reported an income of £2.3 billion - meaning that savings had to be found urgently to save the firm.
The alleged £1.3 billion in cuts, as reported by Autonews, only scratches the surface of the anticipated losses.
Nissan is aiming to have completed its £1.3 billion cost-cutting mission by 2026.
The remaining loss will be plugged by a huge wave of closures.
Nissan Motor previously announced in November that it would be cutting 9000 jobs but the manufacturer has now been forced to go even further.
The additional 11,000 cuts will affect staff and contractors across huge swathes of the company.
Areas including sales, research, administration, development and manufacturing are all expected to be hit hard by the cuts.
However, the company has not confirmed which factories are due to shut.
The brand hopes to reduce its total number of factories from 17 to 10 by 2027 - saving £2.6 billion in the process.
Further measures - in the form of changes to its supply chain - will also be taken to cut costs.
Work on "advanced and post FY26 product activities" has been paused too, though the company is hoping to launch a new version of the Nissan Skyline.
Ahead of the cuts, Nissan's new chief executive Ivan Espinosa said: 'In the face of challenging full-year 2024 performance and rising variable costs compounded by an uncertain environment, we must prioritise self-improvement with greater urgency and speed, aiming for profitability that relies less on volume."
Nissan's gloomy future
He added: '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.'
The car company was hit hard by the effects of Donald Trump's tariff war, which saw a huge 25 per cent charge being slapped on US car imports.
However, other car brands have also been battling the effects of Trump's tariffs.
45 per cent of America's cars are imported, with European manufactures like Volvo and Japanese producers like Mazda building almost half of the nation's cars.
However, Prime Minister Keir Starmer signed a deal with Trump which slashed the 27.5 per cent tariffs down to just 10 per cent - for the first 100,000 vehicles sent across the Atlantic.
The UK exports roughly that number to America each year, meaning business executives including JLR boss Adrian Mardell have welcomed the deal.
Mr Mardell said: 'The car industry is vital to the UK's prosperity, sustaining 250,000 jobs. We warmly welcome this deal.'
Also, luxury car brand Aston Martin saw its shares jump by 14 per cent after the deal was signed.
Why are so many car dealerships closing down?
By Summer Raemason
According to Business Rescue Expert there are multiple reasons why car dealerships are folding across the UK.
The first major factor is rising online car sales which are beating in-person sales at dealerships.
With an extensive range of comparison and second-hand sites to chose from, may car buyers don't even step foot into a dealership anymore.
Secondly, the actual cost to physically run the sites has soared.
Rent, wages and energy bills have all been increasing for roughly the past five years, putting many out of pocket.
Car manufacturing across the globe was also hit by a semiconductor chip shortage in 2022 which made it difficult to produce new motors.
The high demand with limited supply created a backlog, which although has eased, is still having an impact on the industry.
A third reason for recent closures is the shift to electric cars.
They are becoming more popular, given the Government initiative to be Net Zero in 2050.
The industry is also affected when companies merge or are bought by rivals.
This may lead to some independent names falling victim to the ongoing spate of closures.
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The Independent
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