Nissan to cut 20,000 jobs, close seven plants and freeze all post-2026 projects
Close
Nissan is to cut 20,000 jobs, close seven plants and freeze all post-2026 product work as part of an expanded global cost-cutting restructure aimed at stemming heavy financial losses.
Announced today (13 May), the moves build on the Japanese firm's February announcement when it said it would reduce its workforce by 9000, close three plants, and slash production by 20% (to five millions units per year).
Today's new numbers include those previously announced plans, Nissan says, and comes as it confirms a £3.8 billion net loss in the 2024/25 financial year.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
an hour ago
- Reuters
Toyota chairman to face scrutiny over $33 billion deal at shareholder meeting
TOYOTA CITY, Japan, June 12 (Reuters) - Toyota Motor (7203.T), opens new tab Chairman Akio Toyoda is likely to face scrutiny over a $33 billion take-private deal of a key supplier when shareholders assemble for the Japanese automaker's annual general meeting on Thursday. This year's gathering, set to kick off at 10:00 a.m. (0100 GMT), marks the first time in three years that Toyoda isn't being opposed by a shareholder proxy adviser. Nevertheless, the grandson of the automaker's founder is likely to face some tough questions about governance - if this week's meeting of supplier Toyota Industries (6201.T), opens new tab is anything to go by. Shareholders of forklift maker Toyota Industries on Tuesday voiced disapproval of the 4.7 trillion yen ($33 billion) take-private bid from its parent that they said was unfair to minority shareholders. The world's top-selling automaker plans to take its supplier private in a complex, multi-part transaction that includes an offer price of 16,300 yen a share. While the price might be a good deal for Toyota Motor shareholders, critics of the bid, including London-based Zennor Asset Management, have raised concern about the transaction, particularly around the treatment of minority shareholders. "This was not a decision that neglected minority shareholders, but rather one that was taken with all the factors in mind," Toyota Industries' President Koichi Ito told shareholders on Tuesday. Under the deal, a new holding company will be set up. Unlisted real estate company Toyota Fudosan will invest 180 billion yen while Toyoda will invest 1 billion yen. Toyota Motor will invest 700 billion yen for non-voting preferred shares. Tuesday's meeting ran for almost two hours, Toyota Industries' longest ever, the company said. Executives also took some two dozen questions from shareholders, the most ever. Hong Kong-based Oasis Management, which has shares in both Toyota Motor and Toyota Industries, has said it would push for a higher price. Toyota has said the acquisition would allow Toyota Industries to deepen collaboration with group companies, without concerns of short-term profit targets, as Toyota itself becomes a broader "mobility company". This year, prominent proxy advisory firms Glass Lewis and Institutional Shareholder Services have both recommended that shareholders re-elect Toyoda. Glass Lewis had recommended voting against him the previous two years and ISS had last year. Toyoda's position at the automaker had come under scrutiny over broader governance concerns. Neither proxy adviser gave specific reasons for the change in their recommendations this year. Toyoda has seen shareholder support slip in recent years. He was re-elected to the board with 72% backing in 2024, in what he later said marked the lowest support rating ever for a Toyota director. That was down from 85% and 96%, respectively, in the prior two years. In a July 2024 interview by Toyota's own news outlet, Toyoda said his seat on the board could be at risk if shareholder support continued to fall. Toyota Industries, formerly Toyoda Automatic Loom Works, was founded in 1926 to make automatic looms. An automotive division within the company was set up and later spun off as Toyota Motor.
The Independent
an hour ago
- The Independent
Airlines reveal how AI-powered luggage tracking is cutting back on lost bags
Airlines are losing fewer bags thanks to technological innovations, a new report has revealed. According to aviation technology company Sita, 33.4 million bags were mishandled in 2024, a drop from 33.8 million the previous year. With passenger numbers up by 8.2 per cent, the rate of lost luggage fell to 6.3 per 1,000 passengers, down from 6.9 in 2023 – a 67 per cent drop since 2007. Sita said that airports and airlines are handling baggage with "more precision" via real-time tracking, AI-powered analytics, and self-service systems. The report stated that these advancements are "no longer experimental, they are becoming standard and they are clearly having an effect". Sita chief executive David Lavorel said: 'We've seen a radical shift with automation and the widespread use of real-time tracking. 'Passengers now expect their baggage experience to be as easy and transparent as using a rideshare or delivery app. 'It's no longer just about moving bags, it's about delivering a smooth, connected journey. 'Airlines are ready to tap into technology that improves the passenger experience while keeping costs down and being simple to roll out. 'Together with our partners, we're reimagining baggage handling to give passengers full visibility and control from departure to arrival, giving them peace of mind and making travel simpler and better.' Despite the improvement, lost bags cost the aviation industry an estimated five billion US dollars (£4.2 billion) last year from courier returns, customer service, claims handling and lost productivity. Delays remained the most common baggage issue last year, accounting for 74 per cent of mishandling incidents. Of the 33.4 million mishandled bags, some 66 per cent were 'resolved' within 48 hours, the report added. How to reduce the chance of losing luggage While no one expects to see their bags go missing as they fly between terminals, figures show that it does happen quite often. The Independent's travel correspondent Simon Calder says if your bag hasn't turned up, the process to reclaim it is 'wearily familiar' due to how common the issue is. He says: 'Each airline has a representative in the baggage hall run by ground handlers. If your case doesn't appear, then you can talk to them and begin the official procedure: filling in a report that has all your personal details and a description of the lost case.' 'If there's no one there, the airline will have a lost-baggage portal online where you can fill out a report. You must do that as soon as possible – certainly within 24 hours.' The issue will usually be down the a mistake made by the airline, and as such is largely unavoidable. However, there are precautions that can be taken to ensure your chances of misfortune are lower. Here are some top tips: To minimise risk, avoid checking luggage if possible, and pack essentials in carry-on baggage, assuming checked bags might be lost. Connecting hubs like London Heathrow, Paris CDG, and Amsterdam are common places for bags to get lost, so consider booking direct flights. To increase the chances of recovery, place identification with contact details inside the luggage, as external tags can be torn off. Airlines are responsible for returning delayed bags, with most found within five days; passengers can claim modest expenses for necessities, and compensation up to £1,000 is available for permanently lost luggage under the Montreal Convention.
The Independent
3 hours ago
- The Independent
Nintendo says sales of its Switch 2 hit a record within four days
Nintendo says it sold more than 3.5 million of its new Switch 2 gaming consoles within the first four days since its release — breaking a record for the company. In a Wednesday announcement, Nintendo said that this marks the 'highest global sales level' for any of hardware it's sold within that window of time. The Japanese gaming company officially launched the Switch 2 on June 5. Fans of the console's eight-year-old predecessor have been clamoring for an upgrade for years. Throngs of gamers stood in long lines outside stores for the Switch 2's release around the world last week — less than two months after a chaotic rush for preorders quickly sold out. Nintendo is counting on the Switch 2 to boost sagging sales. And in addition to a larger screen and new games, the console has added social features aimed at luring new players into online gaming. Nintendo has said it expects to sell 15 million Switch 2 consoles for the fiscal year through March 2026. The 3.5 million sold in the first four days includes the Nintendo Switch 2's Mario Kart World Bundle, as well as the Switch 2's Japanes e-language and multi-language systems sold in Japan. The Switch 2's baseline price of $449.99 is significantly higher than the original Switch's $299 price tag. While new bells and whistles may account for a sizeable portion of that hike, experts have previously noted that new tariffs imposed by U.S. President Donald Trump are also a contributor. Evaluating the impact of these import taxes also led Nintendo to delay its April preorders by several weeks.
