Latest news with #DongfengNissan
CBS News
14-05-2025
- Automotive
- CBS News
Nissan lays off 15% of its global work force amid slipping sales worldwide
Nissan is slashing about 15% of its global work force, or about 20,000 employees, as the Japanese automaker reported a loss Tuesday for the fiscal year that just ended amid slipping vehicle sales in China and other nations, and towering restructuring costs. Nissan said it will reduce the number of its auto plants to 10 from 17, under what it called its recovery plan to carry out "decisive and bold actions to enhance performance and create a leaner, more resilient business that adapts quickly to market changes." It did not say which plants were being closed but confirmed the closures will include factories in Japan. "We have a mountain to climb," CEO Ivan Espinosa told reporters, stressing the task will not be easy, requiring discipline and team work. "Starting today, we build the future for Nissan." The job cuts to be done by March 2028 include the 9,000 head count reduction announced last year. Nissan also previously announced the scrapping of plans to build a battery plant in Japan. Espinosa, who took the helm earlier this year, said the latest plans followed a careful review of operations, to align production with demand, including coming up with market and product strategies. Nissan will also leverage its partnerships such as the one with Renault SA of France in Europe and Dongfeng Nissan in China, he said. Nissan said President Trump's tariffs on auto imports also hurt the company's results. The Yokohama, Japanese-based automaker racked up a loss of $4.5 billion for the fiscal year through March. It also said its recovery plan includes trying to reduce costs by $3.4 billion. "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," Espinosa said Nissan aims to return to profitability by fiscal year 2026. But Nissan Chief Financial Officer Jeremie Papin acknowledged the automaker faces serious challenges. Nissan did not give a profit projection for the fiscal year through March 2026, citing uncertainties. Tariffs weighing on automakers The Trump administration in March imposed a 25% tariff on the roughly 8 million vehicles assembled abroad that the U.S. imports annually. General Motors earlier this month said it's lowering its profit expectations for the year as it braces for a potential impact from auto tariffs as high as $5 billion in 2025. The revised forecast came after Mr. Trump signed executive orders in April to relax some tariffs on automobiles and car parts. Ford Motors also pointed to higher U.S. tariffs in announcing last week that it is raising prices on three models produced in Mexico. And Toyota last week said Mr. Trump's tariffs would cost the company $1.3 billion in just two months. The carmaker stopped short of making predictions on future tariff hits on business, with Toyota CEO Koji Sato saying that any future impact would be "very difficult to forecast."
CTV News
13-05-2025
- Automotive
- CTV News
Nissan slashes 15% of its global work force as the Japan automaker sinks into losses
TOKYO — Nissan is slashing about 15% of its global work force, or about 20,000 employees, as the Japanese automaker reported a loss Tuesday for the fiscal year that just ended amid slipping vehicle sales in China and other nations, and towering restructuring costs. Nissan Motor Corp. said it will reduce the number of its auto plants to 10 from 17, under what it called its recovery plan to carry out 'decisive and bold actions to enhance performance and create a leaner, more resilient business that adapts quickly to market changes.' It did not say which plants were being closed but confirmed the closures will include factories in Japan. 'We have a mountain to climb,' its Chief Executive Ivan Espinosa told reporters, stressing the task will not be easy, requiring discipline and team work. 'Starting today, we build the future for Nissan.' The job cuts to be done by March 2028 include the 9,000 head count reduction announced last year. Nissan also previously announced the scrapping of plans to build a battery plant in Japan. Espinosa, who took the helm earlier this year, said the latest plans followed a careful review of operations, to align production with demand, including coming up with market and product strategies. Nissan will also leverage its partnerships such as the one with Renault SA of France in Europe and Dongfeng Nissan in China, he said. The Yokohama-based automaker said U.S. President Donald Trump's tariffs on auto imports also hurt its results. Nissan racked up a loss of 670.9 billion yen ($4.5 billion) for the fiscal year through March, down from a 426.6 billion yen profit recorded the previous fiscal year. For the latest quarter through March, Nissan recorded red ink totaling 676 billion yen ($4.6 billion). It also said its recovery plan includes trying to reduce costs by 500 billion yen ($3.4 billion) compared to current costs. '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,' Espinosa said. '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,' he said. But Nissan Chief Financial Officer Jeremie Papin acknowledged the automaker faces serious challenges. Nissan did not give a profit projection for the fiscal year through March 2026, citing uncertainties. ___ Yuri Kageyama is on Threads: Yuri Kageyama, The Associated Press
Boston Globe
13-05-2025
- Automotive
- Boston Globe
Nissan slashes 15 percent of its global work force as the Japan automaker sinks into losses
Advertisement The job cuts to be done by March 2028 include the 9,000 head count reduction announced last year. Nissan also previously announced the scrapping of plans to build a battery plant in Japan. Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up Espinosa, who took the helm earlier this year, said the latest plans followed a careful review of operations, to align production with demand, including coming up with market and product strategies. Nissan will also leverage its partnerships such as the one with Renault SA of France in Europe and Dongfeng Nissan in China, he said. The Yokohama-based automaker said U.S. President Donald Trump's tariffs on auto imports also hurt its results. Nissan racked up a loss of 670.9 billion yen ($4.5 billion) for the fiscal year through March, down from a 426.6 billion yen profit recorded the previous fiscal year. Advertisement For the latest quarter through March, Nissan recorded red ink totaling 676 billion yen ($4.6 billion). It also said its recovery plan includes trying to reduce costs by 500 billion yen ($3.4 billion) compared to current costs. '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,' Espinosa said. '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,' he said. But Nissan Chief Financial Officer Jeremie Papin acknowledged the automaker faces serious challenges. Nissan did not give a profit projection for the fiscal year through March 2026, citing uncertainties.
South China Morning Post
23-04-2025
- Automotive
- South China Morning Post
Japan's Nissan looks to export China-made electric cars in global expansion push
Japanese carmaker Nissan Motor is looking to expand in the global market with made-in-China electric vehicles (EVs) featuring smart driving technologies, highlighting its commitment to the Chinese market, a company executive said on Wednesday. Advertisement 'The Chinese market is leading a lot of technology investment, so of course we want to stay and compete,' Stephen Ma, chairperson of Nissan's management committee for China, said during an interview at the Shanghai Auto Show on Wednesday. China and the US are two of Nissan's largest markets, he added. The company displayed two new vehicles at the event: an electric sedan called the N7, from its Chinese joint venture Dongfeng Nissan, and the Frontier Pro, a plug-in hybrid electric pickup truck from Zhengzhou Nissan. The new models are part of a broader effort to roll out 10 ' new-energy vehicles ' (NEVs) – referring primarily to pure electric and hybrid cars – by the summer of 2027. Nissan increased its target from eight, which it had previously planned to release by the end of the 2026 financial year. The Nissan N7 electric car displayed during the Shanghai Auto Show. Photo: AFP The N7 and Frontier Pro are both designed and manufactured in China, and Nissan plans to export them to global markets in what would be a first for the company's Chinese brands.
