Latest news with #Ivan Espinosa
NHK
16 hours ago
- Automotive
- NHK
Nissan reports net loss of about $780 mil. for April-June quarter
Nissan Motor has announced its financial results for the April to June quarter, reporting a net loss of more than 115.7 billion yen, or about 780 million dollars. The struggling Japanese automaker also posted an operating loss of more than 79.1 billion yen. Nissan cited a decline in sales, as well as the impact of the US administration's tariff measures, which it says amounts to 68.7 billion yen, as causes for its poor performance. The firm also forecast an operating loss for the April to September period, predicting a loss of 180 billion yen. Nissan President and CEO Ivan Espinosa told reporters on Wednesday that it is difficult at this point to make an accurate forecast about the impact of US tariffs as some conditions and the timing of when the tariffs will be imposed are unclear. He added that once the new tariff rules become clear, the automaker will update the information accordingly.
Yahoo
17 hours ago
- Automotive
- Yahoo
Nissan racks up red ink, but the Japanese automaker promises a return to profit later this year
TOKYO (AP) — Japanese automaker Nissan sank into a 115.8 billion yen ($782 million) loss for April-June, but promised Wednesday to return to profitability later this year. Nissan Motor Corp. did not give a full year net profit forecast. It recorded a 28.6 billion yen profit during the April-June quarter last year. Quarterly sales for the current fiscal year slipped nearly 10% to 2.7 trillion yen ($18 billion). The maker of the Leaf electric car and Infiniti luxury models said the results were better than expected. But it faces 'headwinds,' including declining sales, unfavorable exchange rates and President Donald Trump's tariffs. Ivan Espinosa, who took the helm at Nissan in April replacing Makoto Uchida, said the company's recovery plan remained urgent. Uchida stepped down to take responsibility for the dismal fiscal results. Espinosa noted the initial steps of the company's revival plan were kicking in, including cutting costs, realigning products, reshaping a market strategy and strengthening partnerships. 'We must now go further and faster to achieve profitability. Everyone at Nissan is united in delivering a recovery that will ensure a sustainable and profitable future,' he said. Nissan, based in the port city of Yokohama, has been struggling but is promising a turnaround under Espinosa, a Mexican with two decades of experience at Nissan. The company said some of its models, such as the N7 in China and the Magnite in Mexico, have been selling well recently. Nissan recently ditched talks with Japanese rival Honda Motor Co. to set up a joint holding company. They said they will continue to cooperate on technology development. Nissan is closing its flagship factory in Oppama, Japan, outside Tokyo, by the end of the 2027 fiscal year, moving production there to another plant in southwestern Japan. Nissan is also slashing 15% of its global work force, or about 20,000 employees. That includes a 9,000 head count reduction announced late last year. ___ Yuri Kageyama is on Threads: Yuri Kageyama, The Associated Press Sign in to access your portfolio
Associated Press
17 hours ago
- Automotive
- Associated Press
Nissan racks up red ink, but the Japanese automaker promises a return to profit later this year
TOKYO (AP) — Japanese automaker Nissan sank into a 115.8 billion yen ($782 million) loss for April-June, but promised Wednesday to return to profitability later this year. Nissan Motor Corp. did not give a full year net profit forecast. It recorded a 28.6 billion yen profit during the April-June quarter last year. Quarterly sales for the current fiscal year slipped nearly 10% to 2.7 trillion yen ($18 billion). The maker of the Leaf electric car and Infiniti luxury models said the results were better than expected. But it faces 'headwinds,' including declining sales, unfavorable exchange rates and President Donald Trump's tariffs. Ivan Espinosa, who took the helm at Nissan in April replacing Makoto Uchida, said the company's recovery plan remained urgent. Uchida stepped down to take responsibility for the dismal fiscal results. Espinosa noted the initial steps of the company's revival plan were kicking in, including cutting costs, realigning products, reshaping a market strategy and strengthening partnerships. 'We must now go further and faster to achieve profitability. Everyone at Nissan is united in delivering a recovery that will ensure a sustainable and profitable future,' he said. Nissan, based in the port city of Yokohama, has been struggling but is promising a turnaround under Espinosa, a Mexican with two decades of experience at Nissan. The company said some of its models, such as the N7 in China and the Magnite in Mexico, have been selling well recently. Nissan recently ditched talks with Japanese rival Honda Motor Co. to set up a joint holding company. They said they will continue to cooperate on technology development. Nissan is closing its flagship factory in Oppama, Japan, outside Tokyo, by the end of the 2027 fiscal year, moving production there to another plant in southwestern Japan. Nissan is also slashing 15% of its global work force, or about 20,000 employees. That includes a 9,000 head count reduction announced late last year. ___ Yuri Kageyama is on Threads:
NHK
16-07-2025
- Automotive
- NHK
Nissan CEO: decision to end production at 2 plants hard but needed
The head of struggling Japanese automaker Nissan Motor said the decision to cease vehicle production at two domestic factories was hard but needed. The move has raised questions about how many jobs will be retained. "It was a difficult decision for both myself and the company," said Nissan President and CEO Ivan Espinosa. "However, we believe it is necessary for Nissan to overcome its current challenging situation and return to our growth trajectory." Espinosa told reporters on Tuesday that production at its mainstay Oppama Plant near Tokyo will finish at the end of March 2028. He said production will be transferred to facilities in the southwestern prefecture of Fukuoka. Espinosa also said production at a Nissan subsidiary's Shonan Plant near Tokyo will end by March 2027. Nissan aims to turn around its finances amid sluggish sales figures by reorganizing domestic production to cut costs. But the company's labor union has called for continued negotiations, saying the latest decision will heighten worries about the future among workers. Nissan says it plans to protect employment at the Oppama Plant by transferring workers to other factories or operations. The subsidiary, Nissan Shatai, says preserving jobs is its top priority and it will explore all possibilities to do so. But it's unclear how they can achieve that, given Nissan's plans to cut group-wide payroll by 20,000 workers as part of restructuring efforts. As for what to do with the Oppama Plant after production ends, Espinosa said Nissan is considering a variety of scenarios. He said there is room for negotiation if a third party wants to purchase the plant's assets.
The Sun
15-07-2025
- Automotive
- The Sun
Huge crisis-hit car brand to shut its flagship factory with 2,400 workers in ‘tough but necessary decision'
A STRUGGLING car manufacturer is to shut its flagship factory which employs 2,400 workers, with its boss calling it a 'tough but necessary decision'. Vehicle production at Nissan's Oppama plant in Kanagawa Prefecture south of Tokyo, will end at the end of the 2027 fiscal year, in March 2028, the Japanese automaker said today. 2 After that, all models that had been made or scheduled for production at Oppama will be made at Nissan Motor Kyushu, in Fukuoka Prefecture. The Oppama plant has been a prized symbol for Nissan Motor Corp., which rolled out its Leaf electric car there in 2010, ahead of key rivals. Chief Executive Ivan Espinosa, who took on the job in April, said the decision was extremely difficult, calling the Oppama plant an icon for Nissan. He promised employees will be treated fairly and responsibly, with transfer offers to other locations, or other work in the area in consultation with the trade union. The plant now employs 2,400 people. 'I believe it's a vital step toward overcoming our current challenges and building a sustainable future,' he said. 'The world is changing by the minute,' he told reporters at a news conference at Nissan's Yokohama headquarters. Espinosa said the company was in talks on possibly selling the factory land, or using it for another purpose. He declined to give details. Even if a buyer is not found, the decision on ending production will not change, he added. The plant's closure was expected, as the maker of the Infiniti luxury models and March subcompact has said repeatedly that it is restructuring its operations to boost its profitability, including by consolidating production sites. Nissan says the tariff policies of US President Donald Trump have hurt its bottom line. Earlier this year, Nissan said it was slashing about 15% of its global work force, or about 20,000 employees, which would include a 9,000 head count reduction announced late last year, including in China. The company has been racking up losses, hurt by slipping vehicle sales in China and elsewhere, huge restructuring costs and ballooning inventories. Earlier this year, Nissan said it's reducing the number of its auto plants to 10 from 17 to create a leaner, more resilient business. At that time, it didn't say which plants were being closed but confirmed the closures will include factories in Japan. It's also reducing production capacity to 2.5 million units from 3.5 million. The latest announcement concludes the production closures in Japan, according to Espinosa. Nissan racked up a loss of 670.9 billion yen (£3.36 billion) for the fiscal year through March, down from a 426.6 billion yen (£2.14 billion) profit recorded in the previous fiscal year. Espinosa replaced Makoto Uchida, who stepped down to take responsibility for the faltering results. 2
