Latest news with #MakotoUchida
Forbes
3 days ago
- Automotive
- Forbes
Nissan's On The Ropes - Will The Brand Survive?
It's anyone's guess what's in store for Nissan, but the legendary maker of some pretty good cars - including my 1982 Datsun 210 - is currently getting the shallacking of its life. Lafayette - April 11, 2025: Nissan Armada SL 4WD display at a dealership. Nissan offers the Armada ... More with a 425HP 3.5L Twin-Turbo V6 engine. MY:2025 The Japanese automaker just slashed costs in a desperate attempt to stay on the road. According to Reuters, 20,000 jobs were axed, seven factories shut down and no one's getting raises. Buyout packages have been offered at their Canton, Mississippi plant—plus cutting salaried folks in HR, finance, IT and planning. A lot of things. Much of Nissan's lineup can be politely described as 'old'. The company's operating profits dropped 90% in the first half of the fiscal year. What's causing it? Weak sales in North America and China, which happen to be two of the biggest car markets on Earth. "While substantial efforts have been made in the U.S. to help right-size Nissan, we need to take additional, limited, strategic action here at a local level," Nissan Americas Chairman Christian Meunier said in a shared company-wide email. The plan is "crucial for Nissan's comeback," he said. On Tuesday, Nissan reported it paid a total of 646 million yen (approximately $4.5 million) in compensation to former CEO Makoto Uchida and three other executive officers who stepped down at the end of March. Nissan has not released a complete list of production sites slated for closure. However, in Japan, the Oppama plant and one other are under consideration, say insiders. *In Latin America, pickup truck production will be consolidated into a single plant in Mexico, ending production in Argentina. *Nissan has also announced the closure of a plant in Thailand by June. *Renault will acquire Nissan's stake in their joint business operations in India. According to a report by Bloomberg News, Nissan is exploring options to raise over 1 trillion yen through a combination of debt and asset sales. This includes a potential syndicated loan backed by the UK government. Sedans: The Versa, Sentra, and Altima are all small vehicles designed to be relative bargains and achieve decent mileage. But all these vehicles have been around for many years. SUVs: The Kicks, Rogue, Murano, Pathfinder, and Armada represent Nissan's diverse SUV offerings, from compact to full-size - and also are long in the tooth. Trucks: The Frontier Electric Vehicles: The Ariya and Leaf EVs Sports Car: The Z's always been a favorite, and a test two years ago proved a fun, exciting firecracker. The devastating crash of the economy and bankrupcies faced by Ford, GM and Chrysler in 2008 proved no company is 'too big to fail.' No. Owners will still be serviced by dealers, the company says. It's either a comeback story in the making—or a slow-motion exit.
Qatar Tribune
3 days ago
- Automotive
- Qatar Tribune
Nissan's severance payments under fire
Agencies Four former Nissan Motor Co top executives including ex-President and CEO Makoto Uchida received a combined total of 646 million yen for leaving top roles at the embattled Japanese automaker, a general shareholders' meeting notice showed Tuesday. The large payouts may draw investor ire at the June 24 meeting, after Uchida stood down in March following unsuccessful merger talks with Honda Motor Co and with the company planning to ax thousands of jobs with a net loss of 670.9 billion yen for the fiscal year ended March. The three others subject to the severance pay were former chief brand and customer officer Asako Hoshino, former chief technology officer and executive officer Kunio Nakaguro, and Hideyuki Sakamoto, who served as executive officer for manufacturing and supply chain and Sakamoto are still serving as board directors until the end of the shareholders' meeting. The company did not provide details on their individual payouts. Combined remuneration for Nissan's current five executive officers was nearly 1.66 billion yen, according to the notice. Japan's third-biggest automaker by volume has been pressured by faltering vehicle sales in China and the United States. Since new President and CEO Ivan Espinosa took over from Uchida in April, the automaker is rushing to streamline global operations to return to profitability in the next fiscal year. It said in mid-May it plans to more than double staff cuts to 20,000 people and close seven of its 17 vehicle plants.
The Mainichi
4 days ago
- Automotive
- The Mainichi
Former top execs of struggling Nissan got $4.5 mil severance pay
TOKYO (Kyodo) -- Four former Nissan Motor Co. top executives including ex-President and CEO Makoto Uchida received a combined total of 646 million yen ($4.5 million) for leaving top roles at the embattled Japanese automaker, a general shareholders' meeting notice showed Tuesday. The large payouts may draw investor ire at the June 24 meeting, after Uchida stood down in March following unsuccessful merger talks with Honda Motor Co. and with the company planning to ax thousands of jobs with a net loss of 670.9 billion yen for the fiscal year ended March. The three others subject to the severance pay were former chief brand and customer officer Asako Hoshino, former chief technology officer and executive officer Kunio Nakaguro, and Hideyuki Sakamoto, who served as executive officer for manufacturing and supply chain management. Uchida and Sakamoto are still serving as board directors until the end of the shareholders' meeting. The company did not provide details on their individual payouts. Combined remuneration for Nissan's current five executive officers was nearly 1.66 billion yen, according to the notice. Japan's third-biggest automaker by volume has been pressured by faltering vehicle sales in China and the United States. Since new President and CEO Ivan Espinosa took over from Uchida in April, the automaker is rushing to streamline global operations to return to profitability in the next fiscal year. It said in mid-May it plans to more than double staff cuts to 20,000 people and close seven of its 17 vehicle plants.
Japan Today
4 days ago
- Automotive
- Japan Today
Former top execs of struggling Nissan got ¥646 mil severance pay
Four former Nissan Motor Co top executives including ex-President and CEO Makoto Uchida received a combined total of 646 million yen for leaving top roles at the embattled Japanese automaker, a general shareholders' meeting notice showed Tuesday. The large payouts may draw investor ire at the June 24 meeting, after Uchida stood down in March following unsuccessful merger talks with Honda Motor Co and with the company planning to ax thousands of jobs with a net loss of 670.9 billion yen for the fiscal year ended March. The three others subject to the severance pay were former chief brand and customer officer Asako Hoshino, former chief technology officer and executive officer Kunio Nakaguro, and Hideyuki Sakamoto, who served as executive officer for manufacturing and supply chain management. Uchida and Sakamoto are still serving as board directors until the end of the shareholders' meeting. The company did not provide details on their individual payouts. Combined remuneration for Nissan's current five executive officers was nearly 1.66 billion yen, according to the notice. Japan's third-biggest automaker by volume has been pressured by faltering vehicle sales in China and the United States. Since new President and CEO Ivan Espinosa took over from Uchida in April, the automaker is rushing to streamline global operations to return to profitability in the next fiscal year. It said in mid-May it plans to more than double staff cuts to 20,000 people and close seven of its 17 vehicle plants. © KYODO
4 days ago
- Automotive
Struggling Nissan Pays 646 M. Yen to 4 Retired Execs
News from Japan May 27, 2025 22:11 (JST) Tokyo, May 27 (Jiji Press)--Struggling Nissan Motor Co. has paid a total of 646 million yen in retirement compensation for four executives, including former President Makoto Uchida, according to a notice of a general shareholders meeting released by the company on Tuesday. The large payment could provoke a backlash from Nissan shareholders, especially after the company recorded a consolidated net loss of 670.8 billion yen for the year ended this March. Uchida stepped down at the end of March over the company's poor performance and its failed merger talks with Honda Motor Co. Nissan is scheduled to hold a general shareholders meeting at its headquarters in Yokohama, south of Tokyo, on June 24. It will seek shareholder approval for matters including the appointment of current President Ivan Espinosa to the board. END [Copyright The Jiji Press, Ltd.] Jiji Press
