Latest news with #Re:Nissan
The Citizen
19 hours ago
- Automotive
- The Citizen
PODCAST: What closure of Nissan Rosslyn plant means for Mzansi
Nissan is set to cut its financial losses by closing seven of its 17 global factories by 2027. The Nissan plant in Rosslyn outside Pretoria faces closure in the Japanese carmaker's desperate attempt to cut its global losses. The local factory is one of seven global assembly facilities on the chopping block as Nissan plans to reduce its plants from 17 to 10 by 2027. The plant has been in operation since 1966 and apart from direct job losses, its closure will have an indirect impact on two other manufacturers, BMW and Ford, which also have factories in Pretoria. In this week's episode of The Citizen Motoring's Pitstop podcast, we look at what the closure of the Nissan plant will mean for the brand in South Africa. Nissan plant in Rosslyn under-utilised Since the discontinuation of the Nissan NP200, only the Navara bakkie has been built in Rosslyn, leaving the factory underutilised. While there has been talk about the possibility of assembling an SUV alongside the Navara, the company's global restructuring plan, Re:Nissan, indicates otherwise. The manufacturer announced this month that it plans to reduce its global workforce by a further 20 000 jobs on top of 9 000 last year. This follows an R82.2-billion revenue loss for the 2024 financial year. Reports indicate other Nissan plants facing the chop include the Oppama and Shonan plants in Japan, the Santa Isabel plant in Argentina, the Chennai plant in India and one of three factories in Mexico. ALSO READ: Reports claim Rosslyn to be one of Nissan's plants facing closure Patrol, two new SUVs coming The Nissan plant in Rosslyn builds Navaras for the local market and sub-Saharan Africa. If the Rosslyn plant closes, Nissan is likely to import the Navara from Thailand. Nissan South Africa announced in March that the new Patrol and two new Indian-built SUVs derived from Renault products are due to arrive in 2026. Renault and Mitsubishi are Nissan's two alliance partners.
Miami Herald
a day ago
- Automotive
- Miami Herald
The $700 Million Question: Why Nissan Is Selling Its Iconic Yokohama Headquarters
A report from Nikkei Asia citing sources familiar with the matter states that Nissan is considering selling its global headquarters in Yokohama, south of Tokyo, Japan, valued at over 100 billion yen ($698 million), by March 2026. Nissan would use the money to help cover restructuring costs associated with cutting its seven plants and cutting around 20,000 jobs. The automaker is expected to incur an additional 60 billion ($415.6 million) yen in restructuring costs for the current financial year, according to a Q&A session with the company and analysts on May 13. "We plan to cover the restructuring costs through asset sales," CEO Ivan Espinosa said, according to Nikkei Asia. Due to pending restructuring costs and U.S. tariff impacts, Nissan hasn't yet released an earnings forecast for the year. Nissan is ailing after suffering a $4.5 billion loss last year, and current market conditions aren't helping its prospects. Two of the seven factories Nissan is closing are domestic sites, with indicators that the Oppama and Shonan plants are on the chopping block, according to Motor1. The Tochigi facility isn't being targeted because of its test course, which is vital for vehicle development. Nissan is also axing some new vehicles along with six platforms, leaving the company with seven platforms, down from 13. Autoguide reports that the manufacturer is simplifying vehicle architectures to reduce parts complexity by 70% using reassigned members from its research and development department. Nissan states that its recovery plan, named Re:Nissan, targets savings of more than $3 billion to return to profitability by the 2026 fiscal year. Nissan's headquarters have been in Yokohama since 2009, when it moved from Tokyo's Ginza district. Nissan told Autoblog that it's "considering all possibilities to recover its business performance, but there are no specifics to share at this time." "In the face of challenging FY24 performance and rising variable costs, compounded by an uncertain environment, we must prioritize self-improvement with greater urgency and speed, aiming for profitability that relies less on volume. 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," said Nissan CEO Ivan Espinosa. While Nissan may sell its Yokohama, Japan headquarters, there's a good chance it'll lease back the space, similar to what McLaren did in 2021 to reduce debt. McLaren will continue using its Woking, England headquarters through at least 2041. The move might prove wise given that Nissan could make around $700 million and essentially stay put through signing a sale-and-leaseback deal, but we'll have to see how their other plans pan out. Copyright 2025 The Arena Group, Inc. All Rights Reserved.
Scottish Sun
4 days ago
- Automotive
- Scottish Sun
Major car firm ‘may sell £500m headquarters to survive' – weeks after axing 20,000 staff and £4bn losses
They say they're considering 'all possibilities' to save the company FOR SALE Major car firm 'may sell £500m headquarters to survive' – weeks after axing 20,000 staff and £4bn losses Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) A MAJOR car firm may sell their £500m global headquarters to cut costs in its fight for survival. This comes after a huge wave of cuts was announced worth a staggering £1.3 billion in addition to axing tens-of-thousands of jobs. Sign up for Scottish Sun newsletter Sign up 3 Major car firm Nissan may be forced to sell its £500 million headquarters Credit: Getty 3 Cost-cutting measures will see thousands of job losses with multiple factory closures Credit: AFP Cash-strapped Nissan, Japan's third-largest carmaker, may part ways with its global headquarters in Yokohama, Japan, to fund the company's urgent restructuring plan. After having moved to the 22-story high-rise in 2009, the car manufacturer is now facing mountains of debt and is on track to cut 20,000 jobs, shut several of its plants and slash billions in costs. With a glitzy gallery, the flashy headquarters can showcase more than thirty motors and stands in stark contrast to their previous offices. The company have said that part of their plan has called for reviewing assets that can be sold in a desperate bid to pay for the restructuring. With its own headquarters in sight, thought to be worth approximately £500 million, Nissan would structure a deal so it could continue to use the site through a lease so its offices and operations remain in place. A company spokesperson said: "Nissan is considering all possibilities to recover its business performance, but there are no specifics to share at this point of time." The move is not unprecedented, however, with McLaren doing something similar with its HQ in Woking in recent years. Nissan confirmed in April that it was anticipating losses of up to £4 billion, its worst annual loss in a quarter century. This has resulted in drastic measures being implemented under the 'Re:Nissan' plan The company hopes to have completed an initial £1.3 billion cost-cutting mission by 2026 with remaining losses plugged by a huge wave of closures in a bid to become profitable again. This will see a reduction in the company's workforce of 20,000 employees by 2027. Areas including sales, research, administration, development and manufacturing are all expected to be hit hard by the cuts. As of March 2024, the company had more than 133,000 staff worldwide - meaning a total 15% of its entire workforce is set to be hit. Nissan is also planning to close seven factories by 2027, including two domestic sites which are thought to be the Oppama and Shonan plants, saving £2.6 billion in the process. There have also been reports of downsizing or a partial sale of its Tochigi assembly plan and test centre facility north of Tokyo which was recently equipped with manufacturing technologies to assemble electric vehicles. To underline the dire financial situation, the motor company is even halting the development of certain models to cut its expenses. While the car company has been hit hard by the effects of Donald Trump's tariff war, Nissan's new CEO, Ivan Espinosa, has admitted the company's financial trouble started a decade ago. He said: "Let me start by explaining why we are here. "This is not something that happened in the last couple of years. "It's more of a fundamental problem that probably started back in 2015, when management thought this company could reach [annual global vehicle sales] of around eight million. "There were heavy investments both in terms of planned capacity as well as in human resources, but the reality today is we are running at around half that volume. And nobody did anything to fix that until now.' He aims to strengthen ties with fellow auto manufacturers Renault, Mitsubishi and Chinese ally Dongfeng, following a failed merger with Honda in February. It's also possible he allows Dongeng to build cars as Nissan's UK factory in Sunderland which, as it stands, does not currently face the threat of closure. But despite the financial turmoil, Nissan is slated to bring more than ten new models to North American roads soon. They also plan to introduce the next generation of Nissan Micra to Europe.
The Irish Sun
4 days ago
- Automotive
- The Irish Sun
Major car firm ‘may sell £500m headquarters to survive' – weeks after axing 20,000 staff and £4bn losses
A MAJOR car firm may sell their £500m global headquarters to cut costs in its fight for survival. This comes after a huge wave of cuts was announced worth a staggering £1.3 billion in addition to axing tens-of-thousands of jobs. 3 Major car firm Nissan may be forced to sell its £500 million headquarters Credit: Getty 3 Cost-cutting measures will see thousands of job losses with multiple factory closures Credit: AFP Cash-strapped Nissan, Japan's third-largest carmaker, may part ways with its global headquarters in Yokohama, Japan, to fund the company's urgent restructuring plan. After having moved to the 22-story high-rise in 2009, the car manufacturer is now facing mountains of debt and is on track to cut 20,000 jobs, shut several of its plants and slash billions in costs. With a glitzy gallery, the flashy headquarters can showcase more than thirty motors and stands in stark contrast to their previous offices. The company have said that part of their plan has called for reviewing assets that can be sold in a desperate bid to pay for the restructuring. Read more Motors news With its own headquarters in sight, thought to be worth approximately £500 million, Nissan would structure a deal so it could continue to use the site through a lease so its offices and operations remain in place. A company spokesperson said: "Nissan is considering all possibilities to recover its business performance, but there are no specifics to share at this point of time." The move is not unprecedented, however, with McLaren doing something similar with its HQ in Woking in recent years. Most read in Motors This has resulted in drastic measures being implemented under the 'Re:Nissan' plan The company hopes to have completed an initial £1.3 billion cost-cutting mission by 2026 with remaining losses plugged by a huge wave of closures in a bid to become profitable again. This will see a reduction in the company's workforce of 20,000 employees by 2027. Areas including sales, research, administration, development and manufacturing are all expected to be hit hard by the cuts. As of March 2024, the company had more than 133,000 staff worldwide - meaning a total 15% of its entire workforce is set to be hit. There have also been reports of downsizing or a partial sale of its Tochigi assembly plan and test centre facility north of Tokyo which was recently equipped with manufacturing technologies to assemble electric vehicles. To underline the dire financial situation, the motor company is even halting the development of certain models to cut its expenses. While the car company has been hit hard by the effects of Donald Trump's tariff war, Nissan's new CEO, Ivan Espinosa, has He said: "Let me start by explaining why we are here. "This is not something that happened in the last couple of years. "It's more of a fundamental problem that probably started back in 2015, when management thought this company could reach [annual global vehicle sales] of around eight million. "There were heavy investments both in terms of planned capacity as well as in human resources, but the reality today is we are running at around half that volume. And nobody did anything to fix that until now.' He aims to strengthen ties with fellow auto manufacturers Renault, Mitsubishi and Chinese ally Dongfeng, following a failed merger with Honda in February. It's also possible he allows Dongeng to build cars as Nissan's UK factory in But despite the financial turmoil, Nissan is slated to bring more than ten new models to North American roads soon. They also plan to introduce the next generation of Nissan Micra to Europe. 3 Major car firm Nissan may be forced to sell its £500 million headquarters Credit: Getty
The Advertiser
5 days ago
- Automotive
- The Advertiser
Nissan considering selling HQ to fund plant closures
Nissan may sell off its global headquarters in Yokohama, Japan to help finance the costs it will incur to close down seven factories and axe 20,000 jobs worldwide. According to the Nikkei, the company has placed its headquarters in Yokohama on the list of assets it might sell by the end of March 2026. Nissan's HQ is located on the banks on the Katabira River, only a few minutes walk from Yokohama station. Thanks to its prime location, it is estimated to be worth around ¥100 billion (A$1.07 billion). Hundreds of new car deals are available through CarExpert right now. Get the experts on your side and score a great deal. Browse now. The current HQ was opened in 2009 when then-CEO Carlos Ghosn relocated the company's headquarters from Tokyo back to its spiritual home in Yokohama. The building contains an extensive gallery showcasing some of the automaker's most iconic models, race cars, and concepts. It's unclear if Nissan would move out of its current headquarters, or whether it would lease it back from its new owner. So-called lease back arrangements are common for companies undergoing financial stress, or those wishing to gain a pot of cash to fund certain projects. Money raised by the sale of the building and property would be used to pay for restructuring costs related to Nissan's upcoming plant closures and workforce reduction. The automaker said restructuring costs are expected to be ¥60 billion (A$640 million) in this current financial year alone. Nissan has been skating on thin financial ice for the last year-and-a-bit. Earlier this month it announced a loss of ¥670.9 billion (A$7.1 billion) for the financial year ending March 2025. In response, new Nissan CEO Ivan Espinosa unveiled a recovery plan dubbed Re:Nissan, which will see the company reduce its factory count from 17 to 10, and cut its global workforce by 15 per cent or 20,000 people, both by March 2028. A recent report indicates plants in Japan, Mexico, South Africa, Argentina and India are facing the axe. The company's plant in the UK, which produces the Qashqai and Juke compact SUVs, has been ruled safe, and the head of Nissan Oceania is "quietly optimistic" about the long-term future of Nissan's parts factory in Dandenong, Victoria. As part of the company's latest turnaround plan, Nissan will renegotiate its deals with suppliers, cut down on platforms, and reduce development times. It has also set up a cost-cutting "transformation office" with an initial staff of 300 experts who have been "empowered to make cost decisions". On top of this, development of vehicles and technology due for launch after March 2027 has been paused in order to allocate 3000 people to find more savings. MORE: Everything Nissan Content originally sourced from: Nissan may sell off its global headquarters in Yokohama, Japan to help finance the costs it will incur to close down seven factories and axe 20,000 jobs worldwide. According to the Nikkei, the company has placed its headquarters in Yokohama on the list of assets it might sell by the end of March 2026. Nissan's HQ is located on the banks on the Katabira River, only a few minutes walk from Yokohama station. Thanks to its prime location, it is estimated to be worth around ¥100 billion (A$1.07 billion). Hundreds of new car deals are available through CarExpert right now. Get the experts on your side and score a great deal. Browse now. The current HQ was opened in 2009 when then-CEO Carlos Ghosn relocated the company's headquarters from Tokyo back to its spiritual home in Yokohama. The building contains an extensive gallery showcasing some of the automaker's most iconic models, race cars, and concepts. It's unclear if Nissan would move out of its current headquarters, or whether it would lease it back from its new owner. So-called lease back arrangements are common for companies undergoing financial stress, or those wishing to gain a pot of cash to fund certain projects. Money raised by the sale of the building and property would be used to pay for restructuring costs related to Nissan's upcoming plant closures and workforce reduction. The automaker said restructuring costs are expected to be ¥60 billion (A$640 million) in this current financial year alone. Nissan has been skating on thin financial ice for the last year-and-a-bit. Earlier this month it announced a loss of ¥670.9 billion (A$7.1 billion) for the financial year ending March 2025. In response, new Nissan CEO Ivan Espinosa unveiled a recovery plan dubbed Re:Nissan, which will see the company reduce its factory count from 17 to 10, and cut its global workforce by 15 per cent or 20,000 people, both by March 2028. A recent report indicates plants in Japan, Mexico, South Africa, Argentina and India are facing the axe. The company's plant in the UK, which produces the Qashqai and Juke compact SUVs, has been ruled safe, and the head of Nissan Oceania is "quietly optimistic" about the long-term future of Nissan's parts factory in Dandenong, Victoria. As part of the company's latest turnaround plan, Nissan will renegotiate its deals with suppliers, cut down on platforms, and reduce development times. It has also set up a cost-cutting "transformation office" with an initial staff of 300 experts who have been "empowered to make cost decisions". On top of this, development of vehicles and technology due for launch after March 2027 has been paused in order to allocate 3000 people to find more savings. MORE: Everything Nissan Content originally sourced from: Nissan may sell off its global headquarters in Yokohama, Japan to help finance the costs it will incur to close down seven factories and axe 20,000 jobs worldwide. According to the Nikkei, the company has placed its headquarters in Yokohama on the list of assets it might sell by the end of March 2026. Nissan's HQ is located on the banks on the Katabira River, only a few minutes walk from Yokohama station. Thanks to its prime location, it is estimated to be worth around ¥100 billion (A$1.07 billion). Hundreds of new car deals are available through CarExpert right now. Get the experts on your side and score a great deal. Browse now. The current HQ was opened in 2009 when then-CEO Carlos Ghosn relocated the company's headquarters from Tokyo back to its spiritual home in Yokohama. The building contains an extensive gallery showcasing some of the automaker's most iconic models, race cars, and concepts. It's unclear if Nissan would move out of its current headquarters, or whether it would lease it back from its new owner. So-called lease back arrangements are common for companies undergoing financial stress, or those wishing to gain a pot of cash to fund certain projects. Money raised by the sale of the building and property would be used to pay for restructuring costs related to Nissan's upcoming plant closures and workforce reduction. The automaker said restructuring costs are expected to be ¥60 billion (A$640 million) in this current financial year alone. Nissan has been skating on thin financial ice for the last year-and-a-bit. Earlier this month it announced a loss of ¥670.9 billion (A$7.1 billion) for the financial year ending March 2025. In response, new Nissan CEO Ivan Espinosa unveiled a recovery plan dubbed Re:Nissan, which will see the company reduce its factory count from 17 to 10, and cut its global workforce by 15 per cent or 20,000 people, both by March 2028. A recent report indicates plants in Japan, Mexico, South Africa, Argentina and India are facing the axe. The company's plant in the UK, which produces the Qashqai and Juke compact SUVs, has been ruled safe, and the head of Nissan Oceania is "quietly optimistic" about the long-term future of Nissan's parts factory in Dandenong, Victoria. As part of the company's latest turnaround plan, Nissan will renegotiate its deals with suppliers, cut down on platforms, and reduce development times. It has also set up a cost-cutting "transformation office" with an initial staff of 300 experts who have been "empowered to make cost decisions". On top of this, development of vehicles and technology due for launch after March 2027 has been paused in order to allocate 3000 people to find more savings. MORE: Everything Nissan Content originally sourced from: Nissan may sell off its global headquarters in Yokohama, Japan to help finance the costs it will incur to close down seven factories and axe 20,000 jobs worldwide. According to the Nikkei, the company has placed its headquarters in Yokohama on the list of assets it might sell by the end of March 2026. Nissan's HQ is located on the banks on the Katabira River, only a few minutes walk from Yokohama station. Thanks to its prime location, it is estimated to be worth around ¥100 billion (A$1.07 billion). Hundreds of new car deals are available through CarExpert right now. Get the experts on your side and score a great deal. Browse now. The current HQ was opened in 2009 when then-CEO Carlos Ghosn relocated the company's headquarters from Tokyo back to its spiritual home in Yokohama. The building contains an extensive gallery showcasing some of the automaker's most iconic models, race cars, and concepts. It's unclear if Nissan would move out of its current headquarters, or whether it would lease it back from its new owner. So-called lease back arrangements are common for companies undergoing financial stress, or those wishing to gain a pot of cash to fund certain projects. Money raised by the sale of the building and property would be used to pay for restructuring costs related to Nissan's upcoming plant closures and workforce reduction. The automaker said restructuring costs are expected to be ¥60 billion (A$640 million) in this current financial year alone. Nissan has been skating on thin financial ice for the last year-and-a-bit. Earlier this month it announced a loss of ¥670.9 billion (A$7.1 billion) for the financial year ending March 2025. In response, new Nissan CEO Ivan Espinosa unveiled a recovery plan dubbed Re:Nissan, which will see the company reduce its factory count from 17 to 10, and cut its global workforce by 15 per cent or 20,000 people, both by March 2028. A recent report indicates plants in Japan, Mexico, South Africa, Argentina and India are facing the axe. The company's plant in the UK, which produces the Qashqai and Juke compact SUVs, has been ruled safe, and the head of Nissan Oceania is "quietly optimistic" about the long-term future of Nissan's parts factory in Dandenong, Victoria. As part of the company's latest turnaround plan, Nissan will renegotiate its deals with suppliers, cut down on platforms, and reduce development times. It has also set up a cost-cutting "transformation office" with an initial staff of 300 experts who have been "empowered to make cost decisions". On top of this, development of vehicles and technology due for launch after March 2027 has been paused in order to allocate 3000 people to find more savings. MORE: Everything Nissan Content originally sourced from:
