Latest news with #Versa
Scottish Sun
3 days ago
- Automotive
- Scottish Sun
Major car firm ‘discontinuing cheapest model & halting pay rises' – weeks after axing 20,000 jobs 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 is reportedly discontinuing its cheapest model and halting pay rises just weeks after announcing £4billion in losses. The struggling car maker had announced plans to axe over 20,000 members of staff due to soaring production costs and disappointing sales. Sign up for Scottish Sun newsletter Sign up 2 The Japanese automaker has been struggling financially recently Credit: Getty 2 Cost-cutting measures will already see thousands of job losses with multiple factory closures Credit: AFP Cash-strapped Nissan, Japan's third-largest carmaker, is already facing billions in losses - its worst annual loss in a quarter century. Nissan is looking to raise £5.2billion to stay afloat, with UK Export Finance underwriting a £1billion loan - which will support the beleaguered company. Now, the company has started offering buyouts to US workers and has suspended merit-based wage increases worldwide, reports Reuters. As part of the cuts, Nissan has offered separation packages to workers at its Canton plant in Mississippi. Salaried workers in human resources, planning, information technology and finance have also been offered similar packages. Merit-based pay increases have also been suspended worldwide by Nissan for the current business year, in a separate email seen by Reuters. Christian Meunier, Nissan America's chairman, said the buyouts are 'crucial for Nissan's comeback' in the US, its most important market. 'While substantial efforts have been made in the US to help right-size Nissan, we need to take additional, limited, strategic action here at a local level,' Meunier said in an email. And Nissan has also discontinued its cheapest model, the manual-equipped Versa, according to reports. The Japanese automaker halted making the Versa with the five-speed manual at its Aguascalientes, Mexico, factory, according to Automotive News. The publication stated that a "person with knowledge of the matter" revealed that the most affordable new car on the market would see "production cease". It is understood that the rest of the Versa lineup will continue as usual but this is yet another huge blow to the carmaker. Japanese giant unveils its new bargain EV with quirky 'bug eye' headlights It comes after reports the manufacturer is planning to cut its number of factories from 17 down to 10. This has prompted fears that the brand's Sunderland factory could be under threat. While Nissan has not confirmed the fate of its only UK factory, its CEO Ivan Espinosa has insisted that more electric cars will be produced there. It is hoped that the £1billion loan from Nissan's lenders, underwritten by The Government, will protect the site. The huge cash injection is just a fifth of the 1Trillion Yen needed by the company to survive. It will also look to issue as much as 630billion yen in convertible securities and bonds, including high-yield and euro notes. Reportedly, the firm is looking to sell-and-lease-back its Yokohama headquarters alongside several properties in the United States. Finally, the struggling car manufacturer is eyeing a sale of its stakes in Renault and battery maker AESC Group. The aggressive fundraising plans underscore Nissan's rapidly deteriorating financial and operational position, despite efforts by newly appointed chief executive Ivan Espinosa to turn the company around. Development on other Nissan models has been paused, whilst the company tries to balance its books. Work on all 'advanced and post-FY26 product activities' has been paused, though Nissan has not confirmed which particular vehicles will face suspension.
The Sun
3 days ago
- Automotive
- The Sun
Major car firm ‘discontinuing cheapest model & halting pay rises' – weeks after axing 20,000 jobs and £4bn losses
A MAJOR car firm is reportedly discontinuing its cheapest model and halting pay rises just weeks after announcing £4billion in losses. The struggling car maker had announced plans to axe over 20,000 members of staff due to soaring production costs and disappointing sales. 2 2 Cash-strapped Nissan, Japan's third-largest carmaker, is already facing billions in losses - its worst annual loss in a quarter century. Nissan is looking to raise £5.2billion to stay afloat, with UK Export Finance underwriting a £1billion loan - which will support the beleaguered company. Now, the company has started offering buyouts to US workers and has suspended merit-based wage increases worldwide, reports Reuters. As part of the cuts, Nissan has offered separation packages to workers at its Canton plant in Mississippi. Salaried workers in human resources, planning, information technology and finance have also been offered similar packages. Merit-based pay increases have also been suspended worldwide by Nissan for the current business year, in a separate email seen by Reuters. Christian Meunier, Nissan America's chairman, said the buyouts are 'crucial for Nissan's comeback' in the US, its most important market. 'While substantial efforts have been made in the US to help right-size Nissan, we need to take additional, limited, strategic action here at a local level,' Meunier said in an email. And Nissan has also discontinued its cheapest model, the manual-equipped Versa, according to reports. The Japanese automaker halted making the Versa with the five-speed manual at its Aguascalientes, Mexico, factory, according to Automotive News. The publication stated that a "person with knowledge of the matter" revealed that the most affordable new car on the market would see "production cease". It is understood that the rest of the Versa lineup will continue as usual but this is yet another huge blow to the carmaker. It comes after reports the manufacturer is planning to cut its number of factories from 17 down to 10. This has prompted fears that the brand's Sunderland factory could be under threat. While Nissan has not confirmed the fate of its only UK factory, its CEO Ivan Espinosa has insisted that more electric cars will be produced there. It is hoped that the £1billion loan from Nissan's lenders, underwritten by The Government, will protect the site. The huge cash injection is just a fifth of the 1Trillion Yen needed by the company to survive. It will also look to issue as much as 630billion yen in convertible securities and bonds, including high-yield and euro notes. Reportedly, the firm is looking to sell-and-lease-back its Yokohama headquarters alongside several properties in the United States. Finally, the struggling car manufacturer is eyeing a sale of its stakes in Renault and battery maker AESC Group. The aggressive fundraising plans underscore Nissan's rapidly deteriorating financial and operational position, despite efforts by newly appointed chief executive Ivan Espinosa to turn the company around. Development on other Nissan models has been paused, whilst the company tries to balance its books. Work on all 'advanced and post-FY26 product activities' has been paused, though Nissan has not confirmed which particular vehicles will face suspension.
The Irish Sun
3 days ago
- Automotive
- The Irish Sun
Major car firm ‘discontinuing cheapest model & halting pay rises' – weeks after axing 20,000 jobs and £4bn losses
A MAJOR car firm is reportedly discontinuing its cheapest model and halting pay rises just weeks after announcing £4billion in losses. The struggling car maker had announced plans to due to soaring production costs and disappointing sales. 2 The Japanese automaker has been struggling financially recently Credit: Getty 2 Cost-cutting measures will already see thousands of job losses with multiple factory closures Credit: AFP Cash-strapped Nissan , Japan's third-largest carmaker, is already facing billions in losses - its worst annual loss in a quarter century. Nissan is Now, the company has started offering buyouts to US workers and has suspended merit-based wage increases worldwide, reports Reuters. As part of the cuts, Nissan has offered separation packages to workers at its Canton plant in Mississippi. Read More in Motors Salaried workers in human resources, planning, information technology and finance have also been offered similar packages. Merit-based pay increases have also been suspended worldwide by Nissan for the current business year, in a separate email seen by Reuters. Christian Meunier, Nissan America's chairman, said the buyouts are 'crucial for Nissan's comeback' in the US, its most important market. 'While substantial efforts have been made in the US to help right-size Nissan, we need to take additional, limited, strategic action here at a local level,' Meunier said in an email. Most read in Motors And Nissan has also discontinued its cheapest model, the manual-equipped Versa, according to reports. The Japanese automaker halted making the Versa with the five-speed manual at its Aguascalientes, Mexico, factory, according to The publication stated that a "person with knowledge of the matter" revealed that the most affordable new car on the market would see "production cease". It is understood that the rest of the Versa lineup will continue as usual but this is yet another huge blow to the carmaker. Japanese giant unveils its new bargain EV with quirky 'bug eye' headlights It comes after reports the manufacturer is planning to cut its number of factories from 17 down to 10. This has prompted fears that the brand's Sunderland factory could be under threat. While Nissan has not confirmed the fate of its only UK factory, its CEO Ivan Espinosa has insisted that It is hoped that the £1billion loan from The huge cash injection is just a fifth of the 1Trillion Yen needed by the company to survive. It will also look to issue as much as 630billion yen in convertible securities and bonds, including high-yield and euro notes. Reportedly, the firm is looking to Finally, the struggling car manufacturer is eyeing a sale of its stakes in Renault and battery maker AESC Group. The aggressive fundraising plans underscore Nissan's rapidly deteriorating financial and operational position, despite efforts by newly appointed chief executive Ivan Espinosa to turn the company around. Development on other Work on all 'advanced and post-FY26 product activities' has been paused, though Nissan has not confirmed which particular vehicles will face suspension.
The Drive
4 days ago
- Automotive
- The Drive
The Last 5-Speed Manual in the US Is Gone as Nissan Discontinues Base Versa
The latest car news, reviews, and features. The $17,190 base-model Nissan Versa S, the last U.S.-market production car with a five-speed manual, is ending production. According to Automotive News , the manual Versa is the latest automotive tariff victim, as all Versas are built at Nissan's Aguascalientes, Mexico, plant and the base car is least popular. Looks like Nissan is trying to create as much savings as possible to handle the 25% tariff on cars imported from Mexico. A Nissan spokesperson told Auto News that it's trimming the fat down to the models with the 'strongest business performance.' The Drive reached out to Nissan for a comment, and we'll update this story if we get more details. When you go to Nissan's site and check out the Versa, the first thing you see under its name is 'Get the Nissan you want free from new tariffs.' So if Nissan is going to eat the additional tariff cost for customers, it can't be manufacturing cars that won't sell well. And manuals reportedly only accounted for 5% of Versa sales in 2024. Nissan As the manual Versa dies, it brings the five-speed manual transmission down with it. What was once a common drivetrain configuration is now a memory—when the last stick-shift Versa leaves a Nissan lot, there won't be any new five-speed manual vehicles for sale in the United States. Only six-speed and a few seven-speed manuals will remain. That isn't much of a surprise, given that six-speeds have been the norm for years. Nissan killed the five-speed manual in the last-generation Frontier pickup in 2020, Volkswagen killed off the entry-level five-speed manual Golf after the Mk7 ended in 2021, and Mitsubishi dropped the Mirage's five-speed in 2023. Still, this feels like a minor moment in car culture. Killing the manual Versa won't be a big sales hit, since barely any customers wanted it, but it will end Nissan's ability to market a sub-$18,000 car. It's always a bummer to see a manual transmission die, since they're are so few of them left. But I'm not sure how many people will care about the ancient five-speed Versa's. It's like when Lexus ended SC430 production, which was the last car with a cassette player. When a technology is so far past its sell-by date, does it really matter that it's gone? If you happen to buy one of the last stick-shift Versas, or if you've got one already, drop us a line because we're curious to hear what they're like to drive. Got tips? Send 'em to tips@
Motor 1
16-05-2025
- Automotive
- Motor 1
The Nissan Sentra Might Soon Be an American-Made Sedan
Nissan is facing a tough future, and plenty of uncertainty ahead could force the company to shift Sentra production to the United States. Despite the brand's global woes and financial struggles, sales were up 6.3 percent through the first three months of 2025 in America, driven mostly by its small, affordable models like the Versa and Sentra. A new Automotive News report citing an unnamed supplier says that Nissan is thinking about moving Sentra production to the US. This would help the company avoid US President Donald Trump's 25-percent tariff on cars imported from Mexico and Canada on a very important model in its portfolio. Photo by: Jeff Perez / Motor1 Sentra Sales were up 36.1 percent from January to March. It was the brand's second-best-selling model behind the Rogue, losing the top spot by about 7,600 units, but its popularity shouldn't be a surprise in an era of exorbitant new car prices. The Sentra starts at $22,730 (the price includes the $1,140 destination charge), making it appealing to cost-conscious buyers. Nissan also makes the Versa and the Kicks in Mexico, which had 156 and 84.8 percent sales increases in the first quarter, respectively. Still, there's no indication Nissan is considering moving production for those two models to America. According to the report, Nissan might decide to build the Sentra at its Mississippi plant; however, the automaker told the publication that it has made no official changes to its industrial strategy. Photo by: Jeff Perez / Motor1 Nissan's new CEO has a tough road ahead, but he's making swift changes to turn around the company. He's closing plants, firing employees, and pausing projects to deliver a range of appealing new products, including a next-generation Sentra. The plans include a new electric Leaf and a plug-in hybrid Rogue , which Nissan builds in Tennessee. Nissan's Survival Plan: Nissan Lost $4.5 Billion Last Year. Here's How It Plans to Survive Nissan's Bold New Strategy: Sell More Cars Get the best news, reviews, columns, and more delivered straight to your inbox, daily. back Sign up For more information, read our Privacy Policy and Terms of Use . Source: Automotive News Share this Story Facebook X LinkedIn Flipboard Reddit WhatsApp E-Mail Got a tip for us? Email: tips@ Join the conversation ( )
