Nissan Motor Corp is slashing about 15% of its global workforce—around 20,000 employees—and cutting its number of auto plants from 17 to 10, as the Japanese automaker reported a 670.9 billion yen ($4.5 billion) loss for the fiscal year ending in March.The sharp downturn comes amid falling vehicle sales in China and other key markets.The Yokohama-based company outlined the sweeping cuts as part of a broader recovery plan designed to carry out what it called “decisive and bold actions to enhance performance and create a leaner, more resilient business that adapts quickly to market changes.”The company also cited US tariffs on auto imports under President Donald Trump as a factor that hurt its performance.Nissan is targeting a cost reduction of 250 billion yen ($1.7 billion) during the next fiscal year, compared to its results from the year that just ended.The 2024 fiscal year loss marks a dramatic reversal from the previous year, when Nissan posted a 426.6 billion yen profit. Restructuring expenses also weighed heavily on its bottom line.Chief Financial Officer Jeremie Papin told reporters the automaker faces serious challenges in achieving a turnaround, but stressed it has enough financial resources to carry it through. “We have enough cash to do so,” he said.
