TOKYO (AP) — Nissan is slashing about 15% of its global work force, or about 20,000 employees, as the Japanese automaker reported a loss for the fiscal year that just ended amid slipping vehicle sales in China and other nations.
Nissan Motor Corp. said it will reduce the number of its auto plants to 10 from 17, under what it called its recovery plan to carry out “decisive and bold actions to enhance performance and create a leaner, more resilient business that adapts quickly to market changes.”
The Yokohama-based automaker said U.S. President Donald Trump’s tariffs on auto imports also hurt its results.
Nissan is aiming to reduce its costs by 250 billion yen ($1.7 billion) during the next fiscal year compared to the fiscal 2024 results that just ended in March.
Nissan racked up a loss of 670.9 billion yen ($4.5 billion) for the fiscal year through March, down from a 426.6 billion yen profit recorded the previous fiscal year.
Restructuring costs also hit its bottom line. Chief Financial Officer Jeremie Papin told reporters the automaker faces serious challenges in achieving a turnaround, but stressed it has enough cash to do so.
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