Nissan Cuts Outlook, Announces Restructuring With 9,000 Job Cuts

Bloomberg11-07

(Bloomberg) -- Nissan Motor Co. lowered its annual profit outlook, announced plans to cut 9,000 jobs and reduce capacity by 20%, as it seeks to cope with deteriorating sales in major markets. The ...

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That’s less than half of what analysts, on average, were projecting.Nissan’s woes have stood out among Japanese brands struggling with a downturn in new car sales, and heavy competition from Tesla Inc. and Chinese electric vehicle brands such as BYD Co. The downward revision is a setback for Chief Executive Officer Makoto Uchida, who was seeking to improve profitability despite a gradual decline in sales.The company said it will reduce production capacity by 20%, cut 9,000 jobs globally and sell back 10% worth of shares in Mitsubishi Motors Co., reducing its stake from the current 34%.Profit for the quarter that ended September was 32 billion, falling sh","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4099":"汽车制造商","NSANF":"Nissan Motor Co., Ltd.","NSANY":"日产汽车"},"translate_title":"日产下调前景，宣布重组裁员9,000人","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"NSANF":0.9,"NSANY":0.9},"content_text":"(Bloomberg) -- Nissan Motor Co. lowered its annual profit outlook, announced plans to cut 9,000 jobs and reduce capacity by 20%, as it seeks to cope with deteriorating sales in major markets. \nThe Japanese carmaker cut its full-year operating income guidance to ¥150 billion ($975 million) from ¥500 billion for the fiscal period ending March 2025, it said Thursday. That’s less than half of what analysts, on average, were projecting. \nNissan’s woes have stood out among Japanese brands struggling with a downturn in new car sales, and heavy competition from Tesla Inc. and Chinese electric vehicle brands such as BYD Co. The downward revision is a setback for Chief Executive Officer Makoto Uchida, who was seeking to improve profitability despite a gradual decline in sales.\nThe company said it will reduce production capacity by 20%, cut 9,000 jobs globally and sell back 10% worth of shares in Mitsubishi Motors Co., reducing its stake from the current 34%.\nProfit for the quarter that ended September was ¥32 billion, falling short of consensus estimates for ¥65 billion, further still from the ¥208 billion it saw during the same period last year.\nThe Japanese carmaker is around eight months into a three-year turnaround plan meant to reinvigorate the business, but was already backtracking earlier this year. In July, Nissan slashed its operating profit outlook for the current year that will end in March 2025 to ¥500 billion, down from its prior forecast of ¥600 billion due to poor sales in China, Japan and North America.\nUchida, who took up his current role in 2019 as the automaker was facing an existential crisis in the wake of former chairman Carlos Ghosn’s departure, is seeking to expand Nissan’s lineup of electric vehicles, forge new partnerships and sell an additional 1 million cars a year by 2027.\nBut analysts say the company’s new lineup lacks excitement, and hybrid models — a problem when consumer demand for EVs is waning.\nNissan, like many international legacy automakers, is struggling in China, the world’s biggest car market. In June, it said it would cease production at a plant in Changzhou amid slumping sales.\nEarlier this year, Nissan lowered its production goal for the current fiscal year by 50,000 units to 3.65 million vehicles but with global sales falling almost 4% to 1.6 million units between April and September, reaching that could be a challenge.\n(Updates with detail.)\n©2024 Bloomberg L.P.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2481929953"}