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NISSAN SLASHES 9,000 JOBS, CUTS PRODUCTION BY 20% AMID 94% INCOME DROP, CEO TO
TAKE 50% PAY CUT
NISSAN MOTOR CO.’S STRUGGLES TO COPE WITH TOUGHER CAR INDUSTRY CONDITIONS AND
ADDRESS INTERNAL WEAKNESSES HAVE SPIRALLED, LEAVING THE AUTOMAKER NO CHOICE BUT
TO SLASH PAYROLL, PRODUCTION AND ITS FORECASTS FOR THIS FISCAL YEAR. NISSAN CEO
MAKOTO UCHIDA TO FORFEIT HALF OF HIS COMPENSATION.
Livemint, Written By Shivangini( with inputs from Bloomberg)
Published8 Nov 2024, 10:37 AM IST
Nissan slashes 9,000 jobs, cuts production by 20% amid 94% income drop
Nissan Motor Co. has announced sweeping cuts to its workforce, production
levels, and financial forecasts as the company grapples with intensifying
industry challenges and internal weaknesses. The automaker will cut 9,000 jobs
and reduce manufacturing capacity by 20% after seeing a steep 94% drop in net
income for the first half of the fiscal year. In addition, Nissan plans to sell
off part of its stake in Mitsubishi Motors Corp. after burning through ¥448.3
billion ($2.9 billion) in cash over six months, Bloomberg reported.
The company's shares tumbled nearly 10% in early Friday trading in Tokyo,
reaching their lowest point since October 2020, according to the report.
These financial woes come with personal costs for Nissan CEO Makoto Uchida, who
will forfeit half of his compensation, as per the Bloomberg report.
Uchida acknowledged the dual challenges of external market pressures and
internal missteps, including ambitious sales targets set by Nissan amid surging
competition from Chinese automakers, as per Bloomberg report.
“Meeting our sales goals will be a challenge,” Uchida said. “We need to rebuild
our strength so that we can pivot toward a more positive direction, the
Bloomberg report quoted him as saying.
Nissan has revised its operating income projection down to ¥150 billion for the
fiscal year ending in March, a 70% reduction from earlier forecasts. Revenue
expectations have also been slashed by 9%, signalling minimal growth ahead,
Bloomberg reported.
Also Read | Breakout stocks to buy or sell: Sumeet Bagadia recommends 5 shares
to buy today
Uchida, who took the helm in 2019 following the departure of former chairman
Carlos Ghosn, has struggled to stabilize Nissan while facing competition from
Tesla and China’s BYD. “Nissan is the weakest one,” said James Hong, an analyst
with Macquarie Securities Korea. “The only way for the company to improve sales
is through price cuts," Hong said as per Bloomberg.
RATINGS CONCERNS MOUNT
Nissan’s financial ratings could be at risk following these grim results, with
Bloomberg Intelligence’s Joel Levington noting that the company’s situation
appears “extremely tough".
Also Read | Latest News Today Live Updates November 8, 2024: Will China attempt
economic revival markets seek post-COVID with multi-trillion-yuan initiatives?
To cut costs, Nissan will reduce its stake in Mitsubishi Motors, selling about a
third of its holdings, equivalent to roughly 10% of its total shareholding,
worth around ¥68.6 billion, the Bloomberg report added.
Uchida has been pursuing a three-year turnaround plan aimed at revitalising the
business, but setbacks have mounted. In July, Nissan cut its profit forecast
from ¥600 billion to ¥500 billion, following weak sales in key markets like
China, Japan, and North America, as per the Bloomberg report.
In the most recent quarter, Nissan’s profit of ¥32 billion fell far below
analyst estimates of ¥65 billion and even further behind the ¥208 billion
reported a year prior. “The decline in second-quarter profit wasn’t a surprise,
but the figure itself was even lower than expected,” said Bloomberg Intelligence
analyst Tatsuo Yoshida. “The main problem is the gap between what the company
wanted to achieve and what was realistically possible," he said.
Also Read | Will China launch multi-trillion-yuan initiatives to boost economy,
markets?
FUTURE PLANS AMID DECLINING DEMAND FOR EVS
Uchida’s vision includes expanding Nissan’s electric vehicle lineup and forming
new partnerships, with a goal of selling an additional 1 million cars annually
by 2027. But analysts argue that Nissan lacks enough hybrid models to meet
current consumer demand, which is shifting away from EVs. “The demand for
hybrids is what’s allowing Toyota and Honda to enjoy strong profitability,”
noted Hong. “That strategy also needs to be revisited," as quoted by Bloomberg.
Nissan, like other legacy automakers, is struggling to capture market share in
China. In June, it halted production at its Changzhou plant in response to
sluggish sales.
Also Read | US Fed chair says will not leave early if asked by president-elect
Trump, ‘No’…
For the current fiscal year, Nissan expects to produce around 3.2 million
vehicles, down 7% from last year, and has reduced its retail sales outlook to
3.4 million vehicles, with forecast cuts across major markets including North
America, China, Japan, and Europe.
(With Inputs from Bloomberg)
Catch all the Business News , Corporate news , Breaking News Events and Latest
News Updates on Live Mint. Download The Mint News App to get Daily Market
Updates.
MoreLess
First Published:8 Nov 2024, 10:37 AM IST
Business NewsCompaniesNewsNissan slashes 9,000 jobs, cuts production by 20% amid
94% income drop, CEO to take 50% pay cut
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