In a significant restructuring, Nissan has announced the layoff of 20,000 workers as part of a recovery plan named "Re:Nissan," aimed at achieving 500 billion yen in savings. This marks more than double the previously announced layoffs of 9,000 workers six months prior. Alongside job cuts, Nissan plans to shutter seven out of its 17 production plants by 2027. The automaker's recent financial results showed a net loss of 670.9 billion yen, with a stark decrease in operating profit and vehicle sales, underscoring the urgency for these measures.
Nissan's new recovery plan, "Re:Nissan," aims to save 500 billion yen by cutting 20,000 jobs and closing seven production plants to address rising costs.
CEO Ivan Espinosa highlighted the urgent need for change, stating, "Our variable costs are rising. Our fixed costs are higher than our current revenue can support."
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