Nissan Motor axes production capacity by a fifth after first loss in 11 years
The Japanese company said its new four-year plan aims to ensure steady growth as opposed to the excessive expansion of the past
- May 28, 2020,
- Updated May 28, 2020, 08:45 PM IST
Nissan Motor Co said on Thursday it would slash its production capacity by a fifth to help reduce its fixed costs by 300 billion yen ($2.8 billion) as it looks to become a smaller, more cost-efficient automaker following a slide in sales.
The Japanese company said its new four-year plan aims to ensure steady growth as opposed to the excessive expansion of the past. The announcement came after Nissan posted an operating loss of 40.5 billion yen ($376 million) for the year ended March, its first loss in 11 years.
Also read: Coronavirus India Live Updates: Rajasthan records 131 new COVID-19 cases, state's tally at 7,947
Also read: Coronavirus effect: Nissan Motor plans to cut 20,000 jobs across Europe, developing countries
Nissan Motor Co said on Thursday it would slash its production capacity by a fifth to help reduce its fixed costs by 300 billion yen ($2.8 billion) as it looks to become a smaller, more cost-efficient automaker following a slide in sales.
The Japanese company said its new four-year plan aims to ensure steady growth as opposed to the excessive expansion of the past. The announcement came after Nissan posted an operating loss of 40.5 billion yen ($376 million) for the year ended March, its first loss in 11 years.
Also read: Coronavirus India Live Updates: Rajasthan records 131 new COVID-19 cases, state's tally at 7,947
Also read: Coronavirus effect: Nissan Motor plans to cut 20,000 jobs across Europe, developing countries