Nissan's official financial statements and earnings reports

Nissan Motor Restructures Management Amid 93.5% Profit Drop to 19.2 Billion Yen and 9,000 Job Cuts

Dec 11, 2024, 08:25 AM

Nissan Motor is undergoing a significant management overhaul as part of its efforts to address declining profits and increasing debt. The Japanese automaker is replacing key executives, including its Chief Financial Officer, while the current president will remain in position. This restructuring comes in response to a 93.5% drop in net profit for the first half of fiscal year 2024, amounting to 19.2 billion yen compared to the same period last year. Additionally, Nissan plans to cut 9,000 jobs worldwide and reduce its production capacity by 20% by fiscal year 2026. The company is particularly focused on revitalizing its operations in North America and China, where sales have been notably weak.