Nissan says it could share global plants with Chinese state firm
Summary
Nissan is considering sharing its global factories with the Chinese company Dongfeng to change its business approach. The carmaker announced job cuts and factory closures as part of cost-saving measures due to weak sales. Nissan is also dealing with leadership changes and reported a financial loss for the year.Key Facts
- Nissan plans to share its factories with Dongfeng, a Chinese state-owned company.
- The company announced it will cut 11,000 jobs and close seven factories, but locations were not specified.
- Nissan's job cuts are part of reducing its global production by 20% due to poor sales.
- The total workforce cuts will impact 15% of Nissan's employees worldwide.
- Nissan has worked with Dongfeng for over 20 years and builds cars together in Wuhan, China.
- Leadership changes occurred after failed merger talks with Honda, leading to Mr. Espinosa becoming the new chief.
- Nissan reported an annual financial loss of 670 billion yen, affected by tariffs from the U.S.
- The UK government approved a £1 billion funding for Nissan's battery partner AESC to build a new plant in Sunderland.
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