Japanese automaker Nissan Motor Co. Ltd. (Nissan) announced on the 13th that its net loss for the fiscal year 2024 amounted to 670.9 billion yen (approximately 19.7 billion Malaysian Ringgit), and plans to close 7 factories globally and cut 20,000 jobs by the fiscal year 2027.
Nissan released its financial report for the fiscal year 2024 (April 2024 to March 2025) on the same day, stating that due to continued sluggish car sales, its global sales plummeted to 3.346 million units, with sales revenue reaching 12.63 trillion yen, a decrease of 52.5 billion yen from the previous fiscal year, resulting in a net loss of 670.9 billion yen.
Nissan pointed out that due to uncertainties caused by increased tariffs in the United States, it is currently unable to predict its performance for the fiscal year 2025.
Nissan's restructuring plan published on the same day shows that by the fiscal year 2027, the company will reduce its vehicle production plants from 17 to 10. In addition, the company will further lay off more than 10,000 employees on top of the global reduction of 9,000 announced last November, totaling 20,000 job cuts, which accounts for about 15% of Nissan's total workforce.