Nissan cuts 9,000 jobs as its vehicles fail to sell

[Chikane_GTR]

Not sure if posted already.

Nissan reported Thursday a loss for the latest fiscal quarter as its vehicle sales sank while costs and inventory ballooned, prompting the Japanese automaker to slash 9,000 jobs.

Chief Executive Makoto Uchida said he was taking a 50% pay cut to take responsibility for the dismal results, while promising that a turnaround was coming.

Nissan Motor Corp. announced a global workforce reduction of 9,000 people, or about 6% of its more than 133,000 employees, as well as a plan to slash global production capacity by 20%.

More at the source.
https://apnews.com/article/nissan-j...n=TrueAnthem&utm_medium=AP&utm_source=Twitter

 

[Joey D]

Probably because Nissan's lineup of cars is terrible, and some are outdated, at least in the US. I've always said that Nissan is just a financing company that happens to sell cars, and they make the equivalent of automotive white goods. That's why the whole stigma of Big Altima Energy exists. It wouldn't surprise me to see Nissan leave the US entirely and focus only on Japan and parts of Europe to cut costs. Although, Mitsubishi still manages to exist in the US for some reason, so many Nissan can continue as well.

 

[sw3g005]

Honestly, I'm more surprised Mitsubishi continues to soldier on in the US. Besides the Outlander which is okay, the rest of the lineup is... shocking to say the least. In that regard, I would be less surprised seeing Mitsubishi leave and focus on Asia and Europe - Nissan by comparsion seems to be doing better. Not saying it's good-good, but it's probably enough for them to reliably stay in the US.

 

[Tornado]

I mean interests rates are so bad that someone with a Nissan credit score probably has an APR that's the price of the car every year.

Probably because Nissan's lineup of cars is terrible, and some are outdated, at least in the US.

And a lot of them were the former even when they weren't yet the latter!

 

[Joey D]

What will survive longer? Nissan's financial solvency or a Nissan CVT.

Nissan Exec Warns "We Have 12 Or 14 Months To Survive" | Carscoops

The Japanese brand is in the midst of trying to find a new anchor investor to get through the next year

www.carscoops.com

 

[Clinton Ducks]

Probably because Nissan's lineup of cars is terrible, and some are outdated, at least in the US.

You think you guys have it bad, take a look at Nissan's UK offerings (this is literally it):

 

[DK]

The sad thing is their strategy pays off here. Irish motorists are suckers for Qashqais.

 

[Nielsen]

Their current European lineup is terrible. Crossovers and SUVs all having nearly the same silhouette, and no sports cars. Incredibly uninspiring.

I miss going with my dad to the local Nissan dealership when I was a kid. The store facade was decorated with the blue, red and white colour scheme of the old Nissan logo, and the showroom was packed with variants of the Micra, Sunny, Almera, Bluebird, Primera, Laurel, Maxima and Patrol. Good variety of actual cars. Plus they had brochures for the 300ZX and 200SX. We didn’t know how good we had it.

 

[Keef]

What will survive longer? Nissan's financial solvency or a Nissan CVT.

Nissan Exec Warns "We Have 12 Or 14 Months To Survive" | Carscoops

The Japanese brand is in the midst of trying to find a new anchor investor to get through the next year

www.carscoops.com

There is an incredible number of brand new Nissans driving around. Really not sure how they aren’t making money. The only thing they have that doesn’t sell in reasonable numbers is the 400Z but I also haven’t seen a fun commercial of that car in like a year.

 

[Clinton Ducks]

There is an incredible number of brand new Nissans driving around. Really not sure how they aren’t making money. The only thing they have that doesn’t sell in reasonable numbers is the 400Z but I also haven’t seen a fun commercial of that car in like a year.

From what I understand, although I don’t know first hand because that car isn’t sold at all in Europe, is that it’s priced much too high for what it is. My sources across the pond go on to say the same is true of pretty much any sports car in the US, that since Covid dealership mark ups have gone through the roof which has led analysts to wrongly conclude that there really isn’t a market for sports cars over there - when in reality there probably would be if consumers weren’t continually having their pants pulled down on pricing.

Any Americans here care to share any insight into this? Is there truth to it?