Nissan To Sacrifice 12,500 Jobs After Profits Fall 99%

Nissan Motor Co. CEO Hiroto Saikawa will slash some 12,500 jobs worldwide as part of new plan to revive the company after reporting a 99 percent plunge in operating profit in the latest quarter on falling sales in every major market except China.

Saikawa’s emergency overhaul comes as he tries to speed up a recovery plan running through the fiscal year ending March 31, 2023. He said earnings would gradually start to recover in the second half of this fiscal year, after a brutal first quarter he said was worse than expected.

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MDarringer - 7/25/2019 9:57:43 AM

-2 Boost

All the more reason for the Japanese government to force Renault out. The decline of Nissan began when Renault showed up. This is the effect of mismanagement from the Carlos Goon reign of terror.

MDarringer - 7/25/2019 10:58:04 AM

-4 Boost

Renault did not save them.

Bankruptcy does not end a company necessarily. Nissan could have gone bankrupt, reorganized and been fine. Japan would NOT have let Nissan disappear.

Renault destroyed quality control and Nissan's designs because class trailing.

Renault also did not adequately invest in NIssan, so Nissan lost ground.

Truthy - 7/25/2019 10:06:06 AM

+7 Boost

"World wide" means not in Japan.
Nissan has been on the ropes financially before. They are becoming the Japanese Chrysler. Increasingly mediocre products and needing rescue from another manufacturer.

MDarringer - 7/25/2019 10:58:39 AM

-5 Boost

The shit from France is 100% to blame.

Truthy - 7/25/2019 12:37:43 PM

+4 Boost

Ghost was a hero in Japan for saving Nissan which was $20 billion in debt and owed an additional $20 billion to its keiretsu partners.
Bankruptcy is different in Japan. They would likely look for a Japanese partner to take over, but no offers.

MDarringer - 7/25/2019 12:51:22 PM

-2 Boost

Fact: Japan would not have allowed Nissan to fold.
Fact: Renault was not necessary.
Fact: Nissan is far worse of because of Renault.
Fact: Renault has been living off of Nissan's profits.
Fact: Renault is a terrible business partner.
Fact: In bankruptcy, debt isn't insurmountable.

countguy - 7/25/2019 11:25:53 AM

-1 Boost

Renault sucks and they took Nissan down.

vdiv - 7/25/2019 11:48:19 AM

+2 Boost

#FreeCarlosGhosn

MDarringer - 7/25/2019 12:37:41 PM

-3 Boost

#DeathPenalty4CarlosGhosn

skytop - 7/25/2019 3:25:54 PM

+3 Boost

99% ? Maybe Nisan had better start building better and more attractive cars. Their current products are being rejected by the public.

MDarringer - 7/25/2019 7:06:24 PM

0 Boost

Because they are Renaults.