Nissan has announced that the company will layoff 12,500 people globally after their profits plunged 98.5%. The Japanese carmaker will cut production capacity by around 10% by the end of 2022 as sales fell in a number of its major markets.
These layoffs will account for 9% of the company’s global workforce. Although Nissan has yet to specify where the layoffs will be most heavily felt, the announcement is on the heels of the first-quarter results. The job cuts were announced on Thursday and Nissan Chief Executive Hiroto Saikawa said most of the jobs cut will be auto plant workers. The company also plans to cut global production and model lineups by 10% by the end of fiscal 2022, according to a report by CBS News.
“Our situation right now is extremely severe,” Saikawa said, noting attractive models were coming with technology like artificial intelligence and zero emissions to boost sales. “Our stance to lead the industry is unchanging.”
Revenues dropped 12.7 percent to 2.3 trillion yen (£200bn). Nissan sales in Europe, excluding Russia, fell by 17.8 percent to 536,000 units while sales in the US slumped 9.8 percent to 1.4 million, according to numbers given by the BBC.
According to The Independent, Nissan has gone through a period of turbulence that saw former chairman Carlos Ghosn ousted from the company and charged with several counts of misconduct which he denies. Years of sales incentives that lowered margins have dramatically harmed the company’s bottom line an ability to pay workers, SBI Securities Co. analyst Koji Endo told Bloomberg News.
“This is really a crisis,” Endo told the publication. “Management is chaotic, there is a lot of restructuring pressure, and the most important thing here is to downsize. The company actually inflated too much under Carlos Ghosn.”
“The economic slowdown, which hit key markets such as the U.S. and China, the uncertainty surrounding Brexit, and the race to embrace new technology as the crackdown on diesel continues, all contributed to Nissan’s fall in sales and will continue to do so,” said Christian Stadler, a professor of strategic management at Warwick Business School.
How to Prepare For An Economic Downturn: Go Debt-Free In 2019
Black man almost beaten to death. The mob said the man deserves the beating because he is guilty of wearing ‘white face’. The badly beaten man played Ronald McDonald at a restaurant grand opening, pissing of the three thousand morbidly obese unemployable black welfare entitlement wome…err…whales waiting in line. No one was held for charges as the mayor told the cops to go 10-7 for the day.
Bert, that’s par for the course for the apes.
Your mama is a damn white ape from the Caucus mountain!
Trumps clone Boris Johnson vows to have a go at it bloody dam good and lovely .
If any consumer product is designed for obsolescence, there is a case to be made for throwing it in the Boston Harbor.
I’ve been in a few Nissan products and wasn’t impressed with them. I’ll stick with this old 2003 Dodge Ram that I resurrected. Just git out of the shop an hour ago having the A/C compressor replaced and the system recharged. Working like a new one.
The member of the Jihad Squad from Minnesota wrote in the NY Slimes today that the biggest danger to the U.S. are us White Males. Funny thing is I agree with her as we own most of the guns, hunt, fish, farm, and won’t put up with a Somali bitch who wants to turn us into a Socialist Muslim state.
” When you’re running down my country Bitch, you’re walking on the fight’n side of millions of guys with guns and a set big enough to use’m”.
The member of the Jihad Squad from Minnesota (Omar) wrote today in the NY Slimes that we White Males are a bigger danger to America than Jihadists. Funny thing is I agree with her, we got most of the guns and are getting ticked off enough to use’m.
If you’re running down my country woman, you’re walking on the fight’n side of millions of us.
Love my Tacoma, will make a great “Technical” with a 50 cal. M2 mounted on her.
SW, my old Dodge would make a better ‘technical’ since it’s a V8. BTW, I wouldn’t have any problem confronting that Ilhan Omar or even the rest of that ‘squad’.
you must not know much about Tacomas then. head over the expeditionportalDOTcom and see how many of us are running them and why.
with respect, “no replacement for displacement” is somewhat archaic thinking
SW, those scum will be on the fighting side of me also. 2 head shots would cure Omar.
I’ve owned two Datsun’s, for you young kids that is what they were called before being Nissan.
Both engines failed before 200,000 miles.
I keep vehicles for 20 years or more so I pay
attention to longevity.
I never buy a new vehicle.
Used vehicles I would never buy
#1 Mitsubishi
#2 Anything UK.
#3 Jeep.
#4 Nissan.
To be fair
Best used vehicles
#1 Subauru
#2 Ford, Mazda trucks.
#3 Dodge truck.
#4 Toyota truck.
This is just an opinion.
parts availability, cost, and ease of
repair factored into the decision.
In the 70’s I had a Datsun and a Ford Pinto (laugh, if you wish). The Pinto ran circles around the Datsun, even with aftermarket AC mounted. Not that I’d ever have a Pinto again, mind you. OBTW, we have had great success with Hyundai. 200k miles and good as new. Serviced with synthetic oils.
I had a Dodge D-50 (mitsubishi) and that was a great truck. Had over 200k when I sold it and I beat the shit out of it lol. Ya I remember Datsun lol I had one and it was a POS.
Gen,
You were lucky!
Most every one of those trucks
had cracked heads.
$800 for a welded, repaired,
head in WA state, mid 80’s.
That was probably the fastest
truck I ever owned, but by the
time I sold it it was entirely off
road equipped. I violated most
every Federal Vehicle law.
It is good to be a prepper and
a pirate.
I had a Pinto station wagon.
One day I limped it home.
I used to drive 65 miles per day
to work.
The top of the carburetor and air cleaner had broken off.
from vibration, It still ran!
New Carb, I switched to a K&N air filter and I got Thousands more miles out of it.
I remember Datsun, Plymouth, Oldsmobile, and Pontiacs. My Grandfather dropped by once when I was about 7 years old in his new DeSoto. Maybe 1956?
My first car was a new1968 VW bug, became a “man” in it one night after a school dance……dem was da daz?
SW when I was 15 I became a man inside my date’s 62′ Ford Country Squire station wagon. More room for the purpose, LOL.
owned air cooled vw’s for 15 years. I can still pull a motor in an hour with hand tools and a floor jack….
i will say I REALLY miss my Isuzu Trooper. Fking GM ran em out of business (along with all of the other companies they bought to pillage technology from)
LOL I also used to have an old Subaru wagon. That has to be the shittiest car EVER! Wouldn’t start in the cold, barely tapped a curb once and it folded the a-arm, driving along one day and the shifter broke off, going down the highway once and the hood flew open (yes it was shut good), I sold it for 50 bucks.
I have two Nissans both acquired used: a 2005 Murano w/ 215000 miles and a 2002 Frontier pick-up w/ 240000 miles.
Both have the original engines (V-6 and 4 cyl for the pick-up) w/ no significant work: The Murano uses about 1 qt of oil every 500 miles (valve guides most likely) and the Pick-up uses no oil betw changes.
The Murano has a CVT that required an overhaul by the previous owner. It was a business vehicle used by a civil engineer who maintained it well and put the first 200k on it.
The pick-up was also business vehicle (5 spd manual trans) that I got with a little over 200k on it.
I have been very happy with both vehicles.
<bb
Can’t go by Make any more without checking out the recalls at national highway transportation board & carfax to find carfax might not have all info. Some of the current years of Ford and Dodge have no fix yet for the vehicle computer systems that have serious flaws. 2014 Nissan SV 4×4 truck is good, but 2013 and 2015 Nissan truck has serious problems. Brought a 2000 Ram 2500 V10 Hemi in 02 and drove it for 18 years with few problems before giving it to a friend, who had no wheels & it is still running strong at 212K miles. Also have a 2004 Ford F150 Heritage with over 100K miles & have only replaced tires 1x, battery 2x, tune up 2x, but religiously change oil every 3K w/ filter & fluid checks. This truck will run for another 100K or more no problem.
In my younger years, I drove a Mazda GLC for the mileage. They were right, you get sick of driving it before it ever broke down. Now with the roofs so low on cars, it is strictly trucks.
If near Dallas, best prices I found for used vehicles were at Texas Car One & don’t let the office fool you. They bring them back to spec & it was the best time I ever had buying a vehicle. The price is the price & the owner and staff were a hoot.
I owned a 2001 Nissan Maxima and put 350000 miles on it. Sold it to my sister who ran it another 100000.
She sold it and it still runs.
I also had a 1996 Honda Accord beforehand and put 300000 mikes on it (traded in on the Maxima).
I have never owned a bad Jap car.
In 1929 Japan expelled Ford and GM. Yet we allow them to sell their rice burners here. Thanks to all those green loving Americans, the wonderful American cars of the past are gone forever. The Chevrolet spark should have been called the Chevrolet Dork. Now most American cars look like the little plastic go-carts they are. God how I miss cars like the 1975 Cadillac, Lincoln, Imperial….
Nothing but 2004 and older VW’s diesels for me. First one, an 85 is still running and has over 450,000. Owned by a farmer now and the fenders flap a little. Next was a 2000 new Tdi which now has over 350,000….still runs good. The 2004 I sold to my nephew and that one has around 190,000…..I bouoght it used but didn’t like it because it has an automatic transmission and electric windows. Too technologically advanced for my liking.
Genius, that Subaru sounds like people I work with, USELESS, LOL.
Hmmmm, maybe it was one of them I sold it to lol!
I am surprised Mac don’t blame Trumps Tariff war! Actually there are places where acres and acres of brand new cars are setting & rotting. overproduction and overpricing are to blame. Wages and Social Security haven’t kept pace with inflation. and the prices of new vehicles outpace everything else as to the amount the pricing became inflated. When the payment on anew vehicle rivals the payment of a home mortgage its a wonder they are able to sell as many as they do.
“Overproduction and Overpricing are to blame”
Yep;
The majority of the population can’t afford to buy a new vehicle every 4-6 years,and are keeping their current vehicle for many years after getting it paid off.
I’ve never seen so many vehicles on the road today with slick bald tires because the owner can’t even afford to buy a new set of tires,let alone buy a new vehicle.
2002 Nissan Frontier Never been in the shop. Only problem AC keajeda little. Added Stop leak e years ago still going.
I have a 2017 Nissan frontier and a 2016 Nissan Murano. I have owned a approximately 40 cars in my life, many of which were acquired new, and these two are among the best I have owned.
I heard this, last year?, as far as the acres of unsold vehicles…… they take a HUGE tax write-off for the unsold ones, then ship them to another country and sell them for cheap.
Wonder if you could buy it there and ship it back and get it for half price (Total cost) ??
Not quite Yohan they aren’t shipped anyplace. They simply set & rot,https://www.zerohedge.com/news/2014-05-16/where-worlds-unsold-cars-go-die
People aren’t buying new cars because they’re too damned expensive so they’re making the old cars last. Comparatively few people these days give a damn what the neighbors think of your fifteen year old ride (which was paid for long ago while their new Mercedes still has eight years of payments to go).
On the subject of crappy cars, remember the Geo Metros from the early 1990s? Your basic deathmobile if here ever was one. Ditto just about all British cars of any era.
Don’t like their trucks. Saw one going down the freeway several year ago with the bed shaking.
Yohan your incorrect. Do a internet search on Unsold new vehicles. Thousands upon thousands of brand new cars go unsold and are simply parked. they are never sold at a reduced price and put on the roads. Eventually some of them are crushed shredded and recycled. You can view these parking lots on google earth.
Make a basic well built dependable small car for the masses who need transportation and can’t afford the current pricing models. Seems like a no brainer. Capitalism is destroying itself with no end in sight, all this in basically one lifetime.