Nissan will close plants in Spain and Indonesia
Global model count to be reduced from 69 to 55 over three years
Nissan’s India operations remain unaffected
Nissan has today announced its four-year transformation plan during which it seeks to substantially reduce its fixed costs. The decision comes after Nissan reported its first annual operating loss in 11 years. The company ended the 2020 financial year with an operating loss of 40.5bn yen (Rs 2,850 crore). With the new plan, Nissan aims to achieve a 5 percent operating profit margin and a global market share of 6 percent by the end of fiscal year 2023.
Fixed cost reductions
Nissan has an annual global production capacity of 7.2 million units. However, the carmaker ended FY20 with global sales of 4.93 million units, down 10.6 percent on the previous year’s figure. In a bid to drive down fixed…