Nissan takes an ax to the house that Ghosn built with new cost-cutting measures

Jan 30, 2020 | News On Japan

Jan 30, 2020 (Japan Times) - Nissan is planning aggressive cost cuts to deal with an unexpected slump in sales as the expansionist strategy it inherited from fugitive former Chairman Carlos Ghosn flounders, four people familiar with the plans said.

Japanâ€™s second-biggest carmaker is set to eliminate at least 4,300 white-collar jobs and shut two manufacturing sites as part of broader plans to add at least Â¥480 billion ($4.4 billion) to its bottom line by 2023, two of the people said.

The moves come on top of a turnaround plan unveiled in July and are likely to include cutting Nissanâ€™s range of cars and the array of product options and trims in each line, slashing jobs mostly at head offices in the United States and Europe, and reducing advertising and marketing budgets, they said.

â€œThe situation is dire. Itâ€™s do or die,â€ said a person close to Nissanâ€™s senior management and the companyâ€™s board.

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