The Japanese Renault partner Nissan sweeps after a sharp drop in profits in the first fiscal quarter around 12,500 jobs. As Japan’s second-largest automaker announced today in the balance sheet presentation, global production capacities will be reduced by ten percent by the end of fiscal year 2022/23.
Nissan experienced a sharp decline in operating profit of 98.5 percent to 1.6 billion yen (13 million euros) in the first quarter of the fiscal year ended March 31, 2020. Analysts had expected a drop of 66 percent.
Ghosn Affair burdened Group
Among other things, Nissan has problems in the USA, where sales promotion discounts have been neglecting returns for years. After the dismissal of the former Renault boss Carlos Ghosn as head of the board with the Japanese CEO Hiroto Saikawa is under pressure to lead the company from the bottom.
Following the arrest of Ghosn in Japan, the French-Japanese autobahn created by him and controlled by Renault, Nissan and Mitsubishi had fallen into a serious crisis. Ghosn had been accused of violating stock market regulations in Japan.
