Nissan to reduce number of factories worldwide by 30%
Nissan is making big changes after losing $4.5 billion last year.
The company plans to lay off about 20,000 people and shut down seven factories by 2027.
This will shrink their number of plants from 17 to just 10 and reduce how many cars they can make worldwide by 30%.
New CEO Ivan Espinosa says these moves are necessary
Under the new "Re:Nissan" plan, Nissan wants to slash costs and simplify how it builds cars.
They're aiming to cut parts complexity by 70% and engineering expenses by a fifth, while dropping partnerships like Infiniti-Mercedes to focus on core models.
New CEO Ivan Espinosa says these moves are about making Nissan leaner and more competitive.
Nissan's 1st factory outside Japan might be closing
Nissan's Civac plant in Mexico—their very first factory outside Japan—might be closing soon after nearly 60 years of building models like the Navara and Frontier for Latin America.
That's quite a chapter ending in Nissan's global story!