Nissan loses $4.5bn, to cut 20,000 jobs

Japan's Nissan posted an annual net loss of $4.5 billion yesterday while saying it plans to cut 15% of its global workforce and warning about the possible impact of US tariffs.

- KYOKO HASEGAWA

The heavily indebted carmaker, whose mooted merger with Honda collapsed this year, is engaged in an expensive business restructuring plan.

“Nissan must prioritise self-improvement with greater urgency and speed,” CEO Ivan Espinosa told reporters.

“The reality is clear. We have a very high cost structure. To complicate matters further, the global market environment is volatile and unpredictable, making planning and investment increasingly challenging.”

Nissan reported a net loss of ¥671 billion ($4.5 billion) for the financial year to March 2025.

Its worst ever full-year net loss was ¥684 billion in 1999-2000, during a crisis that birthed its rocky partnership with French automaker Renault.

Yesterday, Nissan did not issue a net profit forecast for the 2025-26 financial year, only saying that it expects to see sales of ¥12.5 trillion.