Nissan set to shut seven factories with assurances

NISSAN is to close seven of its main factories and cut 20,000 jobs around the world as it continues to battle a massive slump in profits.

- GRAEME WHITFIELD

The Japanese firm which employs around 6,000 people at its Sunderland plant, with thousands more working for other firms in its supply chains has made the announcement after releasing financial results for 2024 that showed a net loss of 670.9bn Yen (£3.4bn).

In response to the losses, it has announced its Re:Nissan recovery plan which involves huge cost saving around its global operations. 20,000 jobs will be lost as part of the package between now and 2027, more than doubling the 9,000 target set last year.

The Sunderland plant escaped the worst of the previous cuts, seeing one production shift scrapped but no jobs being lost.

Nissan has not at this stage said which plants it wants to close from the 17 it has around the world but a presentation from its new chief executive and president highlighted plans to increase the production of models at Sunderland.

Ivan Espinosa said: "In Europe we will strengthen our presence by assembling more electrified models in Sunderland, utilising also our Alliance relationship with Renault to take advantage of their assembly line and electric vehicle architecture."