Nissan posts $4.5 bil. net loss, cuts more jobs

Nissan Motor has posted a net loss of over 670 billion yen for the fiscal year that ended in March. That's mainly because the firm wrote down the value of its manufacturing plants. Nissan also announced 11,000 job cuts. The carmaker's President and CEO Ivan Espinosa says the financial results are a wakeup call.

He says "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 investing increasingly challenging. Hence Nissan must prioritize self-improvement with greater urgency and speed, aiming to profitability with less reliance on volume." 

The firm said it will close 7 factories. That will trim production capacity, excluding China, by 1 million units to around 2.5 million by fiscal 2027.