Nissan profits drop to near zero, 12,500 layoffs planned
The past year was pretty bad for most of the car industry, but Mitsubishi's business buddy Nissan is doing especially badly. Operating revenue has fallen 13% in the past year, which leaves it with almost zero profit margin.
Their focus in recent years on selling more, cheaper, cars, mostly to rental fleets, has left them with a reputation for cheap, boring cars. On top of it all, their former Chairman Carlos Ghosn was arrested in November on corruption charges.
Current CEO Hiroto Saikawa is implementing an aggressive recovery plan, including 12,500 layoffs - 9% of the company's global workforce.
Olli
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