Red light for Nissan

Red light for Nissan
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Nissan Motor published the results of the 2019 fiscal year ended March 31, 2020. The Japanese company reduced its balance sheet to a deficit of 671.2 billion yen, or almost $6.3 billion.

Makoto Uchida, President of Nissan Motor, apologized to shareholders for the losses and asked them to approve the Corporation's course of significant restructuring of its operations in the difficult market conditions associated with the COVID-19 pandemic. "We are working in an extremely tough, uncertain situation," Kyodo news Agency quoted him as saying.

To survive, Nissan is going to reduce its total production capacity by 20%, conduct a broad reduction in the labor force, and close factories in Indonesia and Spain.

It also announced its intention to strengthen cooperation within the framework of the Franco-Japanese Alliance Renault-Nissan-Mitsubishi, relations within which at one time significantly cooled due to the arrest in Tokyo on charges of financial fraud of Carlos Ghosn, the former head of the alliance.

In 2019, three Alliance companies sold 9.34 million vehicles. This is 10.9% less than a year before. On May 28, Nissan rolled out its corporate anti-crisis plan. The company confirmed the departure of the Datsun brand from Russia.

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