Nissan Plans Aggressive Cost Cuts, Set to Sell 1.6M Vehicles in China

29/01/2020 04:38:28 Stock MarketStock Market

By Alex Ho

Japanese carmaker Nissan Motor Co., Ltd. (T:7201) said it is planning to cut at least 4,300 white-collar jobs and close two manufacturing sites in order to deal with an unexpected fall in sales, Reuters reported citing four people familiar with the plans.

"The situation is dire. It's do or die," a person close to Nissan's senior management and the company's board told Reuters. The sources did not say which two sites were at risk of being shut down.

Separately, the company said it is aiming to sell about 1.6 million vehicles in China. In 2019, Nissan has sold 1.55 million vehicles last year in China, down 1.1% from the previous year.

The company’s stocks in Japan last traded at 599.4 yen, up 0.02%.