Dhaka, May 28 -- Nissan Motor Co unveiled a plan to become a smaller, more cost-efficient automaker on Thursday as it looks to recover from four years of tumbling profits that culminated in its first annual loss in 11 years.
Under a new four-year plan, the Japanese carmaker will slash its production capacity and model range by about a fifth to help cut 300 billion yen ($2.8 billion) from fixed costs as it fights for survival in a market hit badly by the coronavirus pandemic.
Nissan is aiming for a 5per cent operating profit margin and global market share of 6 per cent under what is its second recovery plan in less than a year, Reuters reported.
Nissan posted an annual operating loss of 40.5 billion yen for the year to March 31, its worst...