Tokyo, May 13 -- Japan's Nissan Motor Co. announced on Tuesday that it will consolidate or shut down seven of its manufacturing plants worldwide and reduce its global workforce by 20,000 employees by fiscal year 2027.
The company also said it would withhold its profit forecast for fiscal year ending March 2026, citing uncertainties stemming from U.S. tariff policies.
Nissan reported a net loss of 670.8 billion yen (about 4.54 billion U.S. dollars) for the fiscal year ending March 2025, marking its first annual loss in four years.
The downturn was driven by increased sales expenses in its key U.S. market, and impairment losses from revaluation of factory assets both in Japan and overseas.
To turn around its business, Nissan officially an...