Nissan Motor has posted a net loss of over 670 billion yen, or 4.5 billion dollars, for the fiscal year that ended in March. That's mainly because the firm wrote down the value of its manufacturing plants.



Nissan also announced 11,000 job cuts. This brings the total to around 20,000 reductions in the 4 years through fiscal 2027. That's about 15 percent of its workforce.



The carmaker's President and CEO Ivan Espinosa says the financial results are a wakeup call. He says "The reality is clear we have a very high cost structure. To complicate matters further, the global market environment is volatile and unpredictable, making planning and investing increasingly challenging. Hence Nissan must prioritize self-improvement with greater urgency and speed, aiming to profitability with less reliance on volume."
The firm said it will close 7 factories. That will trim production capacity, excluding China, by 1 million units to around 2.5 million by fiscal 2027.