Nissan has been in dire straits since last year and is in desperate need of a turnaround. Not only did its merger with Honda collapse in front of the whole world, but it continues to lose money, will cut 20,000 jobs, and close seven of its production facilities. The deepening turmoil at Nissan was on full display during the automaker’s annual general meeting earlier this week.
During the meeting front by new chief executive Ivan Espinosa, Nissan reported a $4.5 billion net loss in the last financial year. It failed to provide an earnings forecast for the current year, but estimated a first-quarter loss of 200 billion yen or $1.38 billion at current exchange rates. In addition, Nissan has suspended its dividends.
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