Nissan is facing critical financial and competitive challenges, with operating profits dropping 90% and net income falling 94% in the first half of fiscal year 2024 compared to the same period a year earlier. The automaker is cutting 9,000 jobs, slashing production by 20%, and shuffling executives to stabilize operations amid stiff competition from Chinese automakers and struggles in the U.S. CEO Makoto Uchida has taken a 50% pay cut, signaling the situation's urgency. Nissan highlighted its liquidity and investment in new technologies while positioning its six models under $30,000 as a key competitive strength. Analysts suggest a merger with rival Honda may offer Nissan its best shot at survival.
Category
🗞
NewsTranscript
00:00It's Benzinga bringing Wall Street to Main Street.
00:02Nissan is facing critical financial and competitive challenges with operating
00:06profits dropping 90% and net income falling 94% in the first half of fiscal year 2024
00:12compared to the same period a year earlier.
00:15The automaker is cutting 9,000 jobs, slashing production by 20%
00:19and shuffling executives to stabilize operations amid stiff competition
00:23from Chinese automakers and struggles in the US.
00:26CEO Makoto Uchida has taken a 50% pay cut, signaling the urgency of the situation.
00:32Nissan highlighted its liquidity and investment in new technologies,
00:37while positioning its six models under $30,000 as a key competitive strength.
00:42Analysts suggest a merger
00:43For all things money, visit Benzinga.com slash GSTV