YOKOHAMA (dpa-AFX) - Nissan Motor Co. reported that, on a TSE report basis - China JV equity basis, fiscal 2024 net loss attributable to owners of the parent was 670.9 billion yen compared to profit of 426.6 billion yen, prior year. Full year operating profit declined to 69.8 billion yen from 568.7 billion yen. Revenue declined to 12.63 trillion yen from 12.69 trillion yen.
For the fourth quarter, on a TSE report basis - China JV equity basis, net loss attributable to owners of the parent was 676 billion yen compared to profit of 101.3 billion yen. Revenue was 3.49 trillion yen, compared to 3.51 trillion yen.
For the fiscal year ending March 31, 2026, on a TSE report basis - China JV equity basis, the company forecasts net revenue of 12.5 trillion yen. The company said, given the uncertainty related to tariff environment, the guidance for operating profit, net income and auto free cash flow for the fiscal year are currently to be determined.
Separately, Nissan Motor Co. announced Re:Nissan, a recovery plan. With Re:Nissan, the company targets a total cost savings of 500 billion yen versus fiscal 2024 actuals in fixed and variable cost savings. Nissan said it will continue to seek additional opportunities to reduce fixed costs, targeting a total reduction of 250 billion yen by fiscal 2026 compared to its fiscal 2024 actuals. The company will consolidate its vehicle production plants from 17 to 10 by fiscal 2027. Also, Nissan plans to reduce workforce by a total of 20,000 employees between fiscal 2024 and 2027, which includes the previously announced reduction of 9,000.
Nissan CEO Ivan Espinosa said: 'All employees are committed to working together as a team to implement this plan, with the goal of returning to profitability by fiscal year 2026.'
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