Nissan Plans to Lay Off 20,000 Employees Amid $4.5 Billion Annual Loss!

TradingKey - Nissan Motor Co. reported an annual net loss of 670.9 billion yen ($4.5 billion).

In its earnings report on Tuesday, the company announced it would not issue an operating profit forecast for the fiscal year ending March 2026. Annual profit for the fiscal year ending March 2025 stood at 134 billion yen ($906 million), slightly below the expected 139 billion yen.

The struggling Japanese automaker has been striving to return to profitability.

Previously, Nissan planned to reduce its factories from 17 to 10 and lay off 20,000 employees in the fiscal years 2024 to 2027.

After a failed merger with Honda Motor Co. earlier this year, it has already laid off thousands of workers and cut production capacity.

Last week, Nissan announced it would abandon plans to build a battery plant in Fukuoka, shifting its focus to its own recovery.

So far this year, Nissan's stock has dropped more than 25%, while the Topix index’s subgauge of auto companies has fallen by only 7%.