Nissan Motor Company announced it will be "taking urgent measures" to turnaround its business model after results from the first-half of Fiscal Year 2024 showed decreased consolidated net revenue and global sales volumes, and an operating profit margin of 0.5%.
President and CEO Makoto Uchida volunteered to immediately begin forfeiting half of his monthly compensation and other executive committee members also volunteered to take pay cuts. "These turnaround measures do not imply that the company is shrinking. Nissan will restructure its business to become leaner and more resilient, while also reorganizing management to respond quickly and flexibly to changes in the business environment," Uchida said.
The company said it plans to advance the introduction of new energy vehicles in China and plug-in hybrids and e-POWER in the United States, as well as reducing vehicle development lead time to 30 months. Nissan's ultimate goal is to "create a leaner, more resilient business capable of swiftly adapting to changes in the market.