Nissan slashes capacity by a fifth after first loss in 11 years By Reuters

© Reuters. The logo of Nissan is seen on a car through a fence at Nissan factory at Zona Franca during the coronavirus disease (COVID-19) outbreak in Barcelona

TOKYO (Reuters) – Nissan (OTC:) Motor Co (T:) said on Thursday it would slash its production capacity by a fifth to help reduce its fixed costs by 300 billion yen ($2.8 billion) as it looks to become a smaller, more cost-efficient automaker following a slide in sales.

The Japanese company said its new four-year plan aims to ensure steady growth as opposed to the excessive expansion of the past. The announcement came after Nissan posted an operating loss of 40.5 billion yen ($376 million) for the year ended March, its first loss in 11 years.

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