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Nissan shuts Barcelona plant with the loss of 2,800 jobs | Nissan shuts Barcelona plant with the loss of 2,800 jobs |
(30 minutes later) | |
Nissan is closing its factory in Barcelona with the loss of about 2,800 jobs, according to the Spanish government. | Nissan is closing its factory in Barcelona with the loss of about 2,800 jobs, according to the Spanish government. |
The move is part of a worldwide restructuring being unveiled by the Japanese carmaker. | |
The closure could cost Nissan, which has a major UK plant in Sunderland, up to €1bn (£898m), the government said. | The closure could cost Nissan, which has a major UK plant in Sunderland, up to €1bn (£898m), the government said. |
Car sales have been hit by the virus pandemic, while manufacturers are investing heavily in electric vehicles. | Car sales have been hit by the virus pandemic, while manufacturers are investing heavily in electric vehicles. |
Nissan is part of a three-way alliance with Renault and Mitsubishi, which are restructuring global operations to enable them to work more closely. | Nissan is part of a three-way alliance with Renault and Mitsubishi, which are restructuring global operations to enable them to work more closely. |
Even before the Covid-19 outbreak, Nissan's sales and profits had been falling, forcing it to pull back from the ambitious expansion plan of its now ousted leader Carlos Ghosn. | Even before the Covid-19 outbreak, Nissan's sales and profits had been falling, forcing it to pull back from the ambitious expansion plan of its now ousted leader Carlos Ghosn. |
The carmaker's operating profit had tumbled for four years in a row as it chased market share, particularly in America, leading led to overcapacity at its car plants and steep discounts. | The carmaker's operating profit had tumbled for four years in a row as it chased market share, particularly in America, leading led to overcapacity at its car plants and steep discounts. |
In April, Nissan said that it expected to post an annual operating loss of up to 45bn Yen (£340m). | In April, Nissan said that it expected to post an annual operating loss of up to 45bn Yen (£340m). |
The pandemic has added yet more pressure on the company to step up its cost-cutting efforts. | The pandemic has added yet more pressure on the company to step up its cost-cutting efforts. |