Nissan to cut European office jobs under global restructuring plan

Core Points - Nissan is implementing a global restructuring plan under CEO Ivan Espinosa, which includes job cuts at its European regional office in Montigny, France [1][2] - The restructuring will reduce Nissan's global output by approximately one-third to 2.5 million vehicles, close seven of its 17 plants, and cut its workforce by 15%, equating to around 20,000 jobs [2] - The company reported an 8% decline in European retail sales in the first half and has adjusted its full-year regional outlook down by 3% to 340,000 vehicles [5] Job Cuts and Restructuring Details - Nissan plans to eliminate 87 jobs in Montigny, with 64 of these positions already occupied at the time of the agreement with employee representatives [2][4] - The company is creating 34 new roles to support internal redeployment, which may lower the final number of redundancies [3] - The job cuts will be phased, starting with a voluntary separation program, and if necessary, compulsory redundancies may begin in early February [3] Employee Support and Financial Performance - Employees who move internally may receive a gross bonus of €5,000 ($5,810), while those leaving will get outplacement support and up to two years of redeployment leave based on age [4] - Nissan reported a net loss of Y221.9 billion ($1.4 billion) for the first half of FY25, compared to a profit of Y19.2 billion a year earlier, citing weak core auto performance and new US tariffs on Japanese goods [5] Asset Management Strategy - As part of a non-core asset disposal strategy, Nissan plans to sell its Yokohama headquarters and lease it back for 20 years, maintaining it as its head office [6]