Nissan To Sell Its Headquarters And Layoff Over 20,000 Staffs Globally

Nissan announced today that it is selling the company’s headquarters in Yokohama for around 540 million euros, but that it will lease it later.

The Japanese automaker also announced that it made a loss of 1.2 billion euros in the first two quarters, with no net profit forecast for the entire fiscal year. In this period last year, the company recorded a profit of around 100 million euros.

“This move reflects a disciplined approach to capital efficiency, unlocking value from non-core assets to support transformation during challenging years,” the company said in a statement on the sale.

Nissan announced that it is laying off 15 percent of its employees, or 20,000 workers worldwide, and is closing its main factory in Japan. All Japanese automakers are suffering the consequences of US President Donald Trump’s tariffs.

Nissan is struggling to return to profitability after posting a loss of almost four billion euros in the fiscal year ending in March. From then until September, Nissan’s sales fell by almost seven percent, to 31 billion euros.

Nissan’s global vehicle sales in the first half of the year fell, especially in Japan, but sales in China and the US are improving. The company says new models are in the pipeline and are expected to boost sales.

The company’s new CEO, Ivan Espinoza, appointed to the position at the beginning of the year, said that Nissan will focus on recovery in the coming period.

• Also See: Nissan Abandons Plans To Build EV In The United States