- Nissan offers buyouts to U.S. workers as part of a larger global restructuring plan.
- The automaker has paused merit-based pay increases in the States to control costs.
- A total of 20,000 jobs are being slashed from the company’s global workforce.
Nissan’s cost-cutting measures are in full swing, with internal emails showing that the company has begun offering buyouts to workers in the US. On top of that, merit-based pay increases have been suspended globally. Despite being one of the most recognized names in the auto industry, Nissan is currently grappling with a financial crisis and has launched an aggressive turnaround plan in hopes of steering the ship back on course.
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A recent email has revealed that Nissan is offering buyouts to workers at its facility in Canton, Mississippi. It also has separation packages available for salaried workers in its finance, planning, human resources, and information technology departments. It’s not yet clear how many staffers have been offered buyouts, but Nissan Americas boss Christian Meunier has said the plan is “crucial for Nissan’s comeback.”
Read: Nissan Is So Desperate It May Sell One Of Its Biggest Assets To Avoid Collapse
“While substantial efforts have been made in the U.S. to help right-size Nissan, we need to take additional, limited, strategic action here at a local level,” he added to Reuters.
More than just the buyouts, Nissan’s tightening the belt in other ways. A suspension of pay raises for this business year is one of the latest measures in its ongoing cost-saving spree. Clearly, Nissan is doubling down on cutting costs to stay afloat.
Factory Closures and Job Cuts Loom
Through the Re:Nissan plan, the company has confirmed it will close seven of its 17 global production facilities. It has not yet specified all of the plants that will close, but they are expected to include at least two in Japan and one in Thailand. Nissan also says it will consolidate pickup truck production in Mexico and Argentina into a single Mexican facility.
The cost-cutting measures aren’t stopping there. According to a recent report, Nissan has placed its Yokohama headquarters on a list of assets it plans to sell by March 2026. This site is estimated to be worth more than 100 billion yen, or $698 million at current exchange rates.
As part of its restructuring, Nissan is set to eliminate 20,000 jobs worldwide under the Re:Nissan plan. The company is also targeting a 20% reduction in the average cost per worker, while slashing parts complexity by 70% and reducing the number of vehicle platforms it uses from 13 to just seven by 2035.
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