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The News God > Blog > News > Nissan Struggles As Global Sales Declines
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Nissan Struggles As Global Sales Declines

Isaac Mbreye Quartey
Last updated: November 29, 2024 9:10 am
Isaac Mbreye Quartey - Content Editor
November 29, 2024
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Nissan Struggles As Global Sales Declines
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Now let talk about Nissan, the Japanese automobile giant. Nissan’s parent company is the Renault Group, which most of you will be familiar with, or a host of its subsidiaries like Infiniti. The company also has shares in Mitsubishi.

Today, this grand company is currently in a world of hurt. Things aren’t looking good. the company recently reported significant financial losses.

For the third quarter of 2024, Nissan posted operating profits declining by 85 per cent, leading to a net loss of approximately USD 60 million. It is reported that Renault is selling its shares in Nissan. Renault once held a 46% stake in Nissan, but as of now, this proportion has fallen below 40% and continues to decline.

These dire situations have prompted drastic measures. The company slashed production of new cars by nearly 20% globally, and recently, it cut more than 9,000 of jobs and sold a third of its stake in Mitsubishi, in a bit to save the company some 3 billion dollars, but will these measures work?

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Sales figures have not fared any kinder to Nissan, global sales have dropped by 3.8 percent year-on-year. Dealers are selling cars at a loss. The company’s performance was particularly dismal in key markets such as China, where sales declined by 14.3 percent over the first half of the fiscal year.

In the U.S, Nissan suffered a 2.7 percent sales drop. Such declines have raised alarms about the viability of Nissan’s current business model, igniting discussions about potential restructuring within the Renault-Nissan-Mitsubishi Alliance, of which Nissan is a key member.

CEO Makoto Uchida said Thursday that Nissan had not foreseen hybrids’ sudden popularity in the US and that demand for revamped versions of core models had not been as strong as hoped.

A new report suggests that the automaker’s days are numbered. In an interview with the Financial Times, two unnamed Nissan executives said the company has “12 to 14 months to survive.” “This is going to be tough. And in the end, we need Japan and the US to be generating cash,” they said.

This is unprecedented. It has never happened before in the group’s 90-year-long history. So, what has prompted this turn of events? Why is the survival of a once vibrant car company hanging so loosely? Well, various factors have merged into the perfect storm for Nissan.

The biggest challenge for Nissan is the rise of electric vehicles (EVs), an area where the company is playing catch-up. While Tesla spearheaded the shift to EVs, the industry has quickly become dominated by Chinese manufacturers. Companies like BYD, Xiaomi, and SAIC have gained significant market share, particularly in China, by offering affordable electric and hybrid vehicles with advanced technology. Nissan, facing growing competition, has struggled to capture a strong foothold in this market, particularly as these competitors continue to innovate with more attractive offerings.

Nissan’s market share in China has been declining; sales have plummeted by 14.3 per cent over the first half of the fiscal year, profits have dipped, and growth has been in reverse gear. With the automotive industry rapidly adapting to electric vehicle demands, Nissan needs to readjust or face collapse.
The company has outlined ambitious plans known as “The Arc,” which aims to launch 30 new models globally by 2027. Yet, the current market disruptions and Nissan’s operational challenges cast doubt on these projections. Delays are becoming apparent as Nissan struggles to debut expected models, pushing back timelines for key releases, including the 2025 Kicks, Murano, and Armada series.

Interestingly, not all Nissan news is grim. While the company has struggled globally, sales have spiked by 16.2 per cent in Australia, where the Nissan Patrol has eclipsed sales expectations. This localised success contrasts sharply with Nissan’s struggles elsewhere, prompting discussions about how different markets respond to the brand.

The urgency for new investment is evident. Company executives state they are open to exploring all avenues. Nissan recently signed a long-term electric vehicle development cooperation agreement with Honda and Mitsubishi. The three companies will closely collaborate on software, batteries, and other electric vehicle-related technologies to reduce development costs.

This strategy could position the automaker to leverage Honda’s extensive resources and stability. Speculation about Honda enhancing its footprint at Nissan is provocative, especially considering both brands grapple with the competitive pressures of Chinese car manufacturers gaining market share amid the global automotive industry’s transition to electric vehicles.

That is a part of Nissan’s grand plan to survive the transition to EVs. So expect more potential closures and layoffs. Will these measures work and save Nissan?

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