Nissan Motor Co Ltd ended its fiscal year with the unveiling of a new four-year plan that aims to help it put its finances in order, make them more sustainable, and achieve growth.
Under the four-year plan, Nissan intends to achieve sustainable growth, profitability, and financial stability. This new plan, which hopes to be fully realized by the end of fiscal year 20233, will focus on strategies that require business optimization and cost rationalization.
To be more specific, Nissan will put in place policies and measures that will cut unnecessary costs in its plants (including cutting overhead costs), as well as focusing on its key strengths and cutting down on excess usage and the like.
It will also be closing down a few plants that are redundant. This would include some factories in North America, as well as the ASEAN region. The later, for instance, will see the closure of its Indonesian plant and focusing on its Thailand base for ASEAN production. It also intends to exit South Korea and remove the Datsun brand from Russia.
Apart from streamlining manufacturing operations, Nissan is also looking to optimize the number of models it will sell. This would entail focusing on C- and D-segment models, electric vehicles, and sports cars—a clear focus on global cars, it says.
And as it plans to accomplish the aforementioned goal, it will also introduce 12 new models in 18 months, focus on beefing up its EV and ePOWER range, and deepen its foothold in the alternative energy segment. It also looks to put its ProPilot driver assist technology in more models within the next few years.
With all these plans, Nissan looks to shift from its inflated expenses way of thinking and become a lean, mean automotive player within the next four years.