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24.11.2020

Nissan to sell new Note compact EV in Japan

Nissan to sell new Note compact EV in Japan

The company aims to slash operating expenses by 300 billion yen over three years

Stocks impacted: Nissan Motor Co (7201)

The Japanese carmaker has launched the all-new Note compact car in its domestic market, with sales planned to begin December 23, to win market share from Toyota Motor Corp and Honda Motor Co Ltd. The Note's full model change is part of a plan by the company to return to profitability and focus on sales in Japan, China, and the United States. Nissan is cutting production capacity and model numbers by a fifth and aims to slash operating expenses by 300 billion yen over three years. The carmaker expects to post a record operating loss of $3.25 billion in the year to March 31. As a reminder, Nissan posted a loss of $421 million in the last quarter, with quarterly sales dipping to $18 billion. Last week, there were reports that Nissan was looking to sell some or all of its 34% stake in Mitsubishi Motors. The company’s stocks rallied over 3.5% during the Asian hours on Tuesday.

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