FRANKLIN, Tenn. (CNN) – Nissan says it will slash production capacity by 20% and will shut down its vehicle manufacturing plant in Barcelona as part of a sweeping overhaul.
This comes after the Japanese carmaker revealed its first annual operating loss in more than a decade.
The company posted an operating loss of $376 million for its fiscal year ending in March, compared to an operating profit of $2.9 billion for its previous fiscal year.
It was the company’s worst performance since 2009.
The announcements come one day after Nissan Renault and Mitsubishi said they would deepen their alliance as they try to ride out the pandemic.
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