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Nissan CEO Uchida battles to revive automaker amid mounting pressure

David Ijaseun by David Ijaseun
December 10, 2024
in Brand, Cars/SUVs
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Nissan CEO Makoto Uchida

Nissan CEO Makoto Uchida

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Nissan CEO Makoto Uchida is under intense pressure to rescue the struggling automaker while fighting to secure his position. With declining sales in the U.S. and China, mounting activist investor scrutiny, and a rapidly changing automotive landscape, Uchida has promised sweeping reforms to make Nissan leaner and more competitive.

“The challenges we face today demand bold decisions,” Uchida said during a recent earnings call, where he pledged to cut 9,000 jobs, reduce production capacity by 20%, and slash $2.6 billion in costs. He even committed to halving his salary to demonstrate accountability.

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Nissan, once a pioneer with its electric Leaf model, now grapples with strategic missteps, including a failure to prioritize hybrids in the U.S. market. Analysts argue that this oversight left Nissan vulnerable as demand for hybrids surged amid high EV prices and limited charging infrastructure.

Mounting Criticism and Internal Pressure

In an October meeting with hundreds of managers, Uchida acknowledged Nissan’s worsening financial health, citing weak profitability and sales in key markets. Managers questioned why the company had not hedged its EV strategy with hybrids, which have been popular in Japan for years.

“What we have today at Nissan is a man-made disaster,” said Seiji Sugiura, a senior analyst at Tokai Tokyo Intelligence Laboratory. “Uchida must either deliver results or hand over to new leadership.”

Nissan’s global sales fell to 3.3 million units in 2023, a 40% drop from 2017, wiping out $30 billion in market value. The company’s iconic status has eroded, with competitors like Tesla and China’s BYD seizing market share.

Recovery Plan and Investor Interest

Uchida has launched a recovery team to streamline operations, with factory cuts planned in China and potentially Mexico. Some 1,000 U.S. employees have already accepted early retirement offers, and Nissan intends to reduce production shifts in North America.

Amid the turmoil, activist investors are gaining ground. Singapore-based Effissimo Capital Management recently acquired a 2.5% stake in Nissan, while Hong Kong’s Oasis Management has also invested.

Effissimo declined to comment, but analysts view these moves as signs of increasing pressure on Nissan’s leadership to deliver results.

Shifting Strategies and Future Outlook

Nissan now plans to launch 34 hybrid and electric models by 2030, including a plug-in hybrid for the U.S. by 2026. However, Uchida’s bet on EVs faces ongoing challenges, including production issues with the Ariya, which was expected to rival Tesla’s Model Y but stumbled out of the gate.

“I remain determined to fulfill my duties as CEO,” Uchida told reporters. But with activist investors circling and internal criticism growing, the coming months will determine both his and Nissan’s future.

Read more on Nissan cuts Kyushu Plant production by one-third due to declining U.S. market

Tags: HeadlineNissan

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