TOKYO: Nissan Motor Co shares fell today after reports the struggling automaker plans to cut production in the US, and President-elect Donald Trump touted plans to impose tariffs on imports from Mexico, where the carmaker has factories, as well as Canada.
The stock fell as much as 4.9% in early Tokyo trading, then briefly erased the losses in the afternoon session after the Financial Times reported the company is searching for an anchor investor.
However, the rebound was shortlived, with the stock back down 4% at 2.55pm local time.
Nissan plans to build 100,000 fewer vehicles than last year at its plants in Mississippi and Tennessee in the fiscal year ending March 31, 2025, Automotive News said yesterday.
“The cuts will affect models including the Frontier, Rogue, Pathfinder and Infiniti QX60,” the report said.
A Nissan spokesman declined to comment directly on the report, but said the company will evaluate production forecasts “in response to market dynamics to ensure healthy supply and inventory levels”.
The carmaker, saddled with cratering profit and an outdated lineup, had already announced earlier this month that it was going to eliminate 9,000 jobs and slash production by 20%.
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