Nissan Cutting Production Of U.S. Models By 30%, Putting 2024 Global Sales Target At Risk
In continuing signs that the U.S. consumer is tapped, Nissan is planning on cutting production of its main U.S. models by 30%, according to a new report from Nikkei, which says the cuts could jeopardize the automaker’s 2024 global sales targets.
Nissan forecasts a 99% drop in quarterly operating profit to 995 million yen ($6.52 million) and a 12% decline to 500 billion yen for the year, citing weakening U.S. market earnings, the report says.
The company’s target of 3.65 million vehicles sold for 2024 is now at risk, it says.
Nikkei reports that Since September, Nissan has gradually reduced production, notifying dealerships and suppliers. Its North American unit confirmed inventory adjustments for key models.
Production of the Rogue SUV, accounting for 30% of U.S. sales, and the Frontier pickup (10%) is being cut. The Rogue is manufactured in Smyrna, Tennessee, and the Frontier in Canton, Mississippi. Those two plants collectively reduced output by 40,000 vehicles in September and October. Initially planned through October, these cuts now extend to December.
In the July-September quarter, Nissan’s U.S. sales dipped 2%, with gasoline-only Rogue sales dropping 20%. September U.S. production fell 24% year-over-year, impacting Rogue units built both in the U.S. and Fukuoka, Japan.
With electric vehicle demand softening but hybrid interest rising, Nissan faces competitive pressure from Toyota and Honda, both of which offer hybrids in the U.S. Inventory days have ballooned to 100 days for Nissan, compared to Toyota’s 30 and Honda’s 50, prompting Nissan to increase sales incentives, adding 30% above industry averages.
Nissan aimed to stabilize inventories by September and cut costs with new models, yet sales for April-September fell 4% globally, totaling 1.59 million vehicles.
The ongoing U.S. market decline suggests Nissan may need to revise its full-year forecast again. North American struggles include slow EV rollout and stalled plans for new EV production at the Canton plant, which has been postponed indefinitely, the report concluded.
Tyler Durden Fri, 11/01/2024 – 13:00
Source: https://freedombunker.com/2024/11/01/nissan-cutting-production-of-u-s-models-by-30-putting-2024-global-sales-target-at-risk/
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