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Nissan, one of Japan's top three manufacturers, announced results for the 2018 fiscal year, with profits plummeting and a global layoff plan to restore performance.

Nissan announced on the 14th its consolidated results for fiscal year 2018 (April 2018-March 2019), with sales down 3.2% year-on-year to 11.5742 trillion yen (about 726.22 billion yuan) and net profit down 57.3% to 319.1 billion yen (20 billion yuan) compared with the previous fiscal year. Nissan's profit hit a new low again after eight years.

Nissan is not optimistic about its fiscal year 2019 results, of which profits will be further halved. Nissan expects sales of 11.3 trillion yen and net profit of 170 billion yen in fiscal 2019, with both revenue and profit falling. The reason is sluggish sales in the main U. S. market and a setback in the sales expansion route promoted by former Chairman Ghosn, who was charged with detention.

President Hiroto Nishikawa said at the press conference that the performance continued to decline in North America and Europe, and that the sales expansion route implemented by former Chairman Ghosn would be significantly adjusted to achieve sustainable growth.

It has been reported that Nishikawa Hiroshi may resign as a result of a sharp drop in profits and Nissan's involvement in a scandal over its former chairman. At the press conference, Nishikawa Guangren directly denied the claim that he had taken the blame and resigned because of deteriorating performance.

In order to restore performance and improve profit margins, Nissan also announced some upcoming measures. These include cutting 4800 jobs worldwide, launching new models with all the main models, and increasing the sales share of electric vehicles to 30 per cent.

After Ghosn's arrest, the alliance between Nissan and Renault is unstable. Renault's new chairman, Shennard, has put forward plans for a merger, but Nissan does not want to merge and has repeatedly rejected the merger route, believing that this is not the time to discuss the topic.

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