TOKYO: Nissan Motor Co. on Friday said it will cut more shifts at its three assembly plants in Japan due to falling demand, as the automaker struggles to recover from a drop in sales triggered by the coronavirus pandemic.
Reuters reported the cuts exclusively earlier on Friday, citing people with direct knowledge of the issue.
In a statement on its website, Nissan sad it will cancel all night shifts at one of its production sites in Kyushu, southern Japan, from June 29 to July 31. Night shifts at its other Kyushu site will be stopped from July 20 to July 31, it added.
In addition, Nissan will stop output at its plant in Oppama, Kanagawa prefecture, on two days in July, while its factory in Tochigi prefecture will be closed over eight days next month, the statement said.
The automaker’s plants are normally closed on weekends.
The people with direct knowledge of the issue told Reuters that night shifts at the Oppama plant would also be canceled from late June.
A spokeswoman said there were no night shifts scheduled at the plant at the moment.
Nissan’s latest production cuts come as global automakers are reeling from plunging sales amid plant closures in many countries earlier this year to curb the spread of the virus. Nissan has been slashing output at home and abroad since February, beginning in China.
The Japanese automaker is taking a particularly big hit as sales and profitability have been deteriorating before the virus outbreak. Last month it unveiled an aggressive restructuring plan after posting its first annual loss in 11 years.
The latest output cut would be another big hit for its Kyushu plant. Much of the plant’s production is exported.
The plant makes the Rogue, Nissan’s top-selling SUV crossover model, whose sales have slowed ahead of plans to launch a remodeled version this year.
Nissan cuts more shifts at Japan car plants due to low demand
https://arab.news/nv7tg
Nissan cuts more shifts at Japan car plants due to low demand
- Nissan to cancel all night shifts at one of its production sites in Kyushu, southern Japan, from June 29 to July 31
Closing Bell: Saudi main index closes in red at 10,414
RIYADH: Saudi Arabia’s Tadawul All Share Index closed lower on Wednesday, shedding 38.85 points, or 0.37 percent, to finish at 10,414.06.
Total trading turnover on the benchmark index reached SR3.46 billion ($920 million), with 123 stocks advancing and 134 declining.
The Kingdom’s parallel market Nomu also shed 41.61 points, or 0.18 percent, to close at 23,428.67.
The MSCI Tadawul Index edged down 0.45 percent to 1,368.36.
Arabian Drilling Co. was the best-performing stock on the main market, with its share price rising 6.8 percent to SR102.90.
Naqi Water Co. gained 4.30 percent to SR58.25, while Saudi Ground Services Co. advanced 3.78 percent to SR38.42.
Tihama Advertising, Public Relations and Marketing Co. saw its share price fall 4.95 percent to SR16.31.
AlAhli REIT Fund 1 also declined 3.53 percent to SR6.29.
On the announcements front, United Mining Industries Co., listed on the parallel market, said it has begun commercial production of gypsum board at its plant in Yanbu.
In a Tadawul statement, the company said the financial impact of the project’s commercial production will be reflected in the first quarter of 2026.
United Mining Industries Co.’s share price was unchanged, closing at SR42.54.
Dkhoun National Trading Co. said its shareholders approved the board’s recommendation to distribute interim dividends on a semi-annual or quarterly basis for 2025.
According to a Tadawul statement, shareholders also approved transferring the balance of the company’s statutory reserve, valued at SR2.43 million, to retained earnings.
Dkhoun National Trading Co.’s shares saw no trades and closed at SR65.
