Nissan slashes 15% of its global work force as the Japan automaker sinks into losses

TOKYO (AP) — Nissan is slashing about 15% of its global work force, or about 20,000 employees, as the Japanese automaker reported a loss Tuesday for the fiscal year that just ended amid slipping vehicle sales in China and other nations, and towering restructuring costs.

Nissan Motor Corp. said it will reduce the number of its auto plants to 10 from 17, under what it called its recovery plan to carry out “decisive and bold actions to enhance performance and create a leaner, more resilient business that adapts quickly to market changes.” It did not say which plants were being closed but confirmed the closures will include factories in Japan.

“We have a mountain to climb,” its Chief Executive Ivan Espinosa told reporters, stressing the task will not be easy, requiring discipline and team work. “Starting today, we build the future for Nissan.”

The job cuts to be done by March 2028 include the 9,000 head count reduction announced last year. Nissan also previously announced the scrapping of plans to build a battery plant in Japan.

Espinosa, who took the helm earlier this year, said the latest plans followed a careful review of operations, to align production with demand, including coming up with market and product strategies. Nissan will also leverage its partnerships such as the one with Renault SA of France in Europe and Dongfeng Nissan in China, he said.

The Yokohama-based automaker said U.S. President Donald Trump’s tariffs on auto imports also hurt its results.

Nissan racked up a loss of 670.9 billion yen ($4.5 billion) for the fiscal year through March, down from a 426.6 billion yen profit recorded the previous fiscal year.

For the latest quarter through March, Nissan recorded red ink totaling 676 billion yen ($4.6 billion). It also said its recovery plan includes trying to reduce costs by 500 billion yen ($3.4 billion) compared to current costs.

“As new management, we are taking a prudent approach to reassess our targets and actively seek every possible opportunity to implement and ensure a robust recovery,” Espinosa said.

"All employees are committed to working together as a team to implement this plan, with the goal of returning to profitability by fiscal year 2026,” he said.

But Nissan Chief Financial Officer Jeremie Papin acknowledged the automaker faces serious challenges. Nissan did not give a profit projection for the fiscal year through March 2026, citing uncertainties.

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Nissan CFO Jeremie Papin attends a press conference to announce 2024 fiscal year financial results in Yokohama, Tuesday, May 13, 2025. (AP Photo/Louise Delmotte)

Visitors walk through a showroom at Nissan headquarters in Yokohama, Tuesday, May 13, 2025. (AP Photo/Louise Delmotte)

Nissan CEO Ivan Espinosa attends a press conference to announce 2024 fiscal year financial results in Yokohama, Tuesday, May 13, 2025. (AP Photo/Louise Delmotte)

Visitors walk past Nissan signage at Nissan headquarters in Yokohama, Tuesday, May 13, 2025. (AP Photo/Louise Delmotte)

TRENTON, N.J. (AP) — Richard “Dick” Codey, a former acting governor of New Jersey and the longest serving legislator in the state's history, died Sunday. He was 79.

Codey’s wife, Mary Jo Codey, confirmed her husband’s death to The Associated Press.

“Gov. Richard J. Codey passed away peacefully this morning at home, surrounded by family, after a brief illness,” Codey's family wrote in a Facebook post on Codey's official page.

"Our family has lost a beloved husband, father and grandfather -- and New Jersey lost a remarkable public servant who touched the lives of all who knew him," the family said.

Known for his feisty, regular-guy persona, Codey was a staunch advocate of mental health awareness and care issues. The Democrat also championed legislation to ban smoking from indoor areas and sought more money for stem cell research.

Codey, the son of a northern New Jersey funeral home owner, entered the state Assembly in 1974 and served there until he was elected to the state Senate in 1982. He served as Senate president from 2002 to 2010.

Codey first served as acting governor for a brief time in 2002, after Christine Todd Whitman’s resignation to join President George W. Bush’s administration. He held the post again for 14 months after Gov. Jim McGreevey resigned in 2004.

At that time, New Jersey law mandated that the Senate president assume the governor’s role if a vacancy occurred, and that person would serve until the next election.

Codey routinely drew strong praise from residents in polls, and he gave serious consideration to seeking the Democratic nomination for governor in 2005. But he ultimately chose not to run when party leaders opted to back wealthy Wall Street executive Jon Corzine, who went on to win the office.

Codey would again become acting governor after Corzine was incapacitated in April 2007 due to serious injuries he suffered in a car accident. He held the post for nearly a month before Corzine resumed his duties.

After leaving the governor’s office, Codey returned to the Senate and also published a memoir that detailed his decades of public service, along with stories about his personal and family life.

“He lived his life with humility, compassion and a deep sense of responsibility to others,” his family wrote. “He made friends as easily with Presidents as he did with strangers in all-night diners.”

Codey and his wife often spoke candidly about her past struggles with postpartum depression, and that led to controversy in early 2005, when a talk radio host jokingly criticized Mary Jo and her mental health on the air.

Codey, who was at the radio station for something else, confronted the host and said he told him that he wished he could “take him outside.” But the host claimed Codey actually threatened to “take him out,” which Codey denied.

His wife told The Associated Press that Codey was willing to support her speaking out about postpartum depression, even if it cost him elected office.

“He was a really, really good guy,” Mary Jo Codey said. “He said, ‘If you want to do it, I don’t care if I get elected again.’”

Jack Brook contributed reporting from New Orleans.

FILE - New Jersey State Sen. and former Democratic Gov. Richard Codey is seen before New Jersey Gov. Phil Murphy delivers his State of the State address to a joint session of the Legislature at the statehouse, in Trenton, N.J., Tuesday, Jan. 10, 2023. (AP Photo/Matt Rourke, File)