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Nissan looks to transform into a much smaller automaker, report says

The Japanese automaker could slash 1 million cars from its annual sales target, which would have huge effects.

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Tough times at Nissan.

Emme Hall/Roadshow

Once an automaker with big aspirations, Nissan has reportedly grappled with reality and the fact it cannot sell nearly as many cars as it imagined the company could. We're talking about a company that targeted sales of 8 million vehicles per year at one point; Nissan sold around 5 million during 2019.

Thus, Nissan is reportedly readying big changes to its operations, Reuters reported Friday. Citing senior sources close to the discussions, the outlet reported the automaker could cut 1 million vehicles from its annual sales target globally through 2023. That, readers, is a massive number.

Reuters detailed the implications of such a decision and said it would be akin to closing three to four production plants and laying off thousands of workers on top of another plan to cut its workforce by 10% already. The annual sales target could fall even more as automakers deal with the reality that is the coronavirus outbreak and its effects on car buying.

These plans reportedly have major implications for Nissan's operations this year and through 2022. Whether the sources refer to new vehicle plans, production or other corporate implications is unclear.

While the sources said nothing is final, one source underscored that, at a minimum, downsizing is "a given." Nissan did not immediately return Roadshow's request for comment.

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