Nissan Shuts Plants, Culls Jobs After Worst Loss in 25 Years (1)

Nissan Motor Co. vowed to close seven factories and slash 20,000 jobs after posting its biggest annual loss since French carmaker Renault SA rescued it from near bankruptcy a quarter century ago.

The Japanese automaker decided against issuing an operating profit forecast for the fiscal year ending March 2026, and reported a net loss of ¥670.9 billion ($4.5 billion) for the year that ended in March.

“The reality is clear,” Nissan’s newly minted Chief Executive Officer Ivan Espinosasaid on Tuesday in his first post-earnings briefing since taking the top job in April. “Nissan must prioritize self-improvement with greater urgency ...