Latest news with #LEAF
Yahoo
a day ago
- Automotive
- Yahoo
Nissan Downsizes & Delays Supplier Payments Amid Cash Shortage
Nissan Motor Co., Ltd. NSANY is facing a cash shortage, delaying payments to suppliers and implementing major global cost-cutting measures. In May, the company unveiled a recovery strategy that includes eliminating 20,000 jobs or about 15% of its global workforce, and shutting down several factories to conserve cash and cut part of these efforts, Nissan will begin discussions this week with workers at its Sunderland plant in the U.K. about voluntary retirement, aiming to reduce the workforce there by approximately 250 employees. The Sunderland facility, which employs around 6,000 people, is the city's largest employer and plays a key role in Nissan's turnaround. The Japanese automaker is set to produce the company's next generation of electric vehicles in the facility, including the updated LEAF, Juke and Qashqai Reuters, Nissan is negotiating with suppliers for more time to settle invoices. The company has offered flexible payment options to selected suppliers in the U.K. and Europe at no additional cost. These arrangements aim to free up cash for the April-June quarter, echoing similar strategies used at the end of the last fiscal an employee email, Nissan had once again asked suppliers to postpone payments. As the company implements these measures, its goal is to maintain enough liquidity to cover the costs of the turnaround and meet upcoming bond it declined to comment on the internal conversations, the emails revealed that suppliers were offered two options. The supplier could either defer payments at a higher interest rate or receive immediate payment from HSBC, with Nissan later reimbursing the bank with of March end, Nissan had 2.2 trillion yen in cash and equivalents but also faced roughly 700 billion yen in debt maturing later in the year. Under its Re:Nissan recovery plan, the company is targeting 250 billion yen in cost reductions and aims to return to profitability by fiscal year 2026. Nissan carries a Zacks Rank #3 (Hold) at better-ranked stocks in the auto space are Strattec Security Corporation STRT, Allison Transmission Holdings, Inc. ALSN and Ferrari N.V. RACE, each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today's Zacks #1 Rank stocks Zacks Consensus Estimate for STRT's fiscal 2025 sales and earnings implies year-over-year growth of 3.49% and 8.11%, respectively. EPS estimates for fiscal 2025 and 2026 have improved 73 cents and 91 cents, respectively, in the past 60 Zacks Consensus Estimate for ALSN's 2025 earnings implies year-over-year growth of 6.26%. EPS estimates for 2025 and 2026 have improved 54 cents and 53 cents, respectively, in the past 60 Zacks Consensus Estimate for RACE's 2025 sales and earnings implies year-over-year growth of 13.56% and 7.97%, respectively. EPS estimates for 2025 and 2026 have improved 29 cents and 33 cents, respectively, in the past seven days. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Nissan Motor Co. (NSANY) : Free Stock Analysis Report Allison Transmission Holdings, Inc. (ALSN) : Free Stock Analysis Report Strattec Security Corporation (STRT) : Free Stock Analysis Report Ferrari N.V. (RACE) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Erreur lors de la récupération des données Connectez-vous pour accéder à votre portefeuille Erreur lors de la récupération des données Erreur lors de la récupération des données Erreur lors de la récupération des données Erreur lors de la récupération des données
Metro
2 days ago
- Automotive
- Metro
Nissan to axe 250 jobs at Sunderland plant after £3.5 billion loss
Struggling car manufacturer Nissan is set to cut around 250 staff at its Sunderland factory after making a £3.5 billion global loss last year. The Japanese firm said the move would support its plans to become a 'leaner' and 'more resilient' business. The lay offs will only apply to shop floor and office staff – not those working in manufacturing – and will be part of a 'voluntary departure scheme'. In May Nissan announced it had made huge losses in the 2024/25 financial year, after demand fell in its two largest markets, the US and China. At the same time, new chief executive Ivan Espinosa announced a £1.3bn 'Re:Nissan action-based recovery plan', which included the closure of seven factories. The Tyne and Wear factory, which employs 6,000 staff, was saved amid plans to make the new version ofNissan's electric vehicles LEAF and Juke there as well as the new e-POWER system for Qashqai. At a conference last month, Mr Espinosa said: 'In Europe, we will strengthen our presence by assembling more electric models in Sunderland.' The UK government recently backed Nissan with a £1bn loan to help protect the Sunderland factory, which opened in 1984. Nissan hopes to raise £5.2billion to keep the company viable. More Trending Speaking about the job losses at Sunderland, a Nissan spokesperson told Metro: 'Our Sunderland plant remains at the forefront of our electrification strategy, with the new LEAF coming later this year, a new EV Juke arriving next year and our new e-POWER system coming to Qashqai soon. 'In order to support future competitiveness, this week we are beginning discussions with some of our team in Sunderland about the opportunity to voluntarily leave Nissan, with support from the company. 'This will support the plant's efficiency as we aim to become a leaner, more resilient business.' The new LEAF is expected to cost from around £30,000. Get in touch with our news team by emailing us at webnews@ For more stories like this, check our news page. MORE: Over 62,000 General Motors vehicles recalled over risk of brakes catching fire MORE: New yellow box fines cost drivers £998,640 last year MORE: Grocery giant closing 60 stores in the US – see list
Scottish Sun
3 days ago
- Automotive
- Scottish Sun
Struggling major car brand to axe hundreds of jobs at huge UK factory after £4billion losses
Jobs will be cut under a 'voluntary leave scheme' HIT THE BRAKES Struggling major car brand to axe hundreds of jobs at huge UK factory after £4billion losses A STRUGGLING car brand has confirmed it will be axing hundreds of jobs at one of its UK factories. The move comes after the firm reported £4 billion losses in the last financial year. Advertisement 4 Around 250 jobs are to be axed from the brand's Sunderland factory Credit: Getty 4 Nissan reported £4 billion losses last year Credit: AFP Nissan has now confirmed the axing of around 250 jobs from its Sunderland factory. The jobs will be cut under a "voluntary leave scheme" letting employees choose to leave their roles with support from the company. It comes just weeks after the Japanese firm announced the new Nissan Leaf would be made at the Sunderland site. The job losses will hit non-manufacturing positions with around 250 staff to be made redundant. Advertisement Nissan has announced the cuts amid a desperate bid to balance the books and support a global effort to become a more "resilient business." The attempts to save the brand were ramped up after merger talks with Honda fell through. Earlier this year the firm announced 20,000 job losses, seven factory closures and a pause on all post-2026 new car development. The closures of seven of its factories would see the brand limited to just 10 sites. Advertisement The Japanese brand has been undergoing significant restructuring since the appointment of new CEO Ivan Espinosa in April. New boss Espinosa hopes to put an end to the company's decline and has begun implementing massive cuts in an effort to turn things around. Nissan's gloomy future These plans reportedly include cutting 25% of Nissan's global workforce. Earlier this year, he made way for a £2.6 billion decrease in the value of production and forked out £316 million in restructuring costs. Advertisement Despite the sweeping cuts there is no guarantee the firm will return to profitability this year. So far it has estimated a first-quarter loss of $1.36 billion. 4 Sweeping cuts are being made in an effort to save the floundering car maker Credit: Getty 4 The job losses will hit non-manufacturing positions Credit: Getty Advertisement Nissan also told MPs earlier this year that it is due to end the year with debts of £10 billion. The brand is reportedly considering several drastic measures in a bid to save its profitability with CEO Ivan Espinosa saying "everything is on the table." A Nissan spokesperson told The Sun: 'Our Sunderland Plant remains at the forefront of our electrification strategy, with the new LEAF coming later this year, a new EV Juke arriving next year and our new e-POWER system coming to Qashqai soon. 'In order to support future competitiveness, this week we are beginning discussions with some of our team in Sunderland about the opportunity to voluntarily leave Nissan, with support from the company. Advertisement 'This will support the plant's efficiency as we aim to become a leaner, more resilient business.'
The Irish Sun
3 days ago
- Automotive
- The Irish Sun
Struggling major car brand to axe hundreds of jobs at huge UK factory after £4billion losses
A STRUGGLING car brand has confirmed it will be axing hundreds of jobs at one of its UK factories. The move comes after the firm reported 4 Around 250 jobs are to be axed from the brand's Sunderland factory Credit: Getty 4 Nissan reported £4 billion losses last year Credit: AFP Nissan has now confirmed the axing of around 250 jobs from its Sunderland factory. The It comes just weeks after the The job losses will hit non-manufacturing positions with around 250 staff to be made redundant. Read more in Motors Nissan has announced the cuts amid a The attempts to save the brand were ramped up after Earlier this year the firm announced 20,000 job losses, seven factory closures and a pause on all post-2026 new car development. The closures of Most read in Motors The Japanese brand has been undergoing significant restructuring since the appointment of new New boss Espinosa hopes to put an end to the company's decline and has begun implementing massive cuts in an effort to turn things around. Nissan's gloomy future These plans reportedly include cutting 25% of Earlier this year, he made way for a £2.6 billion decrease in the value of production and forked out £316 million in restructuring costs. Despite the sweeping cuts there is no guarantee the firm will return to So far it has estimated a first-quarter loss of $1.36 billion. 4 Sweeping cuts are being made in an effort to save the floundering car maker Credit: Getty 4 The job losses will hit non-manufacturing positions Credit: Getty The brand is reportedly considering several drastic measures in a bid to save its profitability with A Nissan spokesperson told The Sun: 'Our Sunderland Plant remains at the forefront of our electrification strategy, with the new LEAF coming later this year, a new EV Juke arriving next year and our new e-POWER system coming to 'In order to support future competitiveness, this week we are beginning discussions with some of our team in Sunderland about the opportunity to voluntarily leave 'This will support the plant's efficiency as we aim to become a leaner, more resilient Why are so many car dealerships closing down? By Summer Raemason According to Business Rescue Expert there are multiple reasons why car dealerships are folding across the UK. The first major factor is rising online car sales which are beating in-person sales at dealerships. With an extensive range of comparison and second-hand sites to chose from, may car buyers don't even step foot into a dealership anymore. Secondly, the actual cost to physically run the sites has soared. Rent, wages and energy bills have all been increasing for roughly the past five years, putting many out of pocket. Car manufacturing across the globe was also hit by a semiconductor chip shortage in 2022 which made it difficult to produce new motors. The high demand with limited supply created a backlog, which although has eased, is still having an impact on the industry. A third reason for recent closures is the shift to electric cars. They are becoming more popular, given the Government initiative to be Net Zero in 2050. The industry is also affected when companies merge or are bought by rivals. This may lead to some independent names falling victim to the ongoing spate of closures.
Fast Company
4 days ago
- Business
- Fast Company
Bridging the LGBTQ+ wealth gap
In many ways, the world is a much friendlier place for members of the LGBTQ+ community on this, the 56th anniversary of the Stonewall uprising, than it was a lifetime ago. But that doesn't make navigating American life while queer any less frightening. In addition to the federal government making overt attacks on LGBTQ+ rights, many of the same invisible barriers that kept the LGBTQ+ community impoverished a lifetime ago are still at work today. Financial marginalization may seem like small potatoes compared to fighting for the right to exist, but the unacknowledged systems keeping the LGTBQ+ wealth gap in place are the same systems working to erase queer history. Illuminating these hidden financial systems is the first step toward bridging the wealth gap. The problem: family estrangement Gay and lesbian young adults are 86% more likely to report estrangement from their fathers than their straight counterparts, according to a 2022 National Institute of Health study, and a recent U.K. survey found that 46% of LGBTQ respondents between the ages of 18 and 25 are estranged from at least one family member. Estrangement is painful enough, but it can also put queer kids at serious financial risk. LGBTQ+ youth have a 120% higher risk of experiencing homelessness compared to the general population. But even if coming out doesn't completely sever the familial relationship, it can change family dynamics, including financial expectations. In the 2023 LGBTQI+ Economic and Financial (LEAF) Survey, 38% of those surveyed said they lost the option of relying financially on their families after coming out. This leads to things like a significantly higher likelihood of carrying student debt into adulthood and more than double the rate of bank overdrafts compared to the general population. The early loss of direct financial assistance may be the most obvious obstacle to LGBTQ+ wealth building, but Dr. Jenna Brownfield, a queer Licensed Psychologist based in Minnesota, suggests looking at the less clear-cut financial barriers that come with estrangement. 'It's more than just passing down wealth,' Dr. Brownfield says. 'It's also the knowledge of how to navigate finances. If you don't have a relationship with an older family member to demystify and guide you through things like insurance and taxes, you're left to learn that on your own.' Unlike learning how to change a tire, roast a chicken, or apply a perfect smoky eye-shadow effect, it can be more difficult to find reputable and trustworthy financial information on YouTube or TikTok—and the lack of this knowledge really hurts anyone who falls afoul of Lady Luck or Uncle Sam. The work-around: chosen family Parents have been cutting off their LGBTQ+ kids from time immemorial, and the queer community has responded by creating a culture of chosen family. Leaning into the cultural legacy of multigenerational queer friendship and found family is an excellent way to help bridge the financial knowledge gap. Though discussing money is typically a taboo topic for discussion, openly sharing hard-won money skills with the younger generation is an excellent way to fight back against marginalization. The problem: lack of access to healthcare Approximately 17% of LGBTQ+ adults do not have any health insurance, which is a major improvement over the 34% of queer adults who were uninsured in 2013, just before the implementation of the Affordable Care Act. But having insurance doesn't necessarily equate to receiving care. A recent Kaiser Family Foundation survey found that LGBTQ+ adults faced higher rates of discrimination and unfair treatment at the doctor's office compared to non-LGBTQ adults. Queer adults were also more likely to report going without needed mental health care because of affordability or accessibility. But even finding a caring doctor in network doesn't guarantee affordable healthcare, especially for transgender individuals: 82% of LEAF survey respondents who received gender-affirming care reported spending some money out of pocket. Nearly half (46%) of those respondents spent $5,000 or more, while 33% spent at least $10,000 of their own money. But whether it's paying out of pocket for affirming care or avoiding the doctor because of cost (or bad experiences) until the only choice is the emergency room, cutting the LGBTQ+ community out of healthcare becomes another invisible financial drain. The work-around: medical allyship The American system of health insurance doesn't really work for anyone, but it seems to make a special effort to work especially badly for marginalized groups like the LGBTQ+ community. While there is very little that cishet friends of queer folks can do about the obscenely high insurance copays and deductibles, a friend can potentially ride along to doctor's visits. There are two good reasons for roping a friend into a doctor's appointment. First, since LGBTQ+ folks are more likely to face discrimination and unfair treatment in healthcare settings compared to straight patients, the presence of a friendly ally may mitigate any awful behavior on the part of the medical team. Second, making doctor visits an outing with a friend increases the likelihood of actually going and getting necessary preventive care. That will lead to better health and financial outcomes. Dr. Brownfield has also seen other ways that cishet allies have stepped up to help with the high cost of LGBTQ+ healthcare. 'Prescription hormone replacement therapy (HRT) to help with perimenopausal symptoms would be covered differently by my insurance than they would for a trans woman getting the same exact prescription,' she says. 'As legislation changes, I'm seeing work-arounds where cis women or cis men are securing an HRT prescription and providing it to their trans loved ones or trans folks in their community.' Unfortunately, this kind of workaround means the patient doesn't have a medical professional to collaborate with for proper dosage. Dr. Brownfield emphasizes that prescription swapping is the direct and hazardous result of legislating care. 'When gender-affirming care becomes illegal, its use doesn't go down–but its safe use does,' she says. The problem: mortgage discrimination As of 2019, a study published in the Proceedings of the National Academy of Sciences found that same-sex couples were 73% more likely to be denied a mortgage than heterosexual couples. There has not been a follow up to this study in the past six years, but homeownership among the LGBTQ+ community remains lower than it is among straight, cisgender adults: 49% of queer adults own a home, compared to 64% of the U.S. population as a whole. Getting shut out of home ownership is a great way to cut LGBTQ+ wealth building off at the knees. A primary residence is a typical U.S. homeowner's most valuable asset, accounting for about 45% of their household net worth, on average. The work-around: shared housing 'Informal shared housing is something that's happened in the queer community for decades,' Dr. Brownfield says. 'Especially for youth and young adults. There's often like a house mother and everyone shares resources and responsibilities, but it's all done informally.' While this kind of setup probably won't land a sweet, low-cost mortgage loan—it's unlikely the shared housing is anything other than a rental—it can be an inexpensive way to live with friends while saving money toward home ownership or other goals. Making the invisible visible Neither the financial obstacles facing the LGBTQ+ community nor the creative work-arounds to overcome those barriers are news to queer folks. But for those of us who might put away our allyship when retailers set out the next seasonal display, it's important to remember that systemic issues occur year-round, and not just while the rainbow flags are flying.
