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April 18, 2019, 9:53 p.m. EDT

Nissan to slash annual production output by 15%: report

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By Mike Murphy

Nissan Motor Co. /zigman2/quotes/208298710/delayed JP:7201 -1.53% shares fell Friday in Japan after a report that it will slash its worldwide output by 15% for the current fiscal year. Nikkei reported the Japanese auto maker is dropping an aggressive expansion plan that former Chairman Carlos Ghosn had supported, and will produce about 4.6 million vehicles in the fiscal year ending March 2020. That would be the lowest output total for Nissan in nine years, Nikkei said. Earlier this year, Nissan cut its operating profit outlook. Ghosn was removed as chairman in November and is currently being held in jail in Tokyo on financial misconduct charges. Nissan shares are down nearly 6% over the past six months, compared to the Nikkei 225 index's /zigman2/quotes/210597971/delayed JP:NIK -2.17% 2% decline over that span.

/zigman2/quotes/208298710/delayed
JP : Japan: Tokyo
¥ 648.80
-10.10 -1.53%
Volume: 10.40M
Aug. 26, 2019 3:00p
P/E Ratio
12.11
Dividend Yield
6.17%
Market Cap
¥2578.35 billion
Rev. per Employee
¥85.36M
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/zigman2/quotes/210597971/delayed
JP : Nikkei
20,261.04
-449.87 -2.17%
Volume: 0.00
Aug. 26, 2019 3:15p
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