Rumor has it that that Nissan is about to report that its first-quarter profit fell by nearly 90%. Nissan has yet to recover from the financial scandal caused by Carlos Ghosn. Additionally, years of chasing volume over profits in the U.S. has damaged the brand, requiring heavy discount and cheap financing to move metal. Investors are also worried that the alliance with Renault is breaking down. Friction with France's Renault over the failed merger with Fiat-Chrysler Automobiles has brought tensions between the two companies to an all-time high.
Reports are that due to the falling profits, Nissan will be cutting up to 10,000 jobs, primarily in Asia and South America. In doing so, Nissan would join the ranks of Mercedes-Benz, Ford, Honda, and others with global layoffs in the five digit range. Nissan/Infiniti sales in the US are down 8.9 percent year to date as of June.
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