Nissan, Renault to disclose plan to slash production due to Covid shutdowns

Multinational automobile manufacturers Nissan and Renault have planned to disclose billions of dollars in cost cuts this week and slash capacity by an additional million vehicles in view of the coronavirus shutdowns, people familiar with the companies' plans told The WallStreet Journal.

The moves are set to undo the growth strategy pushed earlier by Carlos Ghosn, former leader of both companies, to sell around 14 million cars by 2022.

Now, the target is closer to 10 million, according to the people familiar with the plans. Even before the coronavirus pandemic, the boom in demand the companies anticipated wasn't materialising, leaving plants underused.

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