Embattled automaker Nissan reported a $535-million quarterly loss due to U.S. tariffs, restructuring, and lower sales volumes. The company plans to close seven plants globally and lay off 15% of its workforce as part of a turnaround plan. CEO Ivan Espinosa stated they are still in the early stages of recovery.

Nissan reported an operating loss of 79.1 billion yen for the quarter, narrower than expected. The company had forecasted a loss of 200 billion yen in the previous financial year. Progress is being made in cutting costs, according to CEO Ivan Espinosa.

Nissan announced it will stop production at its Civac plant in Mexico by March 2026 as part of its global restructuring plan. Vehicle production from that plant will be integrated into its Aguascalientes complex during the current financial year. This follows the decision to stop production at two domestic sites.

The drastic restructuring effort at Nissan aims to slash costs and restore profitability in key markets like the United States and China. The plan includes reducing global production capacity to 2.5 million vehicles from 3.5 million and consolidating manufacturing sites to 10 from 17.

Read more at Yahoo Finance: Nissan takes a $535 million quarterly hit, as tariffs bite