TOKYO -- Dropping some U.S. suppliers and pulling out of auto shows helped pull Nissan Motor Co. out of the red, a senior executive said.
Nissan CEO Carlos Ghosn ordered Colin Dodge, a Nissan executive vice president, to make emergency changes wherever necessary to reverse mounting losses. Nissan lost $2.4 billion in the fiscal year that ended March 30.
Since getting the temporary title of chief recovery officer in February, Dodge and his task force of senior managers have pulled the plug on vehicle programs, bowed out of major car shows, slowed investments and moved production operations.
Nissan North America also dropped a few U.S. suppliers that were in financial trouble, re-sourcing the parts. Dodge wouldn't identify the suppliers.
"We were losing money at a frightening pace earlier this year," Dodge told Automotive News. "When you're scared, you can do things you don't normally do."
Nissan also shifted production of a number of products from Japan. A continuously variable transmission line was moved from Japan to China, where a plant now produces 400,000 CVTs a year. The compact Tiida hatchback formerly was exported from Japan to the Middle East. That car now is exported from Mexico; the change took just three weeks.
Dodge summed up the task force's results: "We're not losing money anymore."