UPDATE: Nissan Denies Plan to Cut Production 15%

April 19, 2019 at 10:43 AM

Nissan Motor Co. denies a Nikkei report that the carmaker intends to reduce its global production 15% in the fiscal year that began this month.

The report earlier today claimed Nissan will freeze output at current levels in Japan but slash production 20% elsewhere. Nissan says the report is “completely incorrect” and has voiced “strong objection” to the Tokyo-based newspaper.

The Nikkei has since acknowledged that it omitted some types of production in its estimate, which concluded that Nissan planned to make 4.6 million vehicles in fiscal 2019.

Nissan has forecast that its operating profit for the current fiscal year will plunge 22% to a six-year low of 450 billion yen ($4 billion). The company is scheduled to report financial results for fiscal 2018—and its production plan for the new year—on May 14.