Nissan sets plan to cut $7.4B debt

Article Abstract:

Nissan President Yoshikazu Hanawa reported plans to sell its Tokyo, Japan, headquarters and other real estate assets, eliminate several car models and consolidate its operations in North America as part of its efforts to trim its $7.4 billion debt and regain profits. Nissan projects a loss of $105.3 million for the fiscal year that ended Mar. 31, 1998. Hanawa blamed Nissan's poor sales performance in the North American market to the aggressive leasing, incentives and rebates of competitors. Nissan will reduce the number of platforms that carry different models to 10 from 25. For instance, the redesigned Maxima sedan, now in current production in Japan, will be assembled in Nissan's Smyrna, TN, plant after 200, using the same platform as the Nissan Altima.

Comment:

To sell its Tokyo, Japan, headquarters and consolidate its North America operation to trim its $7.4 billion debt

Japan, Strategy & planning

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GM to cut 1,000 marketing jobs, $300M in costs in streamlining

Article Abstract:

General Motors will cut up to 1,000 positions and streamline its corporate administration to save $300 million in costs. The general manager job for each GM brand, including Chevrolet, Pontiac-GMC, Oldsmobile, Cadillac and Buick, was eliminated by the company to be replaced by a single marketing and sales force. According to the company's marketing chief, Ron Zarella, the move will help the company improve marketing by eliminating the redundant posts. The company will be setting up five regional offices in January 1999 with area and regional managers to market all GM brands.

Comment:

Will cut up to 1,000 positions and streamline its corporate administration to save $300 million in costs

United States, Labor force information, General Motors Corp.

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Nissan's new ads almost starred Iacocca

Article Abstract:

Nissan Motor Company Ltd failed to commission Lee Iacocca to appear in its new advertising campaign, even after company executives had talks with Iacocca late in 1998. Instead, the Japanese automaker's advertising campaign will feature Jerry Hirshberg, the president of La Jolla, CA-based Nissan Design Intnl. The ads, called "Driven," will promote Nissan's new Maxima sedan, the Quest minivan, new Xterra sport-utility vehicle, the Pathfinder sport utility and the Frontier Crew Cab pickup.

Motor Vehicles and Equipment

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