As reported previously, Nissan saw a 90% dip in global operating profits from April to June 2019 alone. It seems that drop was pretty much the story for the entire year, as the company now reveals that it recorded an annual net loss of JPY 671.2 billion (US$ 6.2 billion) for the 2019 financial year.

Nissan, however, seems ready to put that behind as it has laid out exactly how it intends to bounce back. The company has shared its four-year plan that aims to establish growth, stability, and profitability by the end of the 2023 financial year.

Headlining this strategy is Nissan's attempt to rationalise costs. It has now set its sights on right-sizing its production capacity down by 20%-down to 5.4 million units per year, to be exact. Its global lineup will see the same fate, as this will also be trimmed down by 20% from a total of 69 models to just 55 or even fewer. In line with this, the carmaker plans to close its manufacturing plant in Indonesia and concentrate on its Thailand facility as the single production base in ASEAN.

Ashwani Gupta, chief operations officer, Nissan Philippines revealed during a recent press briefing that Nissan is now looking into utilising the Mitsubishi Motors Philippines plant to build its vehicles, mainly its frame-based pickups and SUVs. However, Gupta did not reveal further details on this topic.

Now, it's clear that Nissan is downsizing, but there are still a lot of new things to look forward to in the coming years. In addition to expanding its global EV presence and bringing its e-Power and ProPilot technologies to more markets, the company has also made it clear that it will introduce 12 new models in the next 18 months.

"Nissan must deliver value for customers around the world. To do this, we must make breakthroughs in the products, technologies, and markets where we are competitive," concluded Nissan president and chief executive officer, Makoto Uchida, president and chief executive officer, Nissan Motor. "This is Nissan's DNA. In this new era, Nissan remains people-focused, to deliver technologies for all people and to continue addressing challenges as only Nissan can."