Nissan faces financial crisis, urges support for UK factory

A well-known car brand from Japan is facing serious financial troubles and might not survive the next year without help. Former CEO Dr. Andy Palmer warned that it would be "mad" for the company to close its large factory in the UK, located in Sunderland. This factory has been crucial for the brand's operations. The company is dealing with declining sales in the US and China. Additionally, the Sunderland plant has encountered problems recently, raising concerns about the brand's future. There is pressure on the company to increase electric vehicle (EV) sales to avoid penalties under the UK's new regulations. Nissan was a pioneer in producing mass-market EVs, but it has fallen behind in the hybrid market. CEO Makoto Uchida admitted that the company failed to predict the rise in popularity of hybrid vehicles. A failed merger with competitor Honda has also hurt Nissan, preventing it from expanding and strengthening its manufacturing capabilities. In the past few months, Nissan has been forced to cut 9,000 jobs and reduce production by 20% in an effort to save money. The firm is also reworking its management team, with a new CEO set to take charge on April 1. Analysts warn that Nissan may need urgent financial support from the Japanese or US governments to stay afloat. The company's leadership now faces a critical challenge to navigate through these financial difficulties.