Post share in thread Nissan claims it announced 9,000 layoffs in Tennessee to “avoid significant losses from anticipated tariffs.”
Verdict: False
That claim is false. Nissan announced 9,000 job cuts, but a company press release said the move was unrelated to potential tariffs.
Fact check:
Nissan’s stock price rose 6% after news that activist investor Oasis Management had acquired a stake in the company. Reuters. Following the report in Japan’s Diamond Online magazine, the newspaper noted that the size of the stake claimed was not disclosed.
The thread, which has more than 900 likes at the time of writing, said Nissan announced 9,000 layoffs in Tennessee to “avoid severe losses from anticipated tariffs.” claims to have done so.
“Nissan just announced 9,000 layoffs in Tennessee to avoid severe losses from expected tariffs,” the post begins. “Experts have high expectations for more.” This post does not include specific sources to support its claims.
That claim is false. November 7th, tennessean Nissan announced that it will cut 9,000 jobs and “20% of its global manufacturing capacity” in an effort to “cut costs by $2.6 billion this fiscal year due to weak sales in China and the United States.” The article makes no mention of that decision. the expected outcome of tariffs under the administration of President-elect Donald Trump;
Similarly, Nissan did not mention expected tariffs. press release Announcement of cost reduction plan.
“Nissan aims to reduce fixed costs by 300 billion yen (compared to fiscal 2024) and variable costs by 100 billion yen, while maintaining healthy free cash flow,” the press release reads in part.
“To accomplish this, Nissan plans to reduce its global production capacity by 20% and reduce its workforce by 9,000 people worldwide. “We are implementing various measures to rationalize our asset portfolio, prioritize capital expenditures and investments in research and development,” he added. (Related: Did Kroger, Food Lion, and Publix announce 4% price cuts after the 2024 election?)
Additionally, “Check the facts” was not found Trustworthy news reporting to support the claim. In fact, the opposite is true. November 14th, Politifact I debunked that claim.
Furthermore, Nissan spokesperson Kyle Bazemore denied the validity of the claims to PolitiFact.
“Last week’s announcement regarding possible global layoffs had no connection to the actions the incoming administration is proposing,” Bazemore said.
Check Your Fact has also reached out to Bazemore for comment.
