Nissan boss Uchida races to save the automaker - and his job

In early October, Nissan Motor managers dialed in for a regular online meeting with boss Makoto Uchida only to hear a grim message: business was worse than expected and the Japanese car maker had to cut jobs and production.

They listened as the 58-year-old chief executive described a deteriorating financial situation that he put down largely to weak sales and profitability in North America and China, according to three people with knowledge of the matter.

In the Q&A, some of the few hundred managers peppered Uchida with questions about responsibility for the decline of a company that five years ago had the world's top EV model by lifetime sales. Why didn't Nissan offer gasoline-electric hybrids in the US, where customers were now clamoring to buy them? Why hadn't the company hedged its bet on EVs by making hybrids available in the US, its biggest market, as it had done for years in Japan? Who was responsible for the latest crisis?

Those questions loom large as Uchida scrambles to repair the automaker - and keep his job. Announcing dismal results last month, the former China head pledged to cut 9,000 employees, 20% of global production capacity and $2.6 billion of costs. He also promised to forfeit half his pay.

Uchida is under pressure to deliver a turnaround, according to three others with knowledge of Nissan's thinking. The next few months will be critical for him and for Nissan's future, one said. Activist shareholders have quietly built up stakes in the automaker.

Donald Trump's election adds to the uncertainty. The incoming US president has promised to impose 25% across-the-board tariffs on Mexico, a vital, low-cost production hub for Nissan and others. For Uchida, Trump represents a wild card at the worst possible time, as hefty tariffs could force Nissan to cut output in Mexico, two people said.

Uchida's tenure has coincided with a tectonic shift in the automotive landscape, as new EV makers challenge decades-old manufacturers. The industry's biggest names aren't immune.

Volkswagen is threatening to close German plants for the first time and Stellantis Chief Executive Carlos Tavares resigned abruptly on Sunday. The Jeep maker lost market share as Tavares focused on margins - making its cars too expensive for some.

Uchida, meanwhile, bet on an EV future. When post-pandemic revenge spending cooled, Nissan had no hybrids in the US and had to offer incentives to move cars off lots.