Nissan to Grab of Korea
30 May, 2020
Nissan is taking out of Korea, japan carmaker said Thursday.
The carmaker in a statement said it'll stop selling its cars like the luxury brand Infiniti in Korea by the end of the year as part of "strategic global reforms" and is a "final decision reached by headquarters."
Nissan was hit hard by a boycott by Korean consumers on Japanese products last year, and the coronavirus epidemic made the situation worse. Nissan's sales within the first four months of the year plunged 41 percent on-year to just 813 cars.
Infiniti sales plummeted 79 percent to 159 cars.
Nissan Korea suffered around W37 billion in losses annually since 2018 and fell into a state of capital impairment. In addition, it announced the closure of factories in Indonesia and Spain.
The withdrawal will lead to 40 jobs being lost at the key office plus 200 sales jobs. A Nissan Korea staffer said, "We are discovering early-retirement packages for our 40 employees and will hold negotiations to select compensation for dealers."
The automaker promised to supply repairs and other services to existing drivers until 2028.
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