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Nissan Motor is requesting payment delays from some suppliers in the UK and EU to improve short-term cash flow, according to internal emails and documents reviewed by Reuters. The move comes as the Japanese automaker struggles with mounting losses and a major restructuring under new CEO Ivan Espinosa, who took over in April and aims to cut costs by 500 billion yen ($3.4 billion) over two years by reducing 15% of the workforce and shutting down seven plants.
After reporting a $4.5 billion net loss for the year ending March 2025, Nissan expects to post negative free cash flow of 550 billion yen ($3.8 billion) in Q1. To mitigate financial strain, the automaker is offering suppliers two options: accept delayed payments with interest or receive timely payments via HSBC, with Nissan reimbursing the bank later. Nissan emphasized that suppliers are not being forced to comply.
Emails show the request was driven by top-down pressure to bolster liquidity and meet a treasury department target of freeing up €150 million. In one instance, delaying June payments to August or September could improve free cash flow by up to €59 million across over a dozen suppliers, including units of ManpowerGroup and Mitsui O.S.K. Lines.
Despite holding ¥2.2 trillion ($15.1 billion) in cash as of March, Nissan faces ¥700 billion in debt maturing this year. Its debt has already been downgraded to junk status by all major credit rating agencies, raising concerns over future fundraising. The company says these actions are part of broader efforts to rebuild a leaner and more resilient operation and to reach positive free cash flow by the 2026 fiscal year.
