Nissan names Ivan Espinosa new CEO amid financial struggles

Nissan Motor has appointed Ivan Espinosa as its new CEO, effective April 1, 2025, succeeding Makoto Uchida, who is stepping down following disappointing financial results and the collapse of merger talks with Honda. Espinosa, currently the chief planning officer, brings significant experience from his tenure at Nissan since 2003, where he held various leadership positions across multiple regions. The leadership change aims to address the company's declining sales and market share, as Nissan reported a net loss of 14.1 billion yen last quarter. The failed merger negotiations with Honda, intended to create a new $60 billion entity, fell apart due to disagreements over corporate structure, adding pressure on the automaker. Espinosa expressed confidence in Nissan's potential and emphasized the need for a strategic review to drive long-term growth. The company faces mounting competition from Chinese electric vehicle manufacturers and challenges in its hybrid vehicle offerings.