Nissan has published its financial results for the first quarter of fiscal year 2019, and the figures are not good, but we'll see in a moment. The Japanese company also confirmed through a new press release that it will reduce the number of models in its portfolio by at least 10 percent by the end of fiscal year 2022.

The measure is part of Nissan's strategic reform plan that should help the automaker "build an operational base that guarantees consistent and
sustainable profitability in the medium term." Simply put, Nissan will optimize its manufacturing operations and reduce costs in search of a more stable company financial condition.

The restructuring plan includes reducing the number of employees by approximately 12,500 people and also reducing production capacity by approximately 10 percent by 2022. These important initiatives will come so that Nissan "improves product competitiveness by focusing investment on core models. Global and regional strategic models ".

Nissan sees the launch of electrified and electric vehicles as an important driving force for future growth along with the continued deployment and evolution of the company's ProPILOT driver assistance system. In addition, the automaker will invest in new business areas, similar to the exclusive agreement recently announced with Waymo.

As for the financial figures for the first quarter of fiscal year 2019, Nissan has a lot to think about. The company generated an operating profit of 1.6 trillion yen on net income of 2.37 trillion yen, representing a decrease in the first quarter net income of 94.5 percent to 6.4 trillion yen compared to the same period last year .

"Profitability was negatively affected by the decrease in revenues and external factors, such as raw material costs, exchange rate fluctuations and investments to comply with regulatory standards," the company said in a statement press.
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