With a rapidly appreciating yen and an expected loss of almost $3 billion for the 2008 fiscal year, Nissan is shifting some small car production to Mexico from Japan. The Versa/Tiida (as it's known elsewhere) is expected to be built south of the border for export to the rest of the world. North American-market models are already built in Mexico, and this would consolidate production. CEO Carlos Ghosn already announced cost-cutting efforts that would eliminate 20,000 jobs worldwide, including 12,000 in Japan. The U.S. dollar has dropped 15 percent against the yen in last six months, costing Nissan nearly $1.3 billion.
[Source: Automotive News - Sub. req'd]