Nissan Motor would find it cheaper to invest in its Barcelona factory than to close it, a senior Spanish industry ministry official said on Monday, pegging the estimated cost of a shutdown at more than 1 billion euros ($1.1 billion).
) would find it cheaper to invest in its Barcelona factory than to close it, a senior Spanish industry ministry official said on Monday, pegging the estimated cost of a shutdown at more than 1 billion euros .
Europe has long been a difficult market for automakers due to overcapacity, stiff competition and tight regulations, and economic shutdowns to stem the spread of the coronavirus have piled on more pressure. Spain’s secretary for industry, Raul Blanco, said he had received no official confirmation of Nissan’s plans for the plant, which along with related facilities in the area employs 3,000 people. The company is due to unveil a strategy update this week.
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