Nissan Motor Co withheld its annual profit guidance and said it will shut production plants as the carmaker struggles with the combined headwinds of surging restructuring costs and the fallout of President Donald Trump’s trade war.

The company decided against issuing an operating profit forecast for the fiscal year ending March 2026, it said Tuesday in its earnings report. Profit for the year that ended in March 2025 came in at ¥134-billion ($906-million), just short of estimates for about ¥139-billion.

Nissan said it will reduce its production facilities to 10 factories from 17 by the 2027 fiscal year, and also plans to cut 20 000 jobs.

The ailing Japanese carmaker has struggled to turnaround its business as its aging lineup fails to win over consumers in the US and China. It’s already cutting thousands of jobs, slashing production capacity and replaced most of its top executives — including installing a new chief executive officer — after efforts to combine with Honda Motor Co. fell apart earlier this year, leaving it in urgent need of another lifeline.

The arduous task of trying to revive Nissan falls on the shoulders of CEO Ivan Espinosa, who took the helm at the start of April. His first earnings in the top job indicate that he’s making more decisive changes than predecessor Makoto Uchida, who was criticized for not being aggressive enough with his plan to cut 9 000 jobs and slash production by 20%.

Nissan said last week that it was abandoning plans to build a battery plant in Fukuoka in order to focus on its own recovery instead.

Even with deepening cuts, Nissan faces an uphill battle in finding a savior with the collapse of tie-up talks with Honda complicating its search.

Hon Hai Precision Industry Co. had emerged as a front-runner, with Chairman Young Liu saying in February his company had approached Nissan and Honda about potential cooperation when the two were involved in talks to combine. The Taiwanese iPhone maker known as Foxconn has been clear about its desire to assemble electric vehicles for Japanese automakers and earlier this month signed an agreement with Mitsubishi Motors Corp. to do just that.

Meanwhile, Nissan’s restructuring efforts risk being derailed by US tariffs on imported cars and auto parts. The carmaker said it expects to see a ¥450-billion impact from tariffs.

The uncertainty is already rippling through the global auto sector with some manufacturers like Stellantis NV and Mercedes-Benz Group AG pulling their earnings forecasts and others warning of substantial hits to the bottom line. General Motors Co. slashed its profit outlook due to as much as $5-billion of exposure to auto tariffs, while Ford Motor Co. expects a $1.5-billion hit to results.

Japan’s top carmakers have joined the chorus sounding the alarm over the implications of Trump’s ever-changing trade policies. Toyota Motor Corp. said it estimates a ¥180-billion hit to operating income over just two months and Mazda Motor Co. withheld annual guidance while warning of a ¥10-billion impact just for the month of April.