Nissan slashes capacity by a fifth after first loss in 11 years

TOKYO (Reuters) - Nissan Motor Co <7201.T> said on Thursday it would slash its production capacity by a fifth to help reduce its fixed costs by 300 billion yen (2.27 billion pounds) as it looks to become a smaller, more cost-efficient automaker following a slide in sales.

The Japanese company said its new four-year plan aims to ensure steady growth as opposed to the excessive expansion of the past. The announcement came after Nissan posted an operating loss of 40.5 billion yen ($376 million) for the year ended March, its first loss in 11 years.

(Reporting by Naomi Tajitsu; Editing by David Clarke)