Cost reduction refers to the practice of decreasing expenses and operational costs within an organization while maintaining or improving the quality of products or services. This process can involve a range of strategies, such as optimizing processes, improving efficiency, renegotiating contracts, reducing waste, leveraging technology, and eliminating unnecessary expenditures. The goal of cost reduction is to enhance profitability and competitive advantage, allowing businesses to allocate resources more effectively. It is often a key component of strategic planning, especially in response to economic pressures or market competition.
Nissan is making significant strides in the pursuit of cost reduction and enhanced performance in electric vehicles (EVs). The Japanese automaker recently announced plans to employ 100 workers per shift,…