Nidec Considers Executive Changes After Huge Losses
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Nidec is a big Japanese company. It makes motors for cars and machines.
The company says it will lose a lot of money. The money problem comes from its electric vehicle motor business and an accounting problem.
Nidec called this a writedown. A writedown means a company says its business is worth less money now.
News reports say the writedown could be about one trillion yen. That is a very big number.
Reports also say Nidec's board removed the company president. The board is the group of top people who run the company.
Nidec is now thinking about changing other top managers too.
Nidec's stock price fell a lot after the news. A stock price shows how much a company's shares cost.
The company gave a short comment about the reports but did not explain everything.
People are worried about problems inside the company. This is sometimes called internal conflict.
Investors want to know what will happen next at Nidec.
Vocabulary15 words
- electric vehicle
- a car that uses electricity, not petrol
- accounting
- the work of recording a company's money
- writedown
- saying a business is worth less money now
- stock price
- the cost of a small part of a company
- internal conflict
- fighting or problems inside a group
- board
- the top people who run a company
- president
- the top boss of a company
- trillion
- a very, very big number: 1,000,000,000,000
- investor
- a person who puts money into a company
- motor
- a machine part that makes things move
- reports
- news stories about something
- comment
- a short answer or opinion
- manager
- a person who leads part of a company
- company
- a business that sells things or services
- problem
- something that is not good or not working right
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Quiz
Answer key
1. A company that makes motors 2. EV motor problems and accounting problems 3. True
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Fill-in-the-blank listening
Play the audio again and fill in the missing words as you listen.
Nidec is a big Japanese company. It makes _____ for cars and machines.
The company says it will lose a lot of _____.
The money problem comes from its electric vehicle motor business and an _____ problem.
Nidec called this a _____.
News reports say the writedown could be about one _____ yen.
Reports also say Nidec's board removed the company _____.
Nidec is now thinking about changing other top _____ too.
Nidec's stock _____ fell a lot after the news.
The company gave a short _____ about the reports.
People are worried about _____ inside the company.
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