Nissan's financial reports detailing cost savings

Nissan to Cut 9,000 Jobs, Reduce Production, Lower Profit Outlook to ¥150B, Slash CEO's Pay

Nov 7, 2024, 09:52 AM

Nissan Motor Co. has announced plans to cut 9,000 jobs globally and reduce its global production capacity by 20% amid deteriorating sales in major markets. The Japanese automaker lowered its annual profit outlook significantly, slashing its fiscal 2025 operating income forecast to 150.00 billion yen from the previously projected 500.00 billion yen. In the second quarter, Nissan reported an operating income of 31.91 billion yen, falling short of the estimated 65.25 billion yen, and a net loss of 9.34 billion yen against an expected profit of 49.07 billion yen. As part of its restructuring efforts, the company plans to sell back up to 10.02% of Mitsubishi Motors Corp. and implement cost-saving measures amounting to $2.6 billion. Nissan is also cutting executive compensation, including slashing its chief executive's pay.