Nissan to Cut 9,000 Jobs, Reduce Capacity by 20%, and Lowers Profit Outlook to 150.00B Yen

Nov 7, 2024, 10:46 AM

Nissan Motor Co. announced significant restructuring measures including cutting 9,000 jobs globally and reducing its production capacity by 20%. The company also lowered its annual profit outlook, forecasting a fiscal year operating income of 150.00 billion yen, down from an earlier estimate of 500.00 billion yen. This decision comes as Nissan grapples with deteriorating sales in major markets such as China and the United States. The automaker reported a net loss of 9.34 billion yen for the second quarter of 2024, against an estimated profit of 49.07 billion yen. Nissan also plans to sell a portion of its stake in Mitsubishi Motors as part of its cost-saving measures, aiming to save $2.6 billion. CEO Makoto Uchida will take a 50% pay cut as part of the restructuring efforts.