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Nissan to Cut 9,000 Jobs, Reduce Capacity by 20%, Lowers Profit Forecast to ¥150 Billion

Nov 7, 2024, 08:07 AM

Nissan Motor Co. has announced plans to cut 9,000 jobs globally and reduce its global production capacity by 20%, as it grapples with deteriorating sales in major markets and intense competition from rivals such as Tesla and Chinese electric vehicle brands like BYD. The automaker has also lowered its annual profit outlook, slashing its fiscal 2025 operating income forecast to 150 billion yen from a previously expected 500 billion yen. In its second quarter results for 2024, Nissan reported an operating income of 31.91 billion yen, significantly below the estimated 65.25 billion yen, and a net loss of 9.34 billion yen against an expected profit of 49.07 billion yen.