Nissan and Stellantis Announce Major Job Cuts Amid Sales Decline

Nissan and Stellantis are reducing their workforce as vehicle sales drop, while the SBA reports a significant increase in small business lending.

• Nissan is cutting 9,000 jobs globally, representing about 6% of its workforce, after reporting a $60 million loss in the latest fiscal quarter.
• The automaker plans to reduce global production capacity by 20% to address lagging sales and rising costs.
• Stellantis will lay off approximately 1,100 workers at its Toledo, Ohio plant due to declining sales of the Jeep Gladiator.
• The Small Business Administration backed $56 billion in financing during fiscal year 2024, marking a 7% increase from the previous year.
• China's exports surged by 12.7% in October, with significant growth in trade with Russia and the U.S., despite uncertainties over U.S. trade policies.

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