Nissan to Cut 9,000 Jobs and Slash Production Amid Financial Struggles
The automaker plans to reduce its global manufacturing capacity by 20% as it faces declining profits and challenges in key markets.
- Nissan has announced a significant restructuring plan, including job cuts and production reductions, to stabilize its financial situation.
- The company reported a net loss of 9.3 billion yen in the second quarter, a sharp decline from a profit in the same period last year.
- Shares of Nissan fell over 10% following the announcement, reaching their lowest point since September 2020.
- Nissan's challenges include a lack of hybrid vehicle offerings in the U.S. and intense competition from domestic brands in China.
- CEO Makoto Uchida and other executives will take voluntary pay cuts as part of the cost-saving measures.
CNN 
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