4 sources·Business

Nissan Slashes Jobs and Forecast Amid Struggling Sales

Nissan announces a significant workforce reduction and revised sales forecasts as it faces financial challenges in key markets.

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Updated: Nov 7th, 2024, 6:09 AM ET

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Nissan Motor Corp. is set to cut 9,000 jobs globally and reduce production capacity by 20% following a reported fiscal loss of 9.3 billion yen. Sales dropped to 1.6 million units, attributed to rising costs and lagging vehicle demand, particularly in the U.S. The company's CEO has taken a 50% pay cut as part of restructuring efforts aimed at addressing the 'severe situation' and improving operational flexibility amid increasing competition in the electric vehicle market. Nissan's annual operating profit forecast was also sharply reduced by 70%.

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