Nissan Cuts Over 9,000 Jobs As Part Of Emergency Measures

Nissan, the Japanese car manufacturer, announced today that it will be cutting 9,000 jobs as part of emergency measures in response to difficult market conditions. This decision follows a significant reduction in the company’s full-year sales forecast and a staggering 93 percent decline in net profit during the first half of the year.

The company attributed the drop in profit to particularly weak sales in the North American market. Nissan, like other Japanese automakers, is struggling to maintain its status in China, where domestic competition from fast-growing electric cars is fierce.

“Nissan is facing difficult conditions, so it is taking urgent measures to improve performance and create a leaner, more resilient company that will be able to adapt to changes in the market quickly,” they wrote in a statement.

They added that they would reduce production capacity by 20 percent and the workforce by 9,000 people. The statement also said that Chief Executive Officer Makoto Uchida will take half his salary starting in November, and other executives on the board will also voluntarily accept corresponding pay cuts.

The company now expects a net income of a total of 12.7 trillion yen (almost 77 billion euros) for the full financial year, while they had previously forecast 14.0 trillion yen in net income. In the six months to September, Nissan’s net profit was 19.2 billion yen, compared with 296.2 billion yen in the same period last year. Net income was 79.1 percent lower, at ¥5,984.2 billion in the first half.

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