Nissan is cutting 9,000 jobs worldwide and reducing production capacity by 20 percent. The Japanese car manufacturer announced this on Thursday. Nissan is struggling with declining sales.
Nissan is also revising its turnover and profit expectations sharply downwards for this financial year. “Given the severity of the situation, Nissan is taking urgent measures to restore its performance and create a more responsive and resilient company,” it said in a press release.
Nissan also wants to sell a 10 percent stake in Japan’s Mitsubishi Motors. Today, Nissan has a 34 percent stake in Mitsubishi Motors.
In July, Nissan was also forced to lower its profit forecast for the current financial year, ending in March 2025, due to weak sales in China, Japan and the United States.
Many car manufacturers are having a hard time as consumer demand does not follow the transition to electric vehicles.