Nissan cuts outlook, announces restructuring with 9,000 job cuts

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TOKYO – Nissan Motor Co.’s struggle to cope with tougher car industry conditions and address weaknesses within its business has spiralled, leaving the automaker with no choice but to slash payroll, production and its forecasts for this fiscal year.

Nissan will sell almost a third of its shareholding in partner Mitsubishi Motors, paring its current stake of just over 34 per cent.

The Japanese company will dismiss 9,000 workers globally and reduce capacity by a fifth, among other cost-cutting measures, after net income plummeted 94 per cent in the first half.

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Article Details

Category: EconomyBusiness

Markets: SingaporeChinaJapan

Topics: Corp Uchida Billion First Nissan Year Company Motor Sales Months Cent

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-07 @ 21:53:45 (3 hours ago)

News Timezone: GMT +8:00

News Source URL: straitstimes.com

Language: English

Article Length: 811 words

Reading Time: 5 minutes read

Sentences: 33 lines

Sentence Length: 25 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © The Straits Times

News ID: 23462218

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