Nissan to axe 9,000 jobs, cut production on weak China and US sales

Quick Summary:

It scrapped its net profit forecast due to ongoing restructuring efforts, which it said would reduce costs by 400 billion yen ($2.

Nissan is also selling up to 10% of its stake in Mitsubishi Motors to raise up to 68.6 billion yen ($445.45 million).

The plans underline the vulnerability of Japan's third-largest automaker, having never fully recovered from the disarray that led to the 2018 ouster of former chairman Carlos Ghosn and scaling back of the partnership with Renault SA.

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Article Details

Category: BusinessFinance

Markets: IndiaChinaJapanUnited States

Topics: Nissan Nissan to layoff Nissan Motor Nissan Motor Co

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-07 @ 18:28:49 (2 weeks ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 618 words

Reading Time: 4 minutes read

Sentences: 22 lines

Sentence Length: 29 words per sentence (average)

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

Copyright Owner: © Business Standard

News ID: 23461207

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