Nissan cuts 9,000 jobs, reduces production by 20%

The Japanese carmaker has announced major cuts in its workforce and production.

Nissan is continuing its reorganization, cutting 9,000 jobs and reducing production capacity by 20%.

Lower sales in the second quarter of 2024, particularly in the US and China, are one of the main reasons for the cuts.

These major cuts will save the company $2.6 billion in expenses.

The company is struggling to compete in China, where sales are down 13% year-on-year.

In the United States, sales fell by 2.3% over the same period.

The company also lacks a credible range of hybrid cars.

This prevents it from competing effectively with affordable, technologically advanced electric and hybrid vehicles.

Nissan’s share price fell sharply on the Tokyo Stock Exchange, losing JPY 369 (-36.00, or -8.90%) over the last five days, since the announcement of the reduction.