Nissan plans 9,000 job cuts, slashes annual profit outlook
) Motor said it would slash 9,000 jobs and cut global production capacity by a fifth, while revising its annual profit outlook sharply lower as it battles headwinds in China and the United States.
Operating profit for the July-September second-quarter tumbled 85% to 32.9 billion yen, far below an LSEG consensus estimate of 66.8 billion yen. U.S. sales fell almost 3% to about 449,000 vehicles. Together, the two markets account for nearly half of Nissan's global sales by volume. Nissan joins a growing number of foreign automakers struggling in China, hurt by intensifying competition from nimble Chinese manufacturers in the booming electric vehicle segment.) Motor reported on Wednesday a surprise 15% drop in second-quarter operating profit due to a heavy sales drop in China, sending shares in Japan's second-largest automaker down 5%.
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