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

Nissan is cutting 9,000 jobs and reducing global manufacturing capacity by 20% as part of a $2.6 billion cost-cutting strategy, driven by declining sales in key markets like China and the U.S.

The automaker also lowered its annual profit outlook by 70% to 150 billion yen ($975 million), due to struggles in competing with local Chinese brands like BYD and lacking a robust hybrid lineup in the U.S., where hybrid demand has surged.

CEO Makoto Uchida and other executives will take pay cuts to support restructuring.

Nissan aims to cut production lead times and deepen partnerships with Renault and Mitsubishi. Additionally, it plans to sell 10% of its stake in Mitsubishi Motors, raising up to 68.6 billion yen.

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