Nissan Motor announced Thursday that it will cut 9,000 jobs globally and reduce costs by $2.6 billion due to declining sales in China and the U.S.
With U.S. headquarters located in Franklin, TN, the automaker also revealed plans to reduce global production by 20% and scale back its sales budgets.
Nissan lowered its annual profit forecast by 70%, now expecting just 150 billion yen ($975 million). This is the second time this year the company has reduced its outlook.
Nissan also stated CEO Makoto Uchida will voluntarily forfeit 50% of his monthly compensation starting in November 2024 and the other executive committee members will also voluntarily take a pay reduction accordingly.
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