Nissan Motor Job Cut: Japanese company Nissan Motor has announced job cuts today on November 7. Under this, the company is going to eliminate 9000 of its jobs. Apart from this, several cost saving measures have also been announced. Nissan Motor has cut its annual outlook for the second consecutive time this year. The company is facing challenges in big markets like China. Due to these reasons, the company has decided to cut jobs.
Global production will be reduced by 20%
The automaker also said it would cut global production capacity by 20%. CEO Makoto Uchida said in the earnings statement, “These transformation measures do not mean that the company is shrinking. Nissan will restructure its business to make it more flexible. Along with this, there will be quick and flexible ways to adapt to changes in the business environment. Will reorganize management to respond.”
Nissan Motor cut its operating profit forecast for the fiscal year to 150 billion yen ($974.98 million) from 500 billion yen. Operating profit for the July-September period totaled 32.9 billion yen, down 85% from 208.1 billion yen in the same period a year earlier. At the same time, the average estimate of eight analysts surveyed by LSEG was 66.8 billion yen.
