- 14 Mar 2002
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Nissan Motor is undergoing significant restructuring due to financial difficulties. The company plans to lay off 9,000 employees globally and reduce its production capacity by 20%. This decision comes after a second downward revision to their profit forecast for the fiscal year. President Uchida Makoto expressed deep concern about the company's performance, particularly in North America, where they experienced a significant operating loss. This region had previously been a major contributor to Nissan's overall profitability.
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Source: Nissan to axe 9,000 jobs, cut production on weak China, US sales
Paywall alert:
Nissan's job, production cuts show newfound sense of urgency
Japanese automaker has been slow to escape legacy of Ghosn era
Nissan cuts 9,000 jobs globally and slashes profit forecast
Hit by worsening U.S., China markets, automaker sells 10% Mitsubishi Motor stake
- Costs to be cut by 400 billion yen in the current FY
- Cuts operating profit outlook by 70%
- Global production capacity to be cut by a fifth
- China sales slump lacks hybrids for the US market
- To sell up to 10% of Mitsubishi Motors for up to 68.6 bln yen
Source: Nissan to axe 9,000 jobs, cut production on weak China, US sales