Nissan announces 9,000 job cuts in the face of “a severe situation”

Nissan’s CEO is forfeiting 50% of his monthly compensation as the company works to turnaround its performance.

Transcript

00:00Japanese automaker Nissan announced 9,000 job cuts as it slashed its annual sales forecast.

00:05The company reported a 93% plunge in net profits in the first half of the year, as CEO Makoto

00:10Uchida told reporters that weak sales in the North American market were a factor.

00:15But Nissan and its domestic rivals are also struggling in China as electric vehicle firms

00:19are quickly growing.

00:20The company stated it's facing a severe situation and taking urgent measures to turn

00:24around its performance.

00:25This means that Nissan will cut its global production capacity by 20% and reduce its

00:30global workforce.

00:31The company also said that Uchida will voluntarily forfeit 50% of his monthly compensation and

00:36other executive committee members will take a pay reduction accordingly.