Chief Executive Makoto Uchida said he was taking a 50% pay cut to take responsibility for the dismal results, while promising that a turnaround was coming.
Nissan Motor Corp. announced a global workforce reduction of 9,000 people, or about 6% of its more than 133,000 employees, as well as a plan to slash global production capacity by 20%.
Uchida declined to say which regions will be affected by the cuts or give specifics.
For the latest quarter through September, Nissan racked up a 9.3 billion yen ($60 million) loss, a reversal from the 190.7 billion yen profit recorded the same quarter a year ago.
Quarterly sales fell to 2.9 trillion yen ($19 billion) from 3.1 trillion yen.
Uchida acknowledged Nissan didn’t respond quickly or flexibly enough to global changes, including market tastes and soaring raw material costs.
This story is from the November 09, 2024 edition of Techlife News.
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This story is from the November 09, 2024 edition of Techlife News.
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