Nissan Cuts 9,000 Jobs and Slashes C.E.O.’s Pay in Half

Published On Nov 7, 2024, 4:19 AM

Nissan Motor is undergoing significant restructuring due to a sharp decline in global sales and a staggering 90% drop in operating profit for the first half of its fiscal year. The company plans to cut 9,000 jobs and reduce production capacity by 20%. This move comes as Nissan struggles to compete in the electric vehicle market, especially against strong local brands in China. The CEO will also take a substantial pay cut to reflect the company's challenges. Going forward, Nissan aims to focus on enhancing its electric vehicle and hybrid offerings.