Nissan Motor announced it will eliminate 9,000 jobs and reduce global production capacity by 20 percent due to weakening sales in all core markets, causing significant financial strain.
The company's chief executive, Makoto Uchida, is taking a 50 percent cut in his monthly compensation as part of the company’s broader effort to address financial challenges.
Following a dramatic decline, Nissan's operating profit plummeted by 90 percent to just $214 million in the first half of this fiscal year, highlighting the urgent need for change.
Nissan's retail sales have dropped across all core markets, including North America, Japan, and China, revealing the extensive impact of current economic conditions on the company.
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