Nissan is implementing significant workforce reductions totaling 9,000 jobs and cutting its global manufacturing capacity, amid a pressing need to slash $2.6 billion in costs.
CEO Makoto Uchida will take a 50 percent pay cut as part of the company's strategy to reduce costs and turnaround performance within the struggling markets.
Nissan's sales fell by 3.8 percent overall, with declines of 14.3 percent in China and 3 percent in the US, highlighting the urgency for new models.
The automaker is focusing on introducing new energy-efficient vehicles in China and enhancing its offerings in the US with plug-in hybrids and e-POWER vehicles.
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