Nissan has announced it will cut 9,000 jobs and reduce global production capacity by 20% in response to significant financial losses and declining vehicle demand.
Chief Executive Makoto Uchida stated, 'We didn't foresee HEVs ramping up this rapidly.' This acknowledgment underlines the company’s struggle to meet the shift towards hybrid cars.
Facing a loss of 9bn yen this quarter, Nissan revised down its sales and profit forecasts for the second time in 2023, emphasizing a dire financial outlook.
Uchida also mentioned, 'We want to be profitable selling 3.5 million cars a year.' This reflects the tight margins and competitive pressures Nissan faces globally.
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