Nissan Motor announced it would cut 9,000 jobs and reduce its global production capacity by 20% as it faces challenges in China and the U.S. The Japanese automaker lowered its annual operating profit outlook by 70%, following a prior 17% forecast cut. CEO Makoto Uchida emphasized that Nissan aims to become leaner and more resilient with a reorganization plan to address market shifts. Nissan joins other foreign automakers, grappling with China’s fierce EV market competition from local brands. Nissan’s shares rose over 2% before its earnings report.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02Nissan Motor announced it would cut 9,000 jobs and reduce its global production capacity
00:07by 20% as it faces challenges in China and the U.S.
00:11The Japanese automaker lowered its annual operating profit outlook
00:14by 70% following a prior 17% forecast cut.
00:19CEO Makoto Ushita emphasized that Nissan aims to be leaner and more resilient with
00:24a reorganization plan to address market shifts.
00:27Nissan joins other foreign automakers grappling with China's fierce EV market competition
00:32from local brands.
00:33Nissan shares were over 2% to its earnings report.
00:36For all things money, visit Benzinga.com slash GSTV.