Nissan cuts annual profit outlook by 70%, will ax 9,000 jobs globally
Nissan Motor Co. on Thursday slashed its operating profit outlook for the year ending March by 70 percent and announced a plan to cut 9,000 jobs globally as the Japanese carmaker’s U.S. business continues to struggle.
The company now predicts 150 billion yen ($975 million) in operating profit for fiscal 2024, compared to 500 billion yen forecast in July, on sales of 12.7 trillion yen, also downgraded from 14 trillion yen.
Nissan said it cannot predict net profit, which it said will depend on the ongoing turnaround efforts. It previously forecast a profit of 300 billion yen.
For the first half ended September, its net profit dropped 93.5 percent to 19.2 billion yen on sales of 5.98 trillion yen, down 1.3 percent.
Nissan also said it will sell part of its stake in its alliance partner Mitsubishi Motors Corp.
Related coverage:
Toyota 1st-half global output drops 7% on China, 1st fall in 4 years
Honda autonomous system to allow car drivers to take eyes off road
Toyota global output drops 11.2% in August as quality scandal bites
Related
Nissan cuts 9,000 jobs and goes into ’emergency’ mode
Nissan is in full-throttle emergency mode to save itself: the automaker is cutting 9,000 jobs, slashing production capacity, and selling off its stak
Creating a Transparent Political Appointee Hiring Process
Current hiring processes for political appointees are opaque and problematic; job openings are essentially closed off excep
Nissan to cut 9,000 jobs, reduce capacity by 20% as…
Nissan on Thursday announced 9,000 jobs will be cut globally and manufacturing capacity will be reduced by 20%. CEO Makoto Uchida said the cuts are
Nissan cuts 9,000 Jobs amid declining sales and rising costs
Nissan, the Japanese automaker, announced it will cut 9,000 jobs— six percent of its 133,000 global workforce— after experiencing a decline in sales during
