Nissan Motor Co.’s struggles to cope with tougher car industry conditions and address internal weaknesses have spiraled, leaving the automaker no choice but to slash payroll, production and its forecasts for this fiscal year.

Nissan’s shares fell as much as 10% in early morning trading in Tokyo on Friday, to their lowest since October 2020, after announcing plans to dismiss 9,000 workers and cut a fifth of its manufacturing capacity after net income plummeted 94% in the first half. Nissan also will sell off some of its stake in Mitsubishi Motors Corp. after burning through ¥448.3 billion ($2.9 billion) in cash the last six months.