Carmaker to slash global production capacity by a fifth in emergency turnaround plan
Nissan has launched an emergency turnaround plan that includes 9,000 job losses and a voluntary 50 per cent pay cut for chief executive Makoto Uchida after unveiling another profit downgrade.
The troubles at Nissan signal further pressure on the global car industry after Volkswagen told workers it planned to close several plants in Germany for the first time in its 87-year history.Innovation Awards finalist: Bean Around - making sustainable skincare products from coffee groundsAs part of the measures, Nissan also cut its stake in Mitsubishi Motors from 34 per cent to 24 per cent to bolster its balance sheet.
“Facing a severe situation, Nissan is taking urgent measures to turn around its performance and create a leaner, more resilient business,” the company said in a statement. The profit downgrade is Nissan’s second of the financial year after it lowered its full-year forecast when reporting its first-quarter earnings.
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