Reported 17 days ago
Nissan Motor Co. is facing a severe downturn, leading to the announcement of 9,000 job cuts and a significant reduction in CEO Makoto Uchida's pay as the company grapples with a 94% drop in net income and reduced production capacity. The automaker's shares fell by up to 10%, marking their lowest point since October 2020. Furthermore, Nissan has lowered its revenue forecasts and plans to decrease its stake in Mitsubishi Motors. The company's struggle is compounded by heavy competition and an inability to meet overly ambitious sales targets.
Source: YAHOO