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.
Japan’s third-largest carmaker said it would slash global production capacity by 20 per cent in an attempt to reduce fixed costs by ¥300bn ($2bn) and variable costs by a further ¥100bn.
Nissan has been plunged into crisis since it lacks the hybrid vehicles that have helped rivals Toyota and Honda. It has also suffered from cut-throat competition from Chinese electric vehicle producers in the world’s largest car market.
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