Nissan cuts 9,000 jobs globally and slashes profit forecast

Hit by worsening U.S., China markets, automaker sells 10% Mitsubishi Motor stake

20241107 Nissan factory in in Smyrna, Tennessee, U.S.

Nissan is cutting 9,000 jobs globally as it faces deteriorating markets in the U.S. and China. © Reuters

YUICHI SHIGA, Nikkei staff writer

November 7, 2024 19:24 JST

Updated on November 7, 2024 20:37 JST

TOKYO -- Nissan Motor on Thursday announced it would cut 9,000 jobs globally and slashed its profit forecast, as it faced a sharp deterioration in key U.S. and Chinese markets.

It is now expecting annual operating profit to come in at 150 billion yen ($970 million) for the financial year ending March 2025, from a previous forecast of 500 billion yen. It said in a statement that its annual net income forecast was "to be determined."