Japanese automaker Nissan is pulling a big ax on its workforce. reports that the company plans to cut 9,000 jobs and make some drastic cuts in its operations its global manufacturing capacity.
The layoffs won’t just affect assembly line workers. reports that Nissan CEO Makoto Uchida is taking a 50 percent pay cut from his monthly salary.
Japan’s third-largest automaker is expected to cut costs by $2.6 billion this fiscal year. Nissan raised its annual profit forecast by 70 percent as it struggled to sell cars in places like China and the United States that “lack a reliable lineup of hybrid vehicles.” Nissan’s global sales fell 3.8 percent in the first half of the fiscal year, down 14.3 percent in China and 3 percent in the United States.
Nissan says in a it is “taking immediate action to improve its performance” while reducing its workforce. The automaker said it plans to launch new energy-efficient vehicles in China, and plug-in hybrids and e-POWER vehicles in the United States. It is among the only EVs in Nissan’s garage so far and fleet.
