Nissan’s struggle to cope with tougher car industry conditions and address weaknesses within its business has spiraled, leaving the automaker with no choice but to slash payroll, production and its forecasts for this fiscal year.
The Japanese company will dismiss 9,000 workers globally and reduce capacity by a fifth, among other cost-cutting measures, after net income plummeted 94% in the first half. Nissan also will sell off some of its stake in Mitsubishi Motors after burning through ¥448.3 billion ($2.9 billion) in cash during the last six months.
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