Nissan reports sagging sales, announces global staff cuts

The operating profit of Nissan Motor Corporation slumped 85% in Q3 2024, falling from a healthy 208 billion Japanese Yen in 2023 to a meager 32 billion. Instead of a net profit as some expected, the company reported a net loss to the tune of 9.3 billion JPY.

In light of the news, Nissan has announced selling a 10.02% share in Mitsubishi Motors (it currently owns 34.07% in that company) and slashing 9,000 jobs around the world. Car production volume is also affected: Nissan plans to lower it by 20% for the duration of the crisis.

According to the struggling automaker, all these measures will enable it to recoup up to 460 billion JPY and break out of the red zone.