Nissan shares slump after plan to slash jobs, production

Nissan is receiving criticism for its hybrid strategy, as analysts believe the company is overly reliant on electric vehicles (EVs). This criticism comes after Nissan announced drastic job cuts and a significant profit forecast downgrade, causing its stock to plummet. The company is facing challenges in the competitive markets of the US and China, with competitors like BYD gaining market share with affordable EVs and hybrids. CEO Makoto Uchida admitted that Nissan underestimated the demand for hybrids in the US. The company’s restructuring plan aims to cut costs by 400 billion yen. Despite efforts to revitalize its business post-Carlos Ghosn era, Nissan continues to struggle with its strategy and market position.