Nissan cuts 9,000 jobs and manufacturing capacity as financial struggles deepen

Nissan’s shares took a hit in Tokyo after announcing plans to lay off 9,000 workers and reduce manufacturing capacity. The company’s net income dropped significantly, leading to a need for restructuring. The CEO is cutting his compensation in half as Nissan faces challenges from Chinese competitors and struggles to meet sales goals. The company is also facing a tough financial situation, with ratings on thin ice. Nissan is looking to sell a portion of its stake in Mitsubishi Motors and is focusing on expanding its lineup of electric vehicles. The company is also reducing production and sales forecasts for the year. Strategic partnerships with other automakers are expected to help Nissan improve efficiency and product offerings.