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Nissan has said it will lay off thousands of workers as it slashes global production to tackle a drop in sales in China and the US.<\/p>\n
The Japanese car making giant says it will cut 9,000 jobs around the world in a cost saving effort that will see its global production reduced by a fifth. <\/p>\n
Nissan did not immediately respond to a request from BBC News for details on where the job cuts will be made.<\/p>\n
The company employs more than 6,000 people at its manufacturing plant in Sunderland, North East England.<\/p>\n<\/div>\n
The company also cut its operating profit forecasts for 2024 by 70%. It was the second time this year that the firm has lowered its outlook.<\/p>\n
\u201cThese turnaround measures do not imply that the company is shrinking,” said Nissan’s chief executive Makoto Uchida.<\/p>\n
“Nissan will restructure its business to become leaner and more resilient.”<\/p>\n
The company said Mr Uchida’s monthly salary is being cut by half and that other senior executives will also take pay cuts. <\/p>\n
Nissan’s shares were trading more than 6% lower on Friday morning in Tokyo.<\/p>\n
Growing competition in China has led to falling prices, which has left many foreign car makers there struggling to compete with local firms like BYD.<\/p>\n
The firm is also struggling in the US, where inflation and high interest rates has hit sales of new vehicles.<\/p>\n
Lower demand has led car makers to cut prices, which has dented their profits.<\/p>\n
In November last year, Nissan and its partners announced a \u00a32bn ($2.6bn) plan to build three electric car models at its Sunderland factory.<\/p>\n
The firm said it will build electric Qashqai and Juke models at the plant alongside the next generation of the electric Leaf, which is already produced there.<\/p>\n<\/div>\n