Nissan has announced it will lay off 9,000 employees worldwide and cut global production by 20% as it faces declining sales in key markets such as China and the US.
This strategic move comes as the carmaker struggles with rising competition from Chinese electric vehicle brands like BYD and slowing demand in the US due to inflation and high interest rates.
Nissan, which employs over 6,000 people at its Sunderland plant in the UK, also slashed its 2024 profit forecast by 70% and confirmed pay cuts for senior executives, including a 50% reduction for CEO Makoto Uchida.
Despite these challenges, Nissan reiterated its commitment to electric vehicle production, with a £2bn plan to manufacture new electric Qashqai, Juke, and Leaf models in Sunderland.
The UK's leading event for motor retailers - Wednesday, November 13.
Automotive Management Live 2024 welcomes motor retail managers from across the UK to discover business improvements, to understand best practice and to network with fellow dealers and suppliers.
Topics this year will include agency business models, the brands now entering the UK new car market, used car stock management and more. It's free to attend, but you'll need to register.
Venue: NEC, Birmingham
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Aimee Turner
Deputy editor
AM deputy editor Aimée Turner has been a specialist B2B editor and journalist covering the international transportation sector for more than 20 years.
She has specialised in the significant safety, regulatory, and environmental issues that impact advanced technology businesses in the pursuit of more efficient, safer and sustainable transportation modes.
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