Nissan to cut 9,000 jobs and reduce global production amid falling sales

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.