Nissan has lowered its annual profit outlook, and announced plans to cut 9,000 jobs and reduce capacity by 20%, as it seeks to cope with deteriorating sales in major markets.
The carmaker cut its full-year operating income guidance to ¥150 billion ($975 million) from ¥500 billion for the fiscal period ending March 2025, it said Thursday. That’s less than half of what analysts, on average, were projecting.
Nissan’s woes have stood out among Japanese brands struggling with a downturn in new car sales, and heavy competition from Tesla and Chinese electric vehicle brands such as BYD. The downward revision is a setback for CEO Makoto Uchida, who was seeking to improve profitability despite a gradual decline in sales.