By Kosaku Narioka
Nissan Motor announced plans to cut 9,000 jobs and reduce production capacity by 20% after it swung to a second-quarter net loss and lowered its annual earnings forecasts.
The Japanese automaker on Thursday said it will also sell part of its stake in Mitsubishi Motors to its alliance partner.
Nissan has been reshaping its global strategy after restructuring its alliance with Renault and Mitsubishi last year.
Nissan, which holds 34% of Mitsubishi's outstanding shares, said it will sell a stake of up to 10% in the Japanese peer.
Nissan Chief Executive Makoto Uchida will also voluntarily forfeit 50% of his monthly pay starting in November, it said.
Like other carmakers, Nissan's business in China has struggled recently amid intense price competition and consumers' shift away from conventional gas-powered vehicles.
Write to Kosaku Narioka at kosaku.narioka@wsj.com
(END) Dow Jones Newswires
November 07, 2024 03:34 ET (08:34 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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