Japanese automaker Nissan Motor Co. (NSANF) has announced plans to cut 9,000 jobs and reduce its global production as it battles growing competition in China and the U.S.
Nissan, which is Japan’s third biggest automaker, cut its outlook for its annual operating profit by 70% to 150 billion yen (US$975 million).
The lowered outlook and operational cuts come as the company reported that its global sales declined nearly 4% to 1.59 million vehicles for the first half of its financial year.
The sales decline was largely due to a 14% plunge in China where it faces increased competition from domestic automakers.
Nissan is also seeing a decline in its U.S. sales, which fell nearly 3% to 449,000 vehicles in its most recent quarter.
Combined, China and the U.S. account for nearly half of Nissan’s global sales by volume.
Nissan stock is down 33% so far this year and trading at $2.61 U.S. per share.
