Nissan plans 9,000 job cuts, slashes annual profit outlook

TOKYO, Nov 07 (Reuters): Nissan Motor announced a $2.6 billion cost saving plan on Thursday, including 9,000 job cuts and a 20 per cent reduction in global production capacity as it battles falling sales in China and the United States.
Japan's third-largest automaker also cut its annual operating profit forecast by 70 per cent to 150 billion yen ($975 million), its second downward revision this year. It scrapped its net profit forecast due to ongoing restructuring efforts, which Nissan said would cut costs by 400 billion yen ($2.6 billion) this fiscal year.
Nissan is among many foreign automakers struggling in China, hurt by intensifying competition from more nimble local manufacturers in the booming electric vehicle segment.