Nissan cuts annual profit outlook by 70%, will ax 9,000 jobs globally

Nissan Motor Co. on Thursday slashed its operating profit outlook for the year ending March by 70 percent and announced a plan to cut 9,000 jobs globally as the Japanese carmaker’s U.S. business continues to struggle.

The company now predicts 150 billion yen ($975 million) in operating profit for fiscal 2024, compared to 500 billion yen forecast in July, on sales of 12.7 trillion yen, also downgraded from 14 trillion yen.

Nissan said it cannot predict net profit, which it said will depend on the ongoing turnaround efforts. It previously forecast a profit of 300 billion yen.

For the first half ended September, its net profit dropped 93.5 percent to 19.2 billion yen on sales of 5.98 trillion yen, down 1.3 percent.

Nissan also said it will sell part of its stake in its alliance partner Mitsubishi Motors Corp.

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