Nissan Motor Firm cuts 9K jobs, decrease CEO’s monthly salary by 50 percent

(MENAFN) Nissan Motor Firm declared it is going to be “taking urgent measures” to shift its business model after outcomes from the initial half of Fiscal Year 2024 revealed declined consolidated net profit and international sales rates, and a functioning revenue margin of 0.5 percent.

In a media statement early Thursday morning, the firm stated that it is “facing a severe situation” and organized a plan to reach “healthy growth,” that includes fixed costs by 300 billion yen (over USD1.9 billion) and flexible costs by 100 billion yen (USD649 million) as maintaining a good free cash flow.

To reach this target, Nissan stated that it is going to cut international production capacity by 20 percent as well as its international workforce by 9,000.

Nissan also pointed out that "The company is implementing various measures to lower selling, general, and administrative expenses, decrease the cost of goods sold, rationalize its asset portfolio, and prioritize capital expenditures and investments in research and development."

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