Nissan shares slump after it announces 9,000 job cuts and a plan to slash production [CNN]
RENAULT SA UNSP/ADR (RNLSY)
NASDAQ:AMEX Investor Relations:
group.renault.com/en/finance-2
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Source: CNN
On Thursday, Japan's third-biggest automaker slashed its forecast for full-year operating profit by 70%. It said restructuring would cut costs by 400 billion yen ($2.61 billion) in the financial year to the end of March. Like many global automakers, Nissan is struggling in China where BYD and other domestic rivals are winning market share with affordable electric vehicles and gasoline-electric hybrids equipped with advanced software. Nissan is also challenged in the US where it lacks a line-up of hybrids just as that vehicle type is in strong demand. CEO Makoto Uchida said Thursday that Nissan had not foreseen hybrids' sudden popularity in the US and that demand for revamped versions of core models had not been as strong as hoped. Nissan's restructuring is the latest chapter in a long-running attempt to revitalize its business, as it has never fully recovered from the 2018 ousting of former Chairman Carlos Ghosn and the scaling back of its partnership with Renault. On Frida
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