Nissan Motor shares slumped 6% in Tokyo trade Friday, a day after the Japanese automaker said it would cut 9,000 jobs and a fifth of its manufacturing capacity as it struggles with sales in China and the United States.
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.
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