Nissan’s Shocking Announcements: Massive Job Cuts, Production Slash & Dire Financial Forecasts

Japanese carmaker Nissan will cut 9,000 jobs and reduce manufacturing capacity by 20% after seeing a steep 94% drop in net income for the first half of the fiscal year. In addition, Nissan plans to sell off part of its stake in Mitsubishi Motors Corp. after burning through $2.9 billion in cash over six months. The company's shares tumbled nearly 10% in early Friday trading in Tokyo, reaching their lowest point since October 2020. Watch!