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Nissan Motor Co announced on Thursday that it would cut 12,500 jobs worldwide by 2022 and cut production to keep costs down, due to stagnant sales and rising costs, and tries to recover from the scandal surrounding deposed President Carlos Ghosn.
The # 2 Japanese automaker also recorded a 98.5% drop in first quarter operating profit to 1.6 billion yen ($ 14.80 million), while it continues to to fight in North America, a key market for which discounts with stronger sales among its rivals.
Nissan reported a sharp drop in profits on Wednesday.
The automaker expands the initially announced job cuts in May as it struggled to improve its dismal profit margins in the US, a key market that Ghosn has been striving for years to aggressively grow over the past decade. his mandate as CEO.
Nissan's operating profit for the April-June quarter was compared to 109.14 billion yen in the same period last year and did not reach the average of 39.52 billion yen eight badyst estimates compiled by Refinitiv.
The automaker has maintained its forecast of an annual profit of 230 billion yen in March, down 28 percent from last year and its weakest for more than a decade.
© (c) Copyright Thomson Reuters 2019.
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