Japanese Nissan Switches to Survival Mode Due to Losses (1 photo)
The drop in revenues led to corporate budget cuts, workforce reductions and other unpopular cost-cutting measures. 
Nissan ended the third quarter of 2024 with a loss of 9.3 billion yen (about $61 million), while a year earlier for the same period it had a revenue of 191 billion yen ($1.25 billion). As a result, the estimate of future revenue and the forecast for car sales for the current year were revised downwards from 3.7 to 3.4 million units.
Having announced the losses at a press conference, Nissan CEO Makoto Uchida named their main reason - a lack of hybrid models, primarily in the US market, where demand for them is especially high. The development and launch periods for new products are also unacceptably long, so the company is planning to reduce this cycle to 30 months.
In the meantime, Nissan is switching to emergency mode. It is planned to cut 9,000 jobs (about 6.7% of the total number of employees), reduce global production rates by 20% and sell some of Nissan's Mitsubishi shares. In keeping with the philosophy of collectivism, the management is cutting its own salaries - Uchida himself will be halved starting in November.
