The company reported a 93% plunge in net profit in the first half, with CEO Makoto Uchida saying weak sales in the North American market were a factor.Nissan and its domestic rivals are also struggling to stand their ground in China, as fast-growing electric vehicle firms backed by Beijing race ahead."Facing a severe situation, Nissan is taking urgent measures to turn around its performance and create a leaner, more resilient business capable of swiftly adapting to changes in the market," the company said."Nissan will cut global production capacity by 20% and reduce its global workforce by 9,000," it added.Uchida "will voluntarily forfeit 50% of his monthly compensation starting this month and the other executive committee members will also take a pay reduction accordingly".The firm expects net sales of 12.7 trillion yen (about R1.4 trillion) - down from 14 trillion previously forecast. But Nissan did not issue a net profit forecast, having downgraded it in July to 300 billion yen.

Nissan set to lay off 9,000

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{{magzter}} is the World's largest and fastest growing self-service, cross-platform digital newsstand with over 87 million users since its inception in 2011 and thousands of magazines and newspapers across 40+ categories and 60+ languages. Headquartered in New York, Magzter has its local presence in Amsterdam, London, Mexico City, Chennai, Mumbai, New Delhi, Bengaluru, Singapore, and will soon be expanding to other countries. Founded by global entrepreneurs, Girish Ramdas and Vijay Radhakrishnan in June 2011, Magzter enables magazine and newspaper publishers around the world to create and deliver digital editions of their titles to global consumers.