Japan’s third-largest automaker plan to cut 9,000 jobs around the world in a cost saving effort that will see their global production reduced by a fifth.
The company also cut their operating profit forecasts for 2024 by 70% to 150 billion yen ($976 million). It was the second time this year that they were compelled to lower their outlook.
Growing competition in China has led to falling prices, which has left many foreign car makers there struggling to compete with local fast-rising firms like BYD. China has become the world's biggest producer of electric vehicles as many Western rivals have failed to keep up.
"Nissan, like many Japanese car makers, have been very slow to the electrified vehicle party in China and this is reflected in their results", said Mark Rainford, a China-based car industry commentator.
And they are struggling in the US too, where inflation and high interest rates has hit sales of new vehicles. Lower demand has led car makers to cut prices, which has dented their profits.
Together, the Chinese and US markets account for nearly half of Nissan’s global sales by volume.
Uchida has acknowledged that Nissan will have to restructure their business to become leaner and more resilient.
On Saturday, Liverpool took full advantage of Manchester City's slip-up – the reigning champions were beaten 2-1 by Brighton – in the Premier League title race by beating Aston Villa 2-0 to move five points clear in top spot.
Benefitting from Mohamed Salah's fantastic work, Darwin Nunez fired home from a tight angle in the 20th minute. And then, Salah raced clear in the 84th minute to wrap up the points and maintain the Reds' sensational start to the season.
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