FX.co ★ Nissan Motors' 6% Staff In US Accepts Early Retirement Offer

Nissan Motors Co. Ltd., the renowned Japanese automobile manufacturer, announced on Thursday that approximately 6% of its 17,000 U.S. employees, equating to nearly 1,000 individuals, have opted for early retirement packages. These employees are set to depart from the company by the end of the year. This move is part of a broader plan to reduce its global workforce by around 9,000 positions.

The reduction in workforce comes as Nissan anticipates a significant 70% decline in its full-year profits, primarily attributed to sluggish market performance in both China and North America. Compounded by intense market competition and aggressive pricing strategies, the company reported a staggering 93.5% drop in net profit for the first half of the fiscal year, ending in September, amounting to just $124 million.

In related developments, Kyodo News of Tokyo reported that Nissan CEO Makoto Uchida announced his commitment to voluntarily reduce his salary by 50% starting in November. He has also encouraged other executives within the company to consider similar measures.