CEO Uchida cuts his salary by 50%
Nissan’s stock on the Tokyo Stock Exchange lost more than 6% at the opening of the session, following the downward revision of operating profit of 70% for the current fiscal year, and the announcement of a cut of approximately 7% of the workforce, equal to 9,000 employees globally, consequences of the unstoppable crisis in the automotive sector on a global scale which sees no glimmer of light at the end of the tunnel in the short term. From now until March 31, 2025, the third Japanese car manufacturer by sales volumes expects an operating profit of 150 billion yen, equivalent to 910 million euros, compared to the 500 billion announced in July, and a turnover of 12,700 billion yen from 14,000 expected. Nissan has particularly suffered from increased incentives it has had to pay to its dealerships in the United States due to intensifying competition, as well as declining sales in China, where local rivals are able to offer electric vehicles at lower prices. accessible. To raise cash and improve liquidity, the sale of a 10% stake in Mitsubishi Motor, 34% controlled by Nissan and partner of the three-way alliance together with Renault, was also confirmed. The Yokohama-based company said it could not expect a net profit in the reporting period, compared to the 300 billion yen previously estimated, because the outcome would depend on the effectiveness of the measures taken. In this regard, Nissan CEO Makoto Uchida has announced that he will cut his salary by 50% indefinitely to take responsibility for the disappointing results.
