Nissan to Cut 9,000 Jobs Globally

Tokyo, Nov. 7 (Jiji Press)--Japan's Nissan Motor Co. said Thursday it will reduce its workforce by about 9,000 people worldwide and its global vehicle production capacity by 20 pct.

The automaker aims to recover profitability through restructuring after its earnings deteriorated due chiefly to sluggish sales in its mainstay North American and Chinese markets.

Nissan also announced a plan to sell an equity stake of up to 10 pct in Mitsubishi Motors Corp. to the alliance partner, of which Nissan holds 34 pct.

Nissan has no hybrid models for the North American market, where demand for hybrids is growing rapidly.

"We could not predict that (demand for) hybrids would expand so much," President and CEO Makoto Uchida told an online press conference. He said he will return 50 pct of his remuneration from this month to take the blame for the company's poor performance.

[Copyright The Jiji Press, Ltd.]