Japanese automaker Nissan cuts 9,000 jobs as its vehicles fail to sell

AP Business Writer

TOKYO (AP) — Nissan is reporting a loss for the latest fiscal quarter as its vehicle sales sank while costs and inventory ballooned. The Japanese automaker announced it is cutting 9,000 jobs globally, or about 6% of its more than 133,000 employees. Nissan is also slashing global production capacity by 20%. Chief Executive Makoto Uchida said Thursday he was taking a 50% pay cut to take responsibility for the dismal results, while promising that a turnaround was coming. Uchida declined to say which regions will be affected by the cuts, or give specifics. Uchida acknowledged Nissan didn’t respond quickly or flexibly enough to global changes, including market tastes and soaring raw material costs.