Japanese car giant Nissan has announced it is to cut 9,000 jobs from its global workforce but did not specify where the losses will occur or if any will be at its plants in Sunderland.
In a results update overnight, Nissan cut its annual forecast for operating profits from Y500bn (£2.5bn) to just Y150bn, slashed the dividend and said it had to create a leaner business.
Production is being reduced by 20% with 7% of its 133,000-strong operations to be shed,
Makoto Uchida, Nissan’s chief executive, said: “These turnaround measures do not imply that the company is shrinking.
“Nissan will restructure its business to become leaner and more resilient, while also reorganising management to respond quickly and flexibly to changes in the business environment.”
The car giant’s woes echo similar restructuring announced by German groups BMW and Volkswagen due to a slump in demand for high-end cars in China.
Earlier, Vauxhall owner Stellantis said it was cutting 1,100 jobs in the US due to what it said was too much stock.
Last week, Stellantis reported a 27% slide in third-quarter revenues, as vehicle shipments fell 36% in North America and 17% in Europe.
Alongside Vauxhall, Nissan is one of the UK's major car makers, employing around 6,000 people producing the Qashqai and Juke SUVs, as well as the Leaf EV