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Japanese Automakers Struggle Amid EV Competition

Toyota, Nissan, and Honda report significant profit declines due to fierce competition in China and a slow transition to electric vehicles. Toyota's profits dropped to $3.7 billion, while Nissan announced job cuts and a 70% reduction in profit outlook. The automakers face challenges from local rivals like BYD, which are rapidly gaining market share.

Nissan to Cut 9,000 Jobs Globally

Nissan has announced a global reduction of 9,000 jobs, approximately 6% of its workforce, as part of a restructuring plan to address falling profits and increased competition, particularly in China and the U.S. The company will also cut production capacity by 20%.