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Nissan Cuts Jobs Amid Profit Decline

Nissan has announced a global reduction of 9,000 jobs and a 20% cut in production capacity due to a significant profit decline. The company faces intense competition in China and struggles with a lack of hybrid models in the U.S. market. This follows a broader trend affecting Japanese automakers.

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.