Nissan to cut 9,000 jobs globally after net income drops by 94%; CEO accepts these ‘big problems’

Japan’s third-largest auto company Nissan Motor Corp. has announced a drastic overhaul of its global operations, aiming to regain lost ground in the rapidly evolving electric and hybrid vehicle markets. The Japanese automaker will eliminate 9,000 jobs and reduce production capacity by 20%. CEO Makoto Uchida will also take a 50% pay cut.