Japanese automaker Nissan on Thursday announced 9,000 job cuts as it slashed its annual sales forecast, saying it was taking urgent measures to tackle “a severe situation”.

The company reported a 93 percent plunge in net profit in the first half as CEO Makoto Uchida told reporters that weak sales in the North American market were a major factor.

Nissan and its domestic rivals are also struggling to stand their ground in China, as fast-growing electric vehicle firms backed by Beijing race ahead.

“Facing a severe situation, Nissan is taking urgent measures to turnaround its performance and create a leaner, more resilient business capable of swiftly adapting to changes in the market,” a company statement said.

“Nissan will cut global production capacity by 20 percent and reduce its global workforce by 9,000,” it added.

Uchida “will voluntarily forfeit 50 percent of his monthly compensation starting in November 2024 and the other executive committee members will also voluntarily take a pay reduction accordingly”, the statement said.

The firm now expects net sales of 12.7 trillion yen ($80 billion) — down from 14 trillion previously forecast.

But Nissan did not issue a net profit forecast on Thursday, having downgraded it in July to 300 billion yen. In the six months to September, net profit was just 19.2 billion yen.

“Net income is to be determined due to ongoing assessment of costs necessary for the planned turnaround efforts,” Uchida said.

Nissan’s “core” vehicle models are not performing as well as before in North America, he added. “From the cost perspective, and the brand-strength perspective, we will rebuild our brand in America,” Uchida said.

Among other measures, the automaker will reduce its stake in Mitsubishi Motors by selling shares back to the firm.

It said its stake in Mitsubishi will fall to around 24 percent from 34 percent currently. Uchida added that Nissan would keep close ties with the company.

Nissan has seen a turbulent decade that included the shock 2018 arrest of former boss Carlos Ghosn, who later jumped bail and fled Japan concealed in a music equipment box.

Ghosn remains an international fugitive in Lebanon and denies the allegations against him. He said he fled Japan because he did not believe he could receive a fair trial.

When asked about Donald Trump’s victory in the US presidential election, Uchida said Nissan was “hearing various things, like tariffs, but it’s not just us”.

“We will be lobbying, and the direction of our medium- to long-term plans should remain, but we will conduct our business while monitoring the situation carefully,” he added.

The wealth of billionaire Tesla and X owner, Elon Musk, has soared by about $13 billion hours after his ally, Donald Trump, won the United States presidential election.

Early Wednesday, investors said Trump’s win will also be a win for Musk’s major public holding, Tesla (TSLA), sending shares of his electric vehicle maker up 13% at the market open, CNN reports.

The development lifted the value of the 411 million shares of Tesla that Musk owns outright by more than $13 billion, which works out to a better than a 11,000% return on the $119 million he donated to Trump.

No single business leader did more to support former President Donald Trump’s candidacy than Musk.

Musk has donated nearly $119 million so far to a political action committee he set up to support Trump, according to Federal Election Commission filings. He has also appeared with Trump at rallies and hosted a fawning interview with him on X, his social media platform.

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“He’s bet big here. He dove into the deep end of the pool on this election,” said Daniel Ives, tech analyst at Wedbush Securities.

Much of Musk’s massive net worth can be traced to the government support his companies, such as Tesla and SpaceX, have received over the years. Even if Vice President Kamala Harris had won, much of that money would have continued to flow.

But even if some of the government support for electric vehicles is now trimmed or cut off, as is likely with Trump’s victory, Musk’s wealth will remain firmly intact. In fact, Tesla could benefit if government support for EVs ends.

Musk posted numerous tweets on his social media platform X late Tuesday and early Wednesday celebrating Trump’s victory.

“The people of America gave @realDonaldTrump a crystal clear mandate for change tonight,” he wrote in one of them.

But Trump’s victory could be negative to Musk’s investment, too. Trump has been openly hostile to electric vehicles, saying they are too expensive, have limited range, and will destroy jobs and the American auto industry. But what might seem like the biggest blow to Tesla from another Trump presidency — a reduction, if not the end of federal support for EVs — might not be all that bad for Tesla and Musk.

Other policies that are the centre of Trump’s plans could cause major problems.

Trump has vowed to end something he calls “Biden’s EV mandate,” even though no such mandate exists, and it is unclear what he is referring to.

But under Biden there has been significant government support for building and buying EVs, including billions of dollars in loans to encourage automakers to invest in factories to build EVs and batteries in the United States, support for charging stations and a $7,500 tax credit to many electric car buyers.

Again, Nigerian Electricity Companies Raise Meter Prices

Electricity Distribution Companies (DisCos) in Nigeria have officially announced an increase in the prices for electricity meters.

The increased prices will start on Tuesday, November 5, 2024.

The cost of a single-phase meter, a common type for household use, will now range from about N117,000 to as much as N149,800, depending on the DisCo and vendor.

The price for the three-phase meter, which is often used for larger homes or commercial buildings, has also seen a rise, although specific figures were not provided in this announcement.

This decision comes amidst rising operational costs, which have made it more challenging for DisCos to maintain their services at the current price levels.

The hike in meter prices is expected to affect millions of Nigerians who rely on prepaid meters, with the new rates set to be implemented across various states.

The announcement has sparked concerns among consumers who are already dealing with the economic pressures of rising inflation.

Many households and small businesses that rely on electricity to operate are now questioning the affordability of these new charges.

Despite the increase, DisCos argued that it is necessary to ensure sustainability in their operations and provide better services in the long run.