((Automated translation by Reuters, please see disclaimer https://bit.ly/rtrsauto))
Nissan Motor shares
7201.T fell 10% in Tokyo on Friday, after the company said the day before it would cut 9,000 jobs and 20% of its global production capacity, as it faces falling sales in China and in the United States.
This decline allowed the stock to experience its biggest one-day drop since August. Shares were last trading down 8.5% at around 375 yen, matching their lowest level in four years.
Japan's third-largest automaker cut its annual outlook by 70% on Thursday and scrapped its net profit forecast due to its ongoing restructuring efforts, which are expected to cut costs by 400 billion yen ($2.61 billion). dollars) during the current fiscal year.
Like many foreign automakers, Nissan is struggling in China where BYD 002594.SZ and other Chinese rivals are rapidly gaining market share with affordable electric and hybrid vehicles equipped with advanced software.
Nissan also faces difficulties in the United States, where it does not have a line of gasoline-electric hybrid cars, a type of vehicle that enjoys high demand.
Chief Executive Makoto Uchida said at a news conference Thursday that Nissan did not anticipate that hybrid vehicles would take off in the United States as quickly as they have.
($1 = 153.2000 yen)
