Nissan Motor Co said it will lay off thousands of jobs and cut global production to cope with falling sales in China and the United States.
The Japanese automaker said it would cut 9,000 jobs worldwide and reduce global production by a fifth to save costs.
Nissan did not immediately respond to a request from BBC News for details of where the jobs would be cut.
The company employs more than 6,000 people at its manufacturing facility in Sunderland, northeast England.
The company also cut its 2024 operating profit forecast by 70%. This is the second time this year that the company has lowered its outlook.
“These turnaround measures do not mean the company is shrinking,” Nissan Chief Executive Makoto Uchida said.
“Nissan will restructure its operations to become leaner and more resilient.”
Nissan’s shares fell more than 6% in Tokyo on Friday morning.
Increasing competition in China has led to lower prices, making it difficult for many foreign automakers to compete with local players such as BYD.
In November, Nissan and its partners announced a £2 billion ($2.6 billion) plan to build three electric vehicles at its Sunderland plant.
The company said it will build electric Qashqai and Juke models at the plant, as well as the next-generation electric Leaf, which is already produced there.
