Amid low car sales, Nissan Motor Corporation has decided to cut production in the United States by 17 percent from the previous 12 months in the current fiscal year, which does not coincide with the calendar year, as it runs from April 2024 to April 2025.

In the coming weeks, large-scale layoffs are expected at the two Nissan car plants in the US—in Tennessee and Mississippi—reports Drom.ru. The company announced last week that it had reached an agreement with 1,000 workers to allow them to take early retirement before the end of the year.

Since April, Nissan's US production facilities have been on a four-day work, three-day off schedule. However, the decline in sales continued, and the company was faced with the need to cut costs more radically than originally planned by the adopted anti-crisis plan.

To stabilize its finances, Nissan will cut 9,000 jobs, or 15% of its total workforce, outside the US—mainly at two plants in Europe. In addition, the company will sell a stake—10% of ordinary stock—of its capital in Mitsubishi Motors.

As per the Financial Times, Nissan is desperately looking for a strategic investor to replace Renault; and if it is not found within 12-14 months, the company risks becoming financially insolvent.