Nissan Motor Co. is undergoing significant restructuring due to a severe downturn in profits, which have dropped 94% in the first half of the fiscal year. The Japanese automaker announced it will cut 9,000 jobs and reduce its global manufacturing capacity by 20% as part of efforts to cut costs by $2.6 billion. CEO Makoto Uchida is taking a 50% pay cut and has acknowledged the company's failure to adapt to market demands, particularly in hybrid sales in the US and EVs in China. Additionally, Nissan will sell part of its stake in Mitsubishi Motors to stabilize finances. The company has downgraded its annual profit outlook by 70% and is in 'emergency mode' to address these challenges and regain competitiveness. Nissan's restructuring aims to make the company leaner and more resilient, with a focus on enhancing product competitiveness and responding flexibly to market changes.