Nissan Motor Company has announced that it plans to implement various measures to reduce costs, within the framework of which 9,000 jobs will be cut.

The company also cut its full-year forecast for the second time in a row this year as it continues to struggle in major markets such as China. The automaker will also reduce global production capacity by 20%.

"These turnaround measures do not mean that the company is downsizing," the company's Chief Executive Officer Makoto Uchida said in the earnings and loss report. "Nissan will restructure its business to become more economical and sustainable, as well as restructure its management to respond quickly and flexibly to changes in the business environment," he added.

The company lowered its forecast for operating profit for the fiscal year to $974.9 million. In July-September, the operating profit decreased by 85% compared to the previous year.

Earlier it became known that the German car manufacturer Volkswagen decided to close at least three factories and cut tens of thousands of jobs in all other factories. It will be the first time in the company's 87-year history that Volkswagen plants are closing in its home country. Currently, VW has 10 factories in Germany and about 300,000 employees.