Mitsubishi bosses take pay cuts

Top executives at Mitsubishi Motors are taking pay cuts to share responsibility for the company’s financial losses.

The Japanese carmaker has seen global sales plunge during the coronavirus pandemic and reported a ¥25.8 billion (NZ$377.7 million) loss in the year ending March 31.

Chief executive Takao Kato told shareholders on June 18 there will be no dividends and the company is not giving a projection for the current financial year because of ongoing uncertainties caused by the Covid-19 outbreak.

“I hope we can gain your understanding,” he told the online meeting.

Kato said executives would lose about 45 per cent of their overall pay by cutting salaries and foregoing performance-linked bonuses, reports Japan Today.

Nissan slashes production

Nissan is planning to cut more shifts at its three assembly plants in Japan due to falling demand for its vehicles.

The marque says it will cancel night shifts at one of its production sites in Kyushu from June 29 to July 31. Night shifts at its other Kyushu factory will cease from July 20 to July 31.

Nissan also plans to stop output at its Oppama plant on two days in July, while its factory in Tochigi prefecture will be closed over eight days next month, reports Reuters.

The carmaker has been slashing output at its plants worldwide since February as the coronavirus pandemic adds to already declining sales.

Last month the company revealed a restructuring plan after posting its first annual loss in 11 years.