Nissan announces job cuts as vehicles fail to sell [Video]

TOKYO, Japan — Nissan reported Thursday a loss for the latest fiscal quarter as its vehicle sales sank while costs and inventory ballooned, prompting the Japanese automaker to slash 9,000 jobs.

Chief Executive Makoto Uchida said he was taking a 50% pay cut to take responsibility for the dismal results, while promising that a turnaround was coming.

Nissan Motor Corp. announced a global workforce reduction of 9,000 people, or about 6% of its more than 133,000 employees, as well as a plan to slash global production capacity by 20%.

Uchida declined to say which regions will be affected by the cuts or give specifics.

For the latest quarter through September, Nissan racked up a 9.3 billion yen ($60 million) loss, a reversal from the 190.7 billion yen profit recorded the same quarter …