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<ul class="summary-list"><li>Nissan is cutting 9,000 jobs globally to reduce costs, the company said Thursday.</li><li>Sales fell to 1.6 million units due to higher costs, especially in the US.</li></ul>Nissan is cutting 9,000 jobs globally in an effort to cut costs, the Japanese automobile giant said in an earnings statement on Thursday.Nissan said that sales volumes decreased year-on-year to 1.6 million cars, hurt by higher selling and production costs, particularly from the US. That translated to much lower revenue: Profit for the quarter that ended in September was 32 million yen, or $208 million, falling far short of the $1.4 billion Nissan reported during the same period last year.Along with the layoffs, Nissan is cutting production capacity by 20%. CEO Makoto Uchida is also forfeiting 50% of his monthly compensation starting this month, among other executives who are taking a voluntarily pay cut.The company also installed Guillaume Cartier, currently the chair of Nissan's Africa, Middle East, India, Europe and Oceania unit, in a new role: chief performance officer, in which he will oversee sales and profit.Over the summer, Nissan started a voluntary severance program. At the time, a spokesman <a target="_blank" class="" href="https://www.autonews.com/manufacturing/nissan-offers-buyouts-cut-jobs-us-business-slides/">told</a> AutoNews that Nissan was not planning on layoffs. Nissan had 133,580 employees as of March 31. It was not immediately clear how the job cuts would be distributed among the company's global workforce.The company did not immediately respond to a request for comment.This is a breaking news story, please check back for updates.

Nissan is slashing 9,000 jobs after a dire financial performance

<ul><li>Japanese automobile multinational <keyword id="46283" type="COMPANY" weightage="20" keywordseo="Nissan">Nissan</keyword> is considering laying off 12,500 employees worldwide in the next three years — including 1,710 in India. </li><li>This accounts for 9% of the company’s total workforce. </li><li>The company will trim nearly 4,700 employees in the US, Mexico, UK, Spain, Indonesia and Japan. </li><li>The Japanese major will also decrease its production capacity by 10% by 2022.</li></ul>The slowdown in auto sales led to a job crisis in the sector. Japanese multinational Nissan is considering laying off <a href="https://economictimes.indiatimes.com/news/international/business/nissan-to-cut-over-10000-jobs-worldwide-report/articleshow/70356290.cms">12,500 employees</a> worldwide in the next three years — 9% of the total workforce. And, as many as 1,710 of these jobs will be slashed in India. The layoffs are expected to take place this year. However, the car maker has not specified the job roles which will be most affected. Auto makers in India have been cutting production after sales have been dull for a year now. Jobs have been on the line too, as auto component makers and dealers are also facing the heat of declining sales. The passenger vehicle sales in India dipped by 17% in April — the lowest in the last eight years, as per data by Society of Indian Automobile Manufacturers (SIAM). Nissan’s jobs cuts however extend beyond India. It will impact its employees mostly in the US, Mexico, UK, Spain, Indonesia and Japan, where it will trim nearly 4,700 jobs. And, a further 6,100 jobs will be cut across countries, between 2020 and 2022. The Japanese major will also cut its production capacity by 10% by 2022 to “improve product competitiveness by focussing investment on global core models and strategic regional models,” BusinessLine<a href="https://www.thehindubusinessline.com/specials/auto-focus/nissan-to-cut-1700-jobs-in-india/article28712488.ece"> reported.</a> This is in an effort to optimise operational cost, improve profits, and maintain consistency. The automaker’s net profit slumped drastically to a nine-year low at nearly ₹200 billion as on March 2019. The company has been in trouble since November 2018, when its CEO, Carlos Ghosn was arrested in Tokyo on suspicions on <a href="https://www.bbc.com/news/business-47808730">financial misconduct</a>. Ever since, the automobile giant witnessed slump in sales in almost every location. Ghosn also sued Nissan for <a href="https://www.rushlane.com/tata-h2x-suv-and-altroz-share-parts-12318280.html">₹1.16 billion</a> saying that it had provided no evidence of misconduct. See also: <a href="https://www.businessinsider.in/auto-sector-slowdown-puts-one-million-contractual-jobs-at-risk/articleshow/70373751.cms">Auto sector slowdown puts one million contractual jobs at risk</a> <a href="https://www.businessinsider.in/budget-2019-proposal-lower-tax-likely-on-cars/articleshow/69723060.cms">With 32 million jobs at stake in India’s auto sector, the Modi government may ease tax burden on cars</a> <a href="https://www.businessinsider.in/deutsche-bank-will-cut-18000-jobs-as-it-shuts-down-most-of-asias-loss-making-equities-business/articleshow/70123709.cms">Deutsche Bank will cut 18,000 jobs as it shuts down most of Asia's loss-making equities business</a>

Nissan may lay off over 1,700 employees in India as car sales slow down

<ul class="summary-list"><li>China's slowing economy is chipping away at some American companies' revenues.</li><li>DuPont, Danaher, and Procter &amp; Gamble reported second-quarter revenue and volume drops in China.</li></ul><a href="https://www.businessinsider.com/china-economy-deflation-markets-property-real-estate-housing-beijing-2023-8">China's economy has been worsening</a>, and some American businesses are feeling the pain.<a href="https://www.businessinsider.com/china-economy-july-misses-expectations-no-youth-unemployment-stat-2023-8">Economic data released Tuesday</a> showed the world's second-largest economy performed below analyst expectations in terms of industrial production, retail sales, and exports. China's July economic report <a href="https://www.businessinsider.com/china-economy-key-interest-rate-deepest-cut-since-2020-july-2023-8">didn't mention youth-unemployment statistics</a> after it soared to 21.3% in the second quarter, citing economic and social changes.While Chinese manufacturing and construction are struggling to recover, some American companies with strong ties to China <a href="https://www.wsj.com/articles/chinas-worsening-economy-is-hurting-corporate-america-a3657373" target="_blank" rel="noopener">are also feeling the effects</a>. Some leading chemical and manufacturing companies have reported weaker second-quarter sales, with some cutting their outlook for the second half of the year, saying conditions may worsen. And with falling consumer prices, some companies fear China may slip further into deflation, even as the country's central bank has implemented interest-rate cuts to incentivize lending.For many Americans, this may mean more-expensive cars and personal-care products. If companies with a large presence in China lose enough revenue and China continues slowing, that could drag the US economy down as well and lead to layoffs.Many American CEOs hoped that China's reopening in December would be a major turnaround in revenues for the region, though many have been left underwhelmed. Citigroup, whose <a href="https://www.citigroup.com/global/news/press-release/2023/second-quarter-2023-results-key-metrics" target="_blank" rel="noopener">net income fell 36%</a> last quarter overall from the prior year, said <a href="https://www.citigroup.com/rcs/citigpa/storage/public/2Q23%20Earnings%20Transcript.pdf" target="_blank" rel="noopener">in an earnings call</a> that China's decelerated growth was the "biggest disappointment."Thermo Fisher Scientific, an American biotechnology company, <a href="https://ir.thermofisher.com/investors/news-events/news/news-details/2023/Thermo-Fisher-Scientific-Reports-Second-Quarter-2023-Results/" target="_blank" rel="noopener">cut its end-of-year forecasts</a> because of slowing economic activity in China."We think it's appropriate to assume that this condition remains in place for the remainder of the year," Stephen Williamson, the company's chief financial officer, <a href="https://www.fool.com/earnings/call-transcripts/2023/07/26/thermo-fisher-scientific-tmo-q2-2023-earnings-call/" target="_blank" rel="noopener">said</a> in an earnings call.Its rival Danaher <a href="https://investors.danaher.com/2023-07-25-Danaher-Reports-Second-Quarter-2023-Results" target="_blank" rel="noopener">also cut its annual sales-growth forecast</a>, saying that growth in China — which makes up about 13% of total revenue — fell 10% during the quarter. CEO Rainer Blair <a href="https://www.marketbeat.com/earnings/transcripts/92859/" target="_blank" rel="noopener">said on an earnings call</a> that China orders were down 40% in the second quarter and down 50% in June because of excess capacity and declining foreign investment.Major chemical companies have also been hit. Dow's second-quarter net income <a href="https://investors.dow.com/en/news/news-details/2023/Dow-reports-second-quarter-2023-results/default.aspx#:~:text=GAAP%20earnings%20per%20share%20was,%240.58%20in%20the%20prior%20quarter." target="_blank" rel="noopener">dropped 70% overall</a> because of weaker sales volume. <a href="https://www.fool.com/earnings/call-transcripts/2023/07/25/dow-dow-q2-2023-earnings-call-transcript/" target="_blank" rel="noopener">On an earnings call</a>, its chief financial officer, Howard Ungerleider, said: "In China, while we are experiencing growth, the anticipated economic rebound following the end of zero-COVID restrictions has yet to fully materialize."Dow's rival DuPont also reported a drop in China sales from existing operations, <a href="https://www.dupont.com/news/dupont-reports-second-quarter-2023-results.html" target="_blank" rel="noopener">a 14% year-over-year fall</a>. CEO Edward Breen <a href="https://www.fool.com/earnings/call-transcripts/2022/08/02/dupont-de-nemours-inc-dd-q2-2022-earnings-call-tra/" target="_blank" rel="noopener">said on an earnings call</a> that growth might pick up soon, though the company cut its growth outlook for the second half of the year.The Ohio manufacturing company Procter &amp; Gamble <a href="https://www.pginvestor.com/financial-reporting/press-releases/news-details/2023/PG-Announces-Fourth-Quarter-and-Fiscal-Year-2023-Results/default.aspx" target="_blank" rel="noopener">reported a 1% drop in volumes</a> last quarter driven mainly by weaker demand in the Greater China region. Additionally, <a href="https://www.intc.com/news-events/press-releases/detail/1637/intel-reports-second-quarter-2023-financial-results" target="_blank" rel="noopener">Intel</a> and <a href="https://d1io3yog0oux5.cloudfront.net/_7cbeeb3e45a790b2feb818f57909ed9f/3m/news/2023-07-25_3M_Reports_Second_Quarter_2023_Results_Proactive_1790.pdf" target="_blank" rel="noopener">3M</a>, both of which expect strong overall results for the rest of the year, both continued to see a slow recovery in China amid weaker demand.Some automotive companies with a large American presence lowered their outlook as <a href="https://www.reuters.com/business/autos-transportation/chinas-car-sales-fall-2nd-month-july-price-war-continues-2023-08-08/" target="_blank" rel="noopener">China's car sales fell</a> for the second month in July, down 2.6% from last year. <a href="https://global.toyota/pages/global_toyota/ir/financial-results/2024_1q_summary_en.pdf" target="_blank" rel="noopener">Toyota</a> and <a href="https://usa.nissannews.com/en-US/releases/release-bd81b337f84531d64cb35f5c1813896e-nissan-reports-april-june-results-for-fiscal-year-2023?selectedTabId=releases" target="_blank" rel="noopener">Nissan</a> reported some challenges in China in the second quarter.To be sure, some American companies have performed well in China over the past few months. <a href="https://affiliate.insider.com?h=7f342d016ba3db2d105d04083b278c1d705b5c86af3231559cb76232ece4757f&amp;postID=64dce1fa46fab8f2273bca46&amp;site=bi&amp;u=https%3A%2F%2Fwww.apple.com%2Fnewsroom%2F2023%2F08%2Fapple-reports-third-quarter-results%2F%23%3A~%3Atext%3DCUPERTINO%252C%2520CALIFORNIA%2520Apple%2520today%2520announced%2C5%2520percent%2520year%2520over%2520year." target="_blank" rel="noopener">Apple reported</a> record revenue last quarter for the Greater China region, while Starbucks China's <a href="https://investor.starbucks.com/press-releases/financial-releases/press-release-details/2023/Starbucks-Reports-Q3-Fiscal-2023-Results/default.aspx#:~:text=Net%20revenues%20for%20the%20North,4%25%20over%20the%20past%2012" target="_blank" rel="noopener">revenue grew 51%</a> year over year. <a href="https://marriott.gcs-web.com/static-files/a7b1ac01-1614-4aff-9163-bf01cc02731d" target="_blank" rel="noopener">Marriott also saw</a> sales boom as domestic travel continued to accelerate.Despite efforts by China to build new infrastructure and spur property investments, <a href="https://www.wsj.com/articles/china-cuts-rates-to-prop-up-flagging-recovery-6fe3ec72?mod=article_inline" target="_blank" rel="noopener">The Wall Street Journal reported</a>, some economists are skeptical the initiatives can reverse the trend in China's economy. Beijing may issue about $140 billion in special Treasury bonds to assist struggling local governments, the Journal reported.The International Monetary Fund previously forecast China would account for <a href="https://www.imf.org/en/Blogs/Articles/2023/05/01/asia-poised-to-drive-global-economic-growth-boosted-by-chinas-reopening" target="_blank" rel="noopener">about 35%</a> of global growth in 2023, though that may not be the case anymore. For many US companies, the decision to keep investing in China in hopes of a recovery or to focus more on other markets may be more important than ever.

China's tanking economy is costing major US companies and could throw cold water on America's economic boom

Hey, I'm glad you're here. I'm Jordan Parker Erb, reporting to you from New York. If you're a <keyword id="6358815" type="UNKNOWN" weightage="60" keywordseo="tech" source="Orion">tech</keyword> worker, <a href="https://www.businessinsider.com/tech-jobs-layoffs-stock-crash-hiring-freeze-salaries-benefits-2022-6">you may not have to panic</a> about the job market just yet. I'll get into this, and more, below. Shall we?If this was forwarded to you, <a href="https://www.businessinsider.com/subscription/newsletter/10-things-in-tech">sign up here</a>. Download Insider's app <a href="https://link.insider.com/click/27645591.160803/aHR0cHM6Ly93d3cuaW5zaWRlci5jb20vYXBwP25yX2VtYWlsX3JlZmVyZXI9MSZ1dG1fc291cmNlPVNhaWx0aHJ1JnV0bV9tZWRpdW09ZW1haWwmdXRtX2NvbnRlbnQ9T3BlbmluZ19iZWxs/62667762063d6b9bef0cffb3Bf9c9aa56">here.</a><a href="https://www.businessinsider.com/tech-jobs-layoffs-stock-crash-hiring-freeze-salaries-benefits-2022-6"></a>1. Tech workers, take a deep breath. The job market is still going strong. Senior correspondent Aki Ito writes that despite Silicon Valley layoffs in recent months, tech companies are still looking to hire workers — and doling out big checks to land top talent.<ul><li>To see where things stand (and how worried everyone should be) Aki scoured data and spoke with recruiters, and found no reason to panic: Data shows that while openings for some jobs, like software developers, have indeed leveled off, they're not declining.</li><li>And although thousands have lost their tech jobs this quarter, recruiters said candidates are still getting offers — just fewer than they were before. </li><li>About a third of employers on recruiting platform Laskie have paused or slowed hiring, but the rest are still filling roles at a frenzied clip. Think of it as going from once-in-a-generation amazing to just plain old great, Aki writes.</li></ul><a href="https://www.businessinsider.com/tech-jobs-layoffs-stock-crash-hiring-freeze-salaries-benefits-2022-6?nr_email_referer=1&amp;utm_source=Sailthru&amp;utm_medium=email&amp;utm_content=10_things_tech&amp;utm_campaign=new:%2010%20Things%20in%20Tech%20-%20native%20ad">Why you shouldn't worry too much about a tech meltdown. </a>In other news:<a href="https://www.businessinsider.com/elon-musk-to-attend-all-hands-meeting-at-twitter-2022-6"></a><div type="image" title="Elon Musk." height="1991" width="2654" msid="92204826" hostid="261"></div>2. Elon Musk will attend a Twitter all-hands meeting on Thursday. Musk's appearance at the meeting will be his first time fielding questions from staff since he announced his $44 billion takeover of the company. <a href="https://www.businessinsider.com/elon-musk-to-attend-all-hands-meeting-at-twitter-2022-6">Here's what we know so far.</a>3. Departing Amazon exec Dave Clark's replacement may be… no one. Since announcing his resignation, company insiders have speculated that Amazon could scrap Clark's role and instead have three retail and operations chiefs report directly to CEO Andy Jassy. <a href="https://www.businessinsider.com/amazon-dave-clark-successor-consumer-ceo-job-left-empty-2022-6">Why Amazon might nix his position altogether.</a>4. Experts said that Google bot isn't sentient, just programmed to sound "real." Seven experts said it's unlikely, if not impossible, that <a href="https://www.businessinsider.com/google-suspends-engineer-who-claims-ai-chatbot-is-sentient-2022-6">the chatbot has come to life</a>, a claim made by one of Google's senior engineers. <a href="https://www.businessinsider.com/lamda-ai-isnt-sentient-google-engineer-claims-2022-6">Experts weigh in on whether the AI-powered bot is "alive."</a>5. WeWorks are dead. Libraries could be their replacement. Local libraries could be able to replace what the office (and more recently, WeWork) has traditionally provided: watercooler conversations, an escape from the house, and access to business services. <a href="https://www.businessinsider.com/work-from-home-lonely-local-libraries-solution-coworking-great-resignation-2022-6">Inside the library's comeback story.</a>6. Amazon will start making Prime deliveries by drone later this year. Prime customers in California could soon have their packages dropped off in their backyard by a drone, the company announced. <a href="https://www.businessinsider.com/amazon-will-start-making-prime-deliveries-by-drone-this-year-2022-6">Everything we know so far.</a>7. Leaked memo: Amazon could halt its corporate communications team's hiring and budget growth. Amazon's Global Corporate Affairs group, which also includes its public policy and lobbying arms, is expecting to halt headcount and budget growth for 2023, according to an internal note viewed by Insider. <a href="https://www.businessinsider.com/amazons-global-corporate-affairs-group-expects-no-headcount-and-budget-growth-next-year-2022-6">What we learned from the memo.</a>8. Binance, the world's largest crypto exchange, is hiring for more than 2,000 roles. It comes as many crypto exchanges are downsizing. <a href="https://www.businessinsider.com/cryptocom-layoffs-260-workers-5-percent-employees-announcement-2022-6">Crypto.com said it will lay off 260 employees</a>, while BlockFi also announced that it's <a href="https://www.theverge.com/2022/6/13/23166028/blockfi-crypto-com-layoffs-cryptocurrency-defi-slump-halts">cutting 20% of its 850 employees</a> due to a "dramatic shift in macroeconomic conditions." <a href="https://www.businessinsider.com/crypto-exchange-binance-hiring-2000-roles-amid-market-slump-2022-6">Here's the latest.</a>Odds and ends:<a href="https://www.businessinsider.com/photos-european-startup-built-a-3d-printed-concrete-home-2022-6"></a><div type="image" title="The 3D printed home among trees and a blue sky." height="1875" width="2500" msid="92204829" hostid="261"></div>9. A startup 3D printed a 400-square-foot home in five weeks. Danish startup 3DCP Group just unveiled the tiny home, which has drawn visitors from countries like the US, Singapore, Australia, and Guatemala. <a href="https://www.businessinsider.com/photos-european-startup-built-a-3d-printed-concrete-home-2022-6">Take a look inside the home, named the House 1.0.</a>10. We listed the cheapest electric cars you can buy in 2022. From the Nissan Leaf to Ford's F-150 Lightning, these 10 cars (with some coming in at under $20,000) are helping drivers make the jump to an electric vehicle without breaking the bank. <a href="https://www.businessinsider.com/cheapest-electric-car-affordable-kia-ford-chevy-hyundai-nissan-2022-6">See which EVs made the cut.</a>What we're watching today:<ul><li>Metaverse festival <a href="https://met-ams.xyz/">MET AMS</a> starts today in Amsterdam.</li><li>CIO's <a href="https://events.foundryco.com/event-series/the-future-of-work/">Future of Work Summit</a> is kicking off today.</li><li>Forbes Magazine is publishing its annual list of America's Self-Made Women.</li><li>TechCrunch Sessions: <a href="https://techcrunch.com/2022/06/13/look-whats-happening-tomorrow-at-tc-sessions-climate/">Climate event</a> is happening today.</li><li>Reuters is hosting its <a href="https://events.reutersevents.com/automotive/technology-virtual">Auto Tech 2022</a> event.</li></ul>Keep updated with the latest tech news throughout your day by checking out<a href="https://link.chtbl.com/therefresh"> The Refresh from Insider,</a> a dynamic audio news brief from the Insider newsroom. <a href="https://link.chtbl.com/therefresh">Listen here.</a>Curated by Jordan Parker Erb in New York. (Feedback or tips? Email <a href="mailto:jerb@insider.com">jerb@insider.com</a> or tweet <a href="https://twitter.com/jordanparkererb?lang=en">@jordanparkererb</a>.) Edited by Hallam Bullock (tweet <a href="https://twitter.com/hallam_bullock">@hallam_bullock</a>) in London.

Tech: What's up with the job market

<ul><li>Fiat Chrysler Automobiles announced its expansion plans to boost the local product line-up in India, with a commitment of investing over $250 million. It plans to roll out four new SUVs in 2021. </li><li>Not just Fiat, even the American multinational automaker Ford Motor had expressed plans to expand its presence in India. They are looking to launch <a href="https://www.zigwheels.com/upcoming-Ford-cars">four models</a> this year.</li><li>In an exclusive interview earlier with Business Insider, <a href="https://www.businessinsider.in/business/auto/news/kia-motors-11-electric-vehicles-in-2021-but-india-may-have-to-wait-longer-to-buy/articleshow/80056447.cms">Kia Motors India</a> revealed its plans to make India a global export hub for Kia Motors.</li><li>Nissan is already ramping up its production at its Chennai plant and has plans to add 1500 more jobs. </li></ul>With new investment plans of over $250 million (₹1,824 crore), Fiat Chrysler (FCA) joins the likes of other multinational giants like Ford, Kia, and Nissan that are already betting big on India’s potential in the coming years. Fiat has announced its mega investment plans to build its presence in the country by launching four new sport-utility vehicles (SUVs) under its Jeep brand over the next two years. The American multinational automaker Ford Motor has also charted out growth plans in India, and it is going solo too. At the beginning of this year, Ford called off its joint venture with Mahindra and Mahindra (M&amp;M). While the move may affect some plans to launch new variants, Ford remains gung-ho on its India expansion plans and has a slew of launches scheduled for 2021. Even Kia Motors’ India <a href="https://www.businessinsider.in/business/auto/news/kia-motors-11-electric-vehicles-in-2021-but-india-may-have-to-wait-longer-to-buy/articleshow/80056447.cms">revealed </a>its plans to make India a global export hub for the auto giant, in an exclusive interview with Business Insider. And Nissan too is no less than its peers, the company is already ramping up its production at its Chennai plant and has plans to add 1500 more jobs. These announcements come at a time when the pandemic has battered automakers around the world with subdued sentiment and a decline in sales. In fact, the Indian auto sector was witnessing a slowdown and BSVI transition challenges even before the pandemic struck. Japan’s Honda Motor was forced to shutter one of its plants <a href="https://www.bloombergquint.com/business/honda-said-to-shut-india-plant-and-reduce-four-wheeler-output">in Noida</a>, while General Motors (GM) stopped producing cars in India for <a href="https://www.rushlane.com/general-motors-india-plant-shut-down-12387365.html">export </a>in international markets. But that isn’t discouraging these companies. And it opens up more room for competition. Whether in terms of money, setting up newer plants and tech centres, or research &amp; development, Ford, Fiat, and other global auto companies are making a move to grab their share in India’s automotive market. So what makes India attractive for these automakers? Fiat’s $250 million India investment plans Fiat currently holds less than a 1% share of India’s passenger vehicle market but is looking to expand its operations with four new products that will hit Indian roads by the end of 2022. It is determined to increase its locally-made componentry in vehicles produced in its joint venture manufacturing facility. “Our plans in India are aimed at increasing the value proposition for customers through our products and services, working hard on customer satisfaction and unlocking business opportunities for our business partners,” FCA India Managing Director, Dr Partha Datta said. The all-new local vehicle line-up includes the 2021 made-in-India Jeep Compass, a locally produced and global-first three-row Jeep SUV, as well as the iconic Jeep Wrangler and next-generation Grand Cherokee flagship, which will both be locally assembled in FCA’s joint venture manufacturing facility in Ranjangaon. The company’s Jeep brand made its debut in India in 2016 and carved a premium position in India. Fiat is now planning to unveil the 2021 Jeep Compass in India on January 7, and production has already commenced. The luxury seven-seat mid-size Jeep, codenamed H6, will be launched in 2022. Fiat’s $250 million investment plans in India are in addition to the $450 million they have already committed over the past five years. They have also recently invested in setting up a <a href="https://www.businessinsider.com/fiat-chrysler-to-spend-150-million-setting-up-global-tech-centre-in-india-2020-12?IR=T">tech centre </a>in Hyderabad. Fiat aims to create at least 1000 new jobs by the end of 2021. Ford is betting big on India The American multinational automaker Ford Motor is expanding its presence in India. From its Focus ST to Ranger Raptor and Figo to EcoSport — the company had a slew of launches scheduled for 2021. And they are all set to go at it solo in India Ford had signed a joint venture with M&amp;M in October 2019 to produce vehicles for emerging markets. However, on January 1, they pulled the plug on this partnership due to the challenges caused by the COVID-19 pandemic. Ford intends to continue its standalone business in the country. <div type="image" title="caleb-white-XGJBSkoqX_I-unsplash" msid="80112736" hostid="261"></div> On January 4, Ford India <a href="https://indianexpress.com/article/business/companies/ford-ecosport-2021-launched-in-india-price-features-mileage-7132375/">introduced</a> the 2021 line-up of its compact SUV EcoSport with enhanced connectivity features and an enhanced warranty at a starting price of ₹7.99 lakh. Kia also has big plans for India In an exclusive interview earlier with Business Insider, Kia India <a href="https://www.businessinsider.in/business/auto/news/kia-motors-11-electric-vehicles-in-2021-but-india-may-have-to-wait-longer-to-buy/articleshow/80056447.cms">revealed </a>its plans to make India a global export hub for Kia Motors. “For us at Kia, the new production-linked incentive (PLI) scheme certainly puts the spotlight on India and makes it even more important in our global scheme of things. Now, with the new scheme, we will be able to offer even more competitive and globalized products and reach more markets,” Tae-Jin Park, Executive Director &amp; Chief Sales Officer at Kia India, told Business Insider. <div type="image" title="Kia Motors" msid="80112770" hostid="261"></div> The government’s PLI scheme includes incentives of ₹57,000 crore over five years for the automotive sector and focuses on making Indian companies globally competitive by driving exports. According to the Nomura report dated December 28, the eligibility criteria are likely to be such that companies with high export revenue could be the key beneficiaries of the scheme. The global automakers are pushing ahead with big plans for India in the coming years. Even Japanese auto major Nissan is ramping up its production at its Chennai plant and starting a third shift to increase output. On Monday, the company <a href="https://auto.hindustantimes.com/auto/news/nissan-india-to-hire-1-500-workers-to-enhance-production-bolster-sales-force-41609759373497.html">said</a>, along with its dealer partners, it will hire 1,500 people in India to enhance production and reinforce the sales force after the robust response to its newly launched compact SUV Magnite. This comes after the company announced plans to layoff 1,700 people in India in 2019. SEE ALSO: <a href="https://www.businessinsider.in/india/news/tatas-got-airasia-stake-at-a-20-discount-while-indigo-and-spicejets-value-has-doubled-since-pandemic-broke-out/articleshow/80101467.cms" data-type="tilCustomLink">Tatas got AirAsia stake at a 20% discount while IndiGo and SpiceJet’s value has doubled since pandemic broke out</a> <a href="https://www.businessinsider.in/business/news/kishore-biyani-lashes-out-at-amazon-says-future-group-was-disillusioned-and-fed-up-with-the-companys-lackadaisical-attitude/articleshow/80107540.cms" data-type="tilCustomLink">Kishore Biyani lashes out at Amazon, says Future Group was disillusioned and fed up with the company's lackadaisical attitude</a>

What is making Ford, Fiat, and Kia put more money in India

Hello everyone!Welcome to this weekly roundup of stories from Insider's Business co-Editor in Chief Matt Turner. <a href="http://newsletter.businessinsider.com/join/4np/insider-weekly">Subscribe here to get this newsletter in your inbox every Sunday.</a>What we're going over today:<ul><li>The best <a href="https://www.businessinsider.com/seed-100-top-early-stage-vc-investors-2021-4">early-stage investors</a>.</li><li>Republicans are unloading on Rep. Matt Gaetz <a href="https://www.businessinsider.com/matt-gaetz-sex-scandal-doj-investigation-republicans-trump-2021-3">in gossipy texts and snide asides</a>.</li><li>Nike is transforming from a marketing company into a technology brand, <a href="https://www.businessinsider.com/inside-nike-restructure-layoffs-dtc-resale-digitalization-2021-3">and it's creating internal turmoil</a>.</li><li>Scientists are coming around to a <a href="https://www.businessinsider.com/alzheimers-disease-scientists-new-approaches-treat-2021-3">surprising new understanding of Alzheimer's disease</a>.</li><li>Big Law associates are burned out, and special <a href="https://www.businessinsider.com/big-law-associates-burnout-bonuses-hours-retention-recruiting-lateral-hires-2021-3">$60,000-plus bonuses may not be enough to keep them</a>.</li></ul><a href="https://www.businessinsider.com/seed-100-top-early-stage-vc-investors-2021-4"></a>Here's what's trending this morning:<ul><li>Facebook hack: 533 million Facebook users' phone numbers and personal data <a href="https://www.businessinsider.com/stolen-data-of-533-million-facebook-users-leaked-online-2021-4">have been leaked online</a>.</li><li>Alphabet's secret quantum <keyword id="6358815" type="UNKNOWN" weightage="60" keywordseo="tech">tech</keyword> team: <a href="https://www.businessinsider.com/inside-googles-new-secretive-quantum-team-called-sandbox-x-2021-4">It's called Sandbox</a>.</li><li>Consulting confessions: <a href="https://www.businessinsider.com/burnout-consulting-firms-deloitte-pwc-big-four-2021-4">6 current and former staffers at Deloitte, PwC, and other top firms detail pandemic burnout.</a><a href="https://www.businessinsider.com/square-cash-app-hiring-build-own-payments-network-visa-mastercard-2021-4"></a></li><li>Remote work: The wealthy streamed into <a href="https://www.businessinsider.com/where-rich-americans-moved-bought-houses-invested-during-pandemic-04-2021">six under-the-radar cities and towns during the pandemic</a>.</li></ul><h2><a href="https://www.businessinsider.com/seed-100-top-early-stage-vc-investors-2021-4">The best early-stage investors</a></h2>From Margaux MacColl, Melia Russell, Candy Cheng, and Michael Haley:The venture capitalists who write the earliest checks - known as seed investors - take the biggest risks. But when they choose well, they also reap the biggest rewards. With huge profits at stake, thousands of institutions and individuals are active seed investors.But seed investing is more an art than a science and only a few succeed regularly. <a href="https://www.businessinsider.com/tribe-capitals-arjun-sethi-uses-data-not-feelings-to-invest-2021-4">Tribe Capital</a>, a seed venture-capital firm and an investor in other funds, set out to find the top investors by analyzing data on about 1,000 of them. The result is this list of the top 100 as well as <a href="https://www.businessinsider.com/seed-25-best-female-early-stage-investors-2021-4">the Seed 25</a>, a list of the top female seed investors.Read the full story here:<ul><li><a href="https://www.businessinsider.com/seed-100-top-early-stage-vc-investors-2021-4">The Seed 100: The best early-stage investors</a></li></ul>Also read:<ul><li><a href="https://www.businessinsider.com/meet-keith-rabois-and-jack-abrahams-new-stealth-startup-2021-4">Meet OpenStore, the new stealth Miami startup founded by Founders Fund VC Keith Rabois and Atomic's Jack Abraham</a></li><li><a href="https://www.businessinsider.com/silicon-valley-startups-are-getting-flooded-with-vc-funding-offers-2021-3">A tiny startup was inundated with reach-outs from more than 120 investors and offers to wire money right away. It's just one example of the extreme FOMO fueling Silicon Valley's startup scene right now.</a></li><li><a href="https://www.businessinsider.com/amazon-employees-upset-office-centric-culture-plans-2021-3">Frustrated Amazon employees rip on the company for encouraging them to come back to the office</a> </li></ul><h2><a href="https://www.businessinsider.com/matt-gaetz-sex-scandal-doj-investigation-republicans-trump-2021-3">Republicans are unloading on Rep. Matt Gaetz</a></h2><a href="https://www.businessinsider.com/matt-gaetz-sex-scandal-doj-investigation-republicans-trump-2021-3"><div type="image" title="Matt Gaetz" height="3648" width="5472" msid="81899833" hostid="261"></div></a>From Warren Rojas, Adam Wren, Robin Bravender, Dave Levinthal, Camila DeChalus, Darren Samuelsohn, and Tom LoBianco:Matt Gaetz was looking for a scandal. It was March 25, and the Florida congressman responded to a tweet from the billionaire entrepreneur Elon Musk, who had asked no one in particular, "If there's ever a scandal about me, *please* call it Elongate.""I want Gaetzgate," the Florida Republican <a href="https://twitter.com/mattgaetz/status/1375094924882874375?s=20">tweeted</a>.On Tuesday, Gaetz got exactly that as reports surfaced that the 38-year-old congressman was a subject of a sex-trafficking investigation.<a href="https://www.businessinsider.com/justice-department-investigating-matt-gaetz-sexual-relationship-17-year-old-2021-3"></a><a href="https://www.nytimes.com/2021/03/30/us/politics/matt-gaetz-sex-trafficking-investigation.html"></a>Not long after the news broke, "Gaetzgate" was trending on Twitter. And former Trump White House and GOP officials who loathe the loquacious Gaetz were gloating.Read the full story:<ul><li><a href="https://www.businessinsider.com/matt-gaetz-sex-scandal-doj-investigation-republicans-trump-2021-3">Republicans are unloading on Rep. Matt Gaetz in gossipy texts and snide asides amid reports of a DOJ sex investigation: 'He's the meanest person in politics'</a></li></ul>Also read:<ul><li><a href="https://www.businessinsider.com/matt-gaetz-sex-game-florida-staffers-sororities-snitch-harry-potter-2021-4">Matt Gaetz's Florida sex game included a 'Harry Potter' challenge and 'extra points' for sleeping in sorority houses, a female Republican tells Insider</a></li><li><a href="https://www.businessinsider.com/matt-gaetz-staff-hair-makeup-tv-twitter-controversies-2021-4">Inside Matt Gaetz's office, where surprises - from doing the boss' TV makeup to cleaning up after messy controversies - are part of the job</a></li><li><a href="https://www.businessinsider.com/gen-z-staffers-making-their-mark-in-the-biden-administration-2021-3">Gen Z is already shaking up the Biden White House. Meet 12 up-and-coming staffers.</a> </li></ul><h2><a href="https://www.businessinsider.com/gen-z-staffers-making-their-mark-in-the-biden-administration-2021-3">Nike's tech transformation</a></h2><a href="https://www.businessinsider.com/gen-z-staffers-making-their-mark-in-the-biden-administration-2021-3"><div type="image" title="Nike Beijing" height="1820" width="2426" msid="81899843" hostid="261"></div></a>From Shoshy Ciment:In January 2020, just days before the coronavirus pandemic would engulf the world, John Donahoe took the helm at Nike.The former eBay and ServiceNow CEO had a bold mission to transform Nike from a marketing-first company into a technology juggernaut. Instead of selling shoes primarily in stores, Nike would up its innovation in a push to sell more products online and on smartphones.Early signs point to success: In its latest quarterly earnings <a href="https://news.nike.com/news/nike-inc-reports-fiscal-2021-third-quarter-results-draft">report</a>, Nike said it grew online sales by 59%.But some worry that transforming Nike from a marketing company into a technology brand is too ambitious. Read the full story here:<ul><li><a href="https://www.businessinsider.com/inside-nike-restructure-layoffs-dtc-resale-digitalization-2021-3">Nike is transforming from a marketing company into a technology brand. 7 company insiders say the changes - including mass layoffs and team restructuring - are creating internal turmoil.</a></li></ul>Also read:<ul><li><a href="https://www.businessinsider.com/former-nike-execs-join-tommy-john-lead-wholesale-product-strategies-2021-3">2 former Nike execs have been tapped to turn underwear brand Tommy John into a billion-dollar company - and they're going all in on product innovation and wholesale partnerships to get there</a></li><li><a href="https://www.businessinsider.com/barrys-bootcamp-ceo-reveals-how-the-company-beat-pandemic-slump-2021-3">Barry's Bootcamp CEO dishes on his company's first foray into outdoor classes and virtual fitness during the pandemic - and how the new revenue streams helped the brand find new markets to expand</a></li><li><a href="https://www.businessinsider.com/how-ron-crawford-shaped-starbucks-employee-benefits-2021-3">Starbucks' benefits boss explains how delivering unique incentives like fertility coverage and opportunities to further education are motivating its 350,000 employees and boosting the company's bottom line</a> </li></ul><h2><a href="https://www.businessinsider.com/alzheimers-disease-scientists-new-approaches-treat-2021-3">A new understanding of Alzheimer's disease</a></h2><a href="https://www.businessinsider.com/alzheimers-disease-scientists-new-approaches-treat-2021-3"><div type="image" title="alzheimers research 2x1" height="750" width="1500" msid="81899851" hostid="261"></div></a>From Allison DeAngelis:In January, at the World Economic Forum's annual gathering of some of the globe's richest and most powerful leaders, <a href="https://www.acimmune.com/en/senior-management-team/">Andrea Pfeifer</a> was promoting her biotech company and a new global initiative to treat Alzheimer's.During a Q&amp;A session, <a href="https://www.usagainstalzheimers.org/staff/george-vradenburg">George Vradenburg</a>, the entertainment lawyer turned philanthropist, asked her a question about her work: "Is Alzheimer's not one disease?""It's definitely not one disease," she replied.The once controversial idea that Alzheimer's is in fact a highly varied disease, if not multiple distinct but related conditions, is gaining traction and could unlock new approaches to treating it.Read the full story here:<ul><li><a href="https://www.businessinsider.com/alzheimers-disease-scientists-new-approaches-treat-2021-3">Scientists are coming around to a surprising new understanding of Alzheimer's disease, and it could supercharge drug development for the $1.1 trillion problem</a></li></ul>Also read:<ul><li><a href="https://www.businessinsider.com/biggest-obstacles-23andme-faces-in-going-public-s4-analysis-2021-3">We read all 323 pages of 23andMe's SPAC filing. Here are the 5 biggest obstacles it faces ahead of its public debut.</a></li><li><a href="https://www.businessinsider.com/peter-thiel-8vc-invest-in-alloy-therapeutics-75-million-round-2021-4">This biotech's goal is to make $1 in profit. Peter Thiel and 8VC think it's worth $563 million.</a></li><li><a href="https://www.businessinsider.com/silicon-valley-healthcare-startups-failure-hard-to-build-2021-3">Why Silicon Valley can be toxic for healthcare startups</a> </li></ul><h2><a href="https://www.businessinsider.com/big-law-associates-burnout-bonuses-hours-retention-recruiting-lateral-hires-2021-3">ICYMI: Big Law burnout</a></h2>From Sam Stokes and Jack Newsham:From <a href="https://www.businessinsider.com/law-firms-are-cashing-in-on-the-spac-boom-2020-9">M&amp;A deals</a> to <a href="https://www.businessinsider.com/lawyers-ipo-doordash-capital-markets-cooley-latham-simpson-davis-polk-2020-12">IPOs</a> to <a href="https://www.businessinsider.com/wall-streets-top-restructuring-bankers-when-recessions-defaults-hit-2020-3">bankruptcy</a> proceedings, Big Law associates are busier than ever. For some, their jobs advising financial firms and corporations just got a lot more lucrative. At least 25 Big Law firms are awarding special bonuses up to $64,000 to high-performing associates in 2021.Recruiters and other industry experts say the payouts are an effort to keep burned-out associates from leaving after a grueling year of high-volume remote work. And some associates Insider spoke to said that, while the money is nice, what they'd really like is to see the workload lighten. Read the full story:<ul><li><a href="https://www.businessinsider.com/big-law-associates-burnout-bonuses-hours-retention-recruiting-lateral-hires-2021-3">Big Law associates are burned out after a year of rapid-fire deals and intense hours. Special $60,000-plus bonuses may not be enough to keep them.</a></li></ul>Also read:<ul><li><a href="https://www.businessinsider.com/burnout-consulting-firms-deloitte-pwc-big-four-2021-4">Consulting confessions: 6 current and former staffers at Deloitte, PwC, and other top firms detail pandemic burnout</a></li></ul>Lastly, don't forget to<a href="https://www.morningbrew.com/?utm_source=insider&amp;utm_medium=partnership&amp;utm_campaign=insiderweekly_h12021y_h12021" target="_blank" rel="noopener"> check out Morning Brew</a> - the A.M. newsletter that makes reading the news actually enjoyable.Here are some headlines you might have missed last week.- Matt<ul><li><a href="https://www.businessinsider.com/employees-alllege-racism-sexism-zimmerman-advertising-omnicom-agency-2021-3">Employees say they experienced racism and sexism at Zimmerman Advertising, an Omnicom agency known for clients like McDonald's and Nissan</a></li><li><a href="https://www.businessinsider.com/tom-girardi-famed-attorney-accused-ponzi-scheme-2021-3">Famed lawyer Tom Girardi and 'Housewives' star Erika Jayne flaunted their life of excess. Now, with accusations of a Ponzi scheme, they may lose it all.</a></li><li><a href="https://www.businessinsider.com/jpmorgan-middle-market-commercial-banking-tech-silicon-valley-vc-coverage-2021-3">JPMorgan poached 5 people from Silicon Valley Bank and Bank of America as it builds out teams focused on VCs and 'disruptive' commerce</a> </li><li><a href="https://www.businessinsider.com/crypto-investing-grayscale-research-director-breaks-down-new-trusts-opportunities-2021-3">The research director at Grayscale, the world's largest crypto asset manager, breaks down 5 digital tokens other than bitcoin and ethereum that he is newly tracking - and shares 3 emerging opportunities he is monitoring</a></li><li><a href="https://www.businessinsider.com/ups-power-players-meet-the-15-executives-tech-powerhouse-2021-3">UPS Power Players: Meet the 15 execs tasked with making the 114-year-old giant a tech powerhouse and holding onto huge pandemic profits</a></li><li><a href="https://www.businessinsider.com/moving-to-florida-texas-lower-cost-of-living-healthcare-medicaid-2021-3">People flocked to Florida and Texas for a lower cost of living during the pandemic. Some were shocked when their healthcare got way more expensive.</a></li><li><a href="https://www.businessinsider.com/compass-ipo-ceo-robert-reffkin-shares-wealth-net-worth-billionaire-2021-3">Compass just went public, putting CEO Robert Reffkin on a path to become America's youngest Black billionaire</a></li><li><a href="https://www.businessinsider.com/highest-paying-jobs-in-america-2019-2">The 30 highest-paying jobs in America</a> </li></ul>

You Searched For "nissan global layoff" and got 6 results

Nissan is slashing 9,000 jobs after a dire financial performance

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What is making Ford, Fiat, and Kia put more money in India

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