heap Chinese electric vehicles are being blamed for the collapse of car manufacturer Nissan.
The Japanese auto firm, which employs 7,000 people in the UK and 17,000 in the US, has embarked on a huge cost-cutting programme after suffering heavy losses.
Nissan said last month it would axe 9,000 jobs and 20 per cent of its global manufacturing capacity, as it scrambles to reduce costs by $2.6billion (£2billion) in the current fiscal year amid a sales slump in China and the US, its two biggest markets.
The Yokohomo-based firm vowed in March to cut costs of making electric vehicles by 30pc in a fightback against the super cheap models that have been surging out of China.
Chinese brands such as BYD, Chery, Geely and SAIC Motor have been enjoying a sales boom, reported the Telegaph.
BYD, which stands for Build Your Dreams, recently bested Tesla quarterly revenue sales, Bloomberg reported, with revenue for the three months ending September 30 at $28.2 billion.
Tesla’s sales were $25.2 billion in the same period.
Nissan chief executive Makoto Uchida is taking a 50 per cent pay cut and it has now been reported that chief financial officer Stephen Ma is stepping down.