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Shares fall 10 per cent after car maker cuts profit expectations
SHARES in car maker Nissan fell by 10 per cent after the firm issued a profits warning.
The company, which employs more than 6,000 workers at its Sunderland plant, last week cut net profit expectations for the year to March 31 from £2.6bn to £2.2bn.
Bosses blamed a fall in demand across Europe and volatile emerging markets. Japan's stock market was closed on Monday, but saw shares in Nissan fall 10 per cent when it closed yesterday.
After revealing its profit warning, the company also announced key management changes, with Trevor Mann, who was granted the Freedom of the City of Sunderland, made chief performance officer.
He will head its Datsun and light commercial vehicle and global aftersales business divisions, having previously been executive vice-president and chairman of its Africa, Middle-East, India, and Europe operation.
Nissan will tomorrow (Thursday, November 7) unveil its new Qashqai model, which will be built at Sunderland alongside its Juke, Note and all-electric Leaf vehicles.
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