To save itself, Nissan is in full-throttle emergency mode: The automaker is laying off 9,000 people, reducing production capacity and selling its stake in Mitsubishi Motors. The CEO is also cutting his own salary in half.

CEO Makoto Uchida, who took over in the middle of the epic Carlos Ghosn disaster, unveiled a “far-reaching” reform plan today after revealing the company suffered a net loss in the last quarter. Reuters reported.

The report stated that Uchida “also lowered its full-year sales and operating profit outlook and canceled an earlier target for net income,” adding that it was too early to provide an accurate forecast.

The reform package will include some executive reshuffles, such as giving Guillaume Cartier, Nissan’s president for Europe, Africa, the Middle East, India and Oceania, a promotion to the newly created chief performance officer.

Additionally, Uchida said he will take a 50% pay cut starting this month to help. (A Google search showed he earns roughly 657 million yen a year, or about $4.30 million.) The global headcount of 133,580 will see a massive reduction of 9,000 workers.

The new reform aims to save the company $3 billion.

“The question is how to do this quickly and adapt to reality,” Uchida said at a news conference. “We cannot deny the fact that our sales plan is overextended, given the rapid changes in the markets.”

Uchida plans to reduce global capacity by 20% to increase worldwide production capacity to 5 million units. The automaker has 30 new or updated products in its lineup, and while it doesn’t plan to cancel them, it will likely postpone launch dates depending on market needs.

Of course, Nissan’s biggest problem is that its electric vehicles are a bit bland: The only thing the Ariya and Leaf have to offer is that neither are the best-selling models in the US. Nissan said it will continue to offer bi-directional, vehicle-to-grid technology in newly launched EVs from 2026 and will join alliance partner Renault in packaging the technology.

Nissan will also sell nearly a third of its 34% stake in Mitsubishi, raising another $482.7 million. During the Ghosn days, Nissan controlled a 34% stake in Mitsubishi, but even after the sale, Nissan said it should remain Mitsubishi’s largest shareholder. Its alliance with Renault has allocated about $5.2 billion to EV and battery development programs.

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