Nissan to cut over 10,000 more jobs globally

[TOKYO] Nissan Motor will slash more than 10,000 jobs globally, bringing the total cuts including previously announced layoffs to about 20,000 or 15 per cent of its workforce, Japan’s public broadcaster NHK reported on Monday (May 12).

The struggling Japanese automaker warned last month it would likely book a record US$4.74 billion-US$5.08 billion net loss in the financial year that ended in March due to impairment charges.

Japan’s third-biggest automaker is set to announce its full-year results on Tuesday.

It declined to comment on the report.

Nissan is looking to make its business leaner and more resilient after doing poorly in its top market the United States, where its performance suffered heavily from a lack of hybrids and an ageing line-up.

It is also struggling in China, where it is looking to stop a punishing sales slide with the launch of some 10 new vehicles in the coming years.

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Nissan, which had more than 133,000 employees as of March last year, had already been looking to slash 9,000 jobs and reduce global capacity by 20 per cent as part of its restructuring plans.

Its weak performance forced it to cut its profit outlook four times for the financial year that just ended. REUTERS