Nissan to Cut 10,000 More Jobs Globally

Japan’s public broadcaster reported on Monday that Nissan Motor Company Limited is set to cut over 10,000 more jobs globally.

The move will bring the number of layoffs, including those previously announced, to about 20,000, or 15 per cent of its workforce.

Japan’s third-biggest automaker is striving to make its business leaner and more resilient after weak sales in China and its biggest market the United States.

It is set to announce on Tuesday results for the business year that ended in March.

Nissan warned last month it would likely book a record net loss of between 700 billion yen and 750 billion yen in that year due to impairment charges.

The car maker missed out on the growing popularity of hybrid models in the United States and failed to capitalise on an early lead in electric vehicles there.

It has also suffered in China, the world’s biggest auto market, where it plans to launch some 10 new vehicles in the coming years to try to halt a slide in sales.

Chief executive officer Ivan Espinosa, who took up the role last month, is restructuring Nissan’s operations and has previously said the company was considering extra measures.