Nissan to cut over 10,000 more jobs globally, NHK reports

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Nissan to cut over 10,000 more jobs globally, NHK reports

STORY: Nissan will slash more than 10,000 jobs.

That was the report from Japanese broadcaster NHK Monday (May 12).

It would bring the total cuts including previously announced layoffs to about 20,000 – or 15% of its workforce.

The struggling Japanese automaker warned last month it would likely book a record net loss for the financial year that ended in March of up to just over $5 billion.

It blamed impairment charges for the projected number.

Nissan is due to announce its full-year results on Tuesday, and declined to comment on the NHK report.

The carmaker wants to make its business leaner and more resilient after doing poorly in its top market the U.S.

Its performance suffered there from a lack of hybrids and an aging line-up.

Nissan has also struggled in China, where it aims to launch some 10 new vehicles in the coming years to fight a steep sales drop.

The firm had already looked to cut 9,000 jobs and reduce global capacity by a fifth as part of its restructuring plans.

Its weak performance forced it to cut its profit

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four times for the financial year that just ended.

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