Nissan To Cut Over 10,000 Jobs Globally
Japanese Motor Company Nissan is planning to cut more than 10,000 jobs globally as a feature of endeavors to pivot its business.
The job reductions include 4,800 jobs, which was announced in May and will mostly be at factories overseas with low utilization rates. The Company has 139,000 employees around the world.
After a 45% fall in the previous year, in May, Nissan predicted a 28% drop in its annual operating profit.
Kyodo News reported that the job cuts would be announced on Thursday when Nissan’s will be releasing earnings of the three months starting from April 2019.
Nissan former Chairman Carlos Ghosn was arrested last year over misuse of company funds that led the Renault-Nissan association to be under strain.
Renault holds 43% of Nissan stake, while Nissan owns 15% non-voting stake in its partner.