Nissan To Lay Off About 12,500 Workers Worldwide
Source: Getty Images Nissan global headquarters in Yokohama, Greater Tokyo, Japan.
Nissan, Japanese car giant announces Job cuts around the world, in a bid to settle its financial troubles.
About 12,500 job will be cut as the car company will reduce its production by 10% come ending of 2020.
Although the company has not said exactly where the cuts will happen, the firm said it had a 94.5% decline in its net income for the first quarter of the year making it one of Nissan’s worst quarterly performances in ten years.
Nissan continues to struggle in the US, a key market, where it has been heavily discounting to keep up with sales by rivals.
The carmaker is reining in its operations after years of expansion under former chairman Carlos Ghosn, who was ousted last year after being accused of financial crimes.
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