Nissan slashes jobs worldwide to cut losses

Nissan is set to cut jobs worldwide in an attempt to reduce financial losses. The car giant has seen its worst results over the first half of the year.
By: | July 24, 2019
Topics: Japan | News | Restructuring

Nissan is planning to make 10,000 job cuts around the world in an attempt to turn its financial results around.

In May, the Japanese car giant announced 4,800 jobs taking its worldwide head count to 139,000. The additional reduction in workforce, including early retirement options, are set to be announced on July 24 when it releases earnings figures for the second quarter this year.

These cuts come following a near decade low of net profits, with a bleak outlook for the next 12 months.

Nissan is likely to have greater job cuts in regions where its profitability has been lowest, including in South America.

The company’s global sales fell by 4.4% to 5.52 million vehicles in the 2018 fiscal year.

Nissan saw falling sales in America and Europe, and has also been facing tensions with its French partner Renault. The company is further reeling from the shock arrest of its CEO Carlos Ghosn in November last year.

It has been struggling to restructure its management team and ties with Renault, its major shareholder.