Nissan – 20,000 Global Jobs To Cut

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Nissan is to cut 20,000 jobs worldwide, 8.5% of its workforce, over the next year because of a sharp fall in sales.

The Japanese carmaker made the announcement as it said it expected to make a loss of 265bn yen ($2.9bn; £2bn) for its current financial year. Nissan chief executive Carlos Ghosn said the the firm’s “worst assumptions on the state of the global economy have been met or exceeded”.

“The global auto industry is in turmoil. Nissan is no exception.”

Sales slump

Nissan said the 20,000 job cuts would be made between March 2009 and March 2010.

The reduction will see the size of its global workforce fall to 215,000 from 235,000, although Nissan has yet to say which plants will be affected, and by how much. The company had already announced job cuts last month, including 1,200 at its UK plant in Sunderland. Nissan also said on Monday that it sold 731,000 vehicles worldwide between October and December, down 18.6% from a year before.

This resulted in a net loss of 83.2bn yen, compared with a 132.2bn profit a year earlier.

Source: bbcnews.com

 

 

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One Response to Nissan – 20,000 Global Jobs To Cut

  1. jeff111 says:

    Is depression here or not? not very clear. But if you look at the past history recessions and depressinos come and go. Economies go through cycles and recession is part of the cycle. I just came across a helpful website on the current economic downturn and employment: http://www.recessioninfocenter.com

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