Jobs

Nissan Attempts A 'U-Turn' Amidst Tough Times: Plans To Cut Over 10,000 Jobs Globally

Japanese car giant Nissan has had a bumpy business journey recently.

Its former boss Carlos Ghosn has been charged with financial misconduct, and the firm has been hit by a fall in sales in the United States and Europe.

Its net profit also fell to a near-decade low in the last year, and the firm expects tough times ahead for the next 12 months.

It has also been facing tensions with its French partner Renault, which owns 43 percent of Nissan. It has since resolved to undergo restructuring to strengthen governance at the firm.

In an attempt to turn itself around, Nissan reportedly plans to cut over 10,000 jobs globally.

Nissan previously had a global workforce of around 139,000, but this figure has since been trimmed down following an earlier round of layoff in May which saw 4,800 job cuts.

Nissan is expected to announce the job cuts on Thursday (25 July).

This move will likely affect some factories in South America and other regions where Nissan has low profitability.

In the 2018 fiscal year, Nissan’s global sales fell by 4.4 per cent to 5.52 million vehicles.

Featured Image Credit: Arabian Business

 

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