The Nissan Motor Company will cut more than 10,000 jobs in Japan and around the world due to poor financial results.
The total number of job cuts will reach 20,000, which is equivalent to 15% of the company’s workforce.
Last month, the struggling Japanese automaker warned that it would likely incur record losses of 700-750 billion yen ($4.74-5.08 billion) in the fiscal year that ended in March. The company attributed the poor results to a decline in sales and a “changed competitive environment.”
Due to the difficult situation, the company replaced its president: on April 1, Makoto Uchida was replaced by Mexican Ivan Espinosa as the new head of the automotive group.
Nissan is set to announce its annual results on Tuesday.
