Japanese automaker Nissan Motor Company has announced further significant job cuts, adding 10,000 to its previously announced reduction plan. This brings the total number of job losses to approximately 20,000, representing 15% of the company's global workforce.
According to NHK, Japan's public broadcaster, the additional job cuts are part of Nissan's efforts to address a severe financial crisis. In April, the company projected record net losses of between 700 and 750 billion yen (approximately $4.74 to $5.08 billion USD) for the fiscal year ending in March. These losses are attributed to costs associated with the devaluation of assets. This latest round of layoffs represents one of the largest in Nissan's history, highlighting the significant challenges facing Japan's second-largest automaker.
Nissan's decision to cut 20,000 jobs underscores the depth of the financial crisis the company is facing. The magnitude of these job losses reflects the severity of the situation and the drastic measures being taken to address it.