Nissan Motors to Lay Off 15% of Workforce
Nissan Motor Corporation, the Japanese automotive manufacturer, has decided to cut more than 10,000 additional jobs worldwide; this brings the total number of planned layoffs to approximately 20,000, representing 15% of its global workforce, according to Japan’s NHK Broadcasting Corporation on Monday.
This move is part of the company’s efforts to address a severe financial crisis, following its announcement in April that it anticipates recording unprecedented net losses of between 700 and 750 billion yen (approximately $4.74 to $5.08 billion) for the fiscal year ending in March, due to costs related to the depreciation of its assets.
This is one of the largest layoffs in Nissan’s history, highlighting the depth of the challenges facing the second-largest automaker in Japan.
