Nissan Motor Faces Massive Global Job Cuts Amid $5 Billion Loss

Nissan Motor is set to cut over 10,000 jobs globally, elevating total layoffs to around 20,000. This reinforces its efforts to recover from a massive $4.74-$5.08 billion loss and underperformance in key markets like the U.S. and China. The company looks to streamline and rejuvenate its lineup.

Nissan Motor is preparing to cut more than 10,000 jobs worldwide, adding to previously announced layoffs for a total reduction of about 20,000 or 15% of its workforce, according to NHK.

The Japanese automaker is grappling with a projected net loss of up to 750 billion yen following a poor financial year, attributed to impairment charges. Nissan plans to announce its full-year financial results soon.

Struggling in major markets like the U.S. and China, Nissan aims to streamline operations by reducing global capacity and focusing on new vehicle launches as part of its recovery strategy.

(With inputs from agencies.)