Nissan to cut 11,000 more jobs and shut seven factories
Summary
Nissan announced it will cut 11,000 jobs worldwide and close seven factories due to falling sales in its key markets, China and the US. The company had already planned to reduce 9,000 jobs last year as part of cost-saving efforts, and the recent cuts bring the total to 20,000, or about 15% of its workers.Key Facts
- Nissan will cut 11,000 jobs globally and shut seven factories.
- Sales have fallen in China and the US, which are Nissan's biggest markets.
- The new cuts increase total planned layoffs to 20,000 jobs, which is about 15% of Nissan's workforce.
- Two-thirds of the new job cuts will come from manufacturing roles.
- A proposed merger with Honda and Mitsubishi fell through in February.
- Ivan Espinosa is now Nissan's chief executive after replacing Makoto Uchida.
- Nissan experienced an annual financial loss of 670 billion yen ($4.5 billion).
- US tariffs have added pressure to Nissan's financial situation.
- The company canceled plans for a battery and electric vehicle factory in Japan.
- Vehicle sales fell in China, Japan, and Europe last year.
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