Japanese car giant Nissan is likely to cut 10,000 jobs around the world to mitigate expenditure and turn around itself to profits, said Kyodo News agency on Tuesday, July 23, citing company sources.
This is second time Nissan has announced job cuts after slashing 4,800 jobs in May this year. Nissan has about 139,000 global workforce. Currently, Nissan has been showing losses and already warned of "a difficult business environment" for the next 12 months in its earnings.
Attributed to a fall in demand in the United States and Europe, Nissan was not able to make a dent in new and emerging markets such as India to sell cars, besides the shock it received from the arrest of its former boss Carlos Ghosn on charges of financial misconduct.
Last year, it posted 4.4 per cent fall in sales, with 17.8 per cent drop in sales in Europe and 9.3 per cent fall in the United States. Nissan is expected to announce the job cuts on Thursday and watch the event live on its Youtube channel or click HERE.