Nissan Announces 12,500 Layoffs As Profits Plunge

Nissan has announced that the company will layoff 12,500 people globally after their profits plunged 98.5%. The Japanese carmaker will cut production capacity by around 10% by the end of 2022 as sales fell in a number of its major markets. These layoffs will account for 9% of the company’s global workforce. Although Nissan has…

Nissan Announces 12,500 Layoffs As Profits Plunge

Nissan has announced that the company will layoff 12,500 people globally after their profits plunged 98.5%. The Japanese carmaker will cut production capacity by around 10% by the end of 2022 as sales fell in a number of its major markets.
These layoffs will account for 9% of the company’s global workforce. Although Nissan has yet to specify where the layoffs will be most heavily felt, the announcement is on the heels of the first-quarter results. The job cuts were announced on Thursday and Nissan Chief Executive Hiroto Saikawa said most of the jobs cut will be auto plant workers.  The company also plans to cut global production and model lineups by 10% by the end of fiscal 2022, according to a report by CBS News. 
“Our situation right now is extremely severe,” Saikawa said, noting attractive models were coming with technology like artificial intelligence and zero emissions to boost sales. “Our stance to lead the industry is unchanging.”
Revenues dropped 12.7 percent to 2.3 trillion yen (£200bn). Nissan sales in Europe, excluding Russ
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