Automaker Nissan To Cut More Than 10,000 Jobs Worldwide

Japanese automaker Nissan Motor Co. (NSANY) is cutting more than 10,000 jobs worldwide as its financial losses grow.The latest job cuts bring the total workforce reduction at Nissan this year to 20,000 positions or 15% of the automotive manufacturers’ global workforce.The struggling Japanese automaker warned last month that it would likely book a record $4.74 billion U.S. to $5.08 billion U.S. net loss due to various impairment charges.Nissan is Japan’s third largest automaker. The new job cuts have been announced a day before the company is scheduled to announce its latest financial results on May 13. Management at Nissan has said that it needs to make its business more resilient and competitive as sales slump in the U.S.Nissan has lost market share due to a lack of gas-electric hybrid vehicles and an ageing line-up of motor vehicle models.The company is also struggling in China, where it is looking to halt a sales slide with the launch of about 10 new vehicle models.Nissan, which had more than 133,000 employees a year ago, had already been looking to cut 9,000 jobs and reduce global capacity by 20% as part of a comprehensive restructuring.Owing to its weak sales and deteriorating finances, Nissan has cut its profit outlook four times for the fiscal year that ended this March.The stock of Nissan has declined 34% over the past 12 months to trade at $4.68 U.S. per share.