According to Japan’s public broadcaster NHK, they reported on Monday that Nissan Motor will cut over 10,000 additional jobs globally, bringing total layoffs to around 20,000—about 15% of its workforce—as it battles sharp financial losses and weak performance in key markets.
The announcement comes just ahead of the automaker’s full-year earnings release set for Tuesday, May 13. However, Nissan already warned that it expects a record net loss of between 700 billion and 750 billion yen ($4.74 billion–$5.08 billion) for the fiscal year that ended in March, primarily due to impairment charges.
Although the automaker has not officially confirmed the reported job cuts, it previously announced plans to reduce 9,000 positions and cut global production capacity by 20% as part of a comprehensive restructuring initiative.
Nissan, Japan’s third-largest automaker, has struggled in the U.S., its largest market, due to an aging product lineup and limited hybrid offerings. However, in China, the automaker continues to face a steep decline in sales and is planning to introduce around 10 new models in the coming years in an attempt to recover market share.
With more than 133,000 employees as of March last year, Nissan is under pressure to streamline operations and restore profitability following multiple downward revisions to its earnings outlook over the past year.
