With no sign of slowing down, the global automotive sales slump continues to claim scalps. This time around Nissan has announced that over the next twelve months it will be shedding 20,000 jobs - paring back its total workforce by about 8.5 percent.
Nissan has also forecast that its end of financial year loss is expected to be around ?265 billion (AUD$4.26 billion).
Chief executive of Nissan, Carlos Ghosn, said of the cutbacks, ?The global auto industry is in turmoil. Nissan is no exception. [Our] worst assumptions on the state of the global economy have been met or exceeded.?
The job cuts will be rolled out gradually, starting in March this year, through to March 2010. Nissan staff numbers will fall from 235,000 employees to 215,000 by the end of the layoffs, with 12,000 heads to go in Japan and the rest from plants around the world. Nissan is also meeting with unions to discuss reducing working hours.
Nissan has recently announced cutbacks in the UK and Spain and joins a growing list of companies forced to reduce their workforces due to falling sales. Nissan sales for 2008 were down 18.6 percent on the previous year.