Nissan says it is cutting 20,000 jobs worldwide due to the global economic crisis that has significantly reduced the automaker’s new car sales. The Japanese automaker also says it forecasts a 265 billion yen ($4.3 billion) loss for the financial year that ends next month.
Nissan’s third quarter net loss was 83.2 billion yen, due to reduced sales and the strong yen working against the United States dollar and the Euro.
“The global auto industry is in turmoil. Nissan is no exception,” CEO Carlos Ghosn said in a statement.
The automaker will cut 20,000 jobs over the next year – from 235,000 employed worldwide to 210,000.
“In response to this crisis, which is not of our making, we have to reevaluate our global headcount,” Ghosn said.
Nissan says it sold 731,000 vehicles in the third quarter – down about 19 percent over last year’s numbers.
