Nissan to cut 20,000 jobs

Japanese firm to cut more than eight per cent of global workforce as sales dive.

    The global financial crisis has negatively impacted Nissan's sales in the North American market [Reuters]

    Record loss

    IN VIDEO
    Hong Kong shareholders fight back
    Nissan said the reduction was its first net loss since it began reporting quarterly earnings in 2003.

    Ghosn said Nissan's global workforce will be reduced by 20,000 by March 2010, from 235,000 to 215,000.

    The company reported it sold 731,000 vehicles worldwide in the quarter ending December 31, down 18.6 per cent from the same period a year earlier.

    The company's shares are the worst performers in the country's car-manufacturing sector in the year to date.

    SOURCE: Agencies


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