Nissan confirms profit plunge as job cuts reported.
Japanese car giant Nissan confirmed Wednesday it will report a plunge in first quarter operating profit as media reported the struggling automarker plans to cut more than 10,000 jobs worldwide.
The Nikkei business daily said earlier Wednesday that Nissan would announce a 90 percent drop in operating profit for the first quarter because of declining US sales, with the cost of developing electric vehicles and autonomous driving technologies weighing on profits. "It's not a simple restructuring. It's about revitalisation to make Nissan grow again," he said at an informal briefing.
The job cuts are likely to hit some factories in South America and other regions where Nissan has low profitability, Kyodo news agency reported.The company has seen weak sales in the US and Europe, and has also faced tensions with its French partner Renault, which owns 43 percent of the Japanese manufacturer.
It was a decline of 57 percent from the previous fiscal year and the profit outlook for the current fiscal year was forecast to be even worse, at 170 billion yen. They also approved the election of 11 directors as the firm restructures, among them two Renault executives as well as current Nissan CEO Hiroto Saikawa.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Nissan to cut 10,000 jobs worldwide: reportJapanese car giant Nissan plans to cut more than 10,000 jobs around the world as part of efforts to turn itself around, Japanese media said Wednesday, citing company sources. The cuts come after Nissan announced in May it would trim 4,800 jobs from its global workforce of around 139,000. Nissan'
Read more »
Nissan to cut over 10,000 jobs worldwide: report[TOKYO] Japanese car giant Nissan plans to cut more than 10,000 jobs around the world as part of efforts to turn itself around, Japanese media said on Wednesday, citing company sources. Read more at The Business Times.
Read more »
Nissan to cut 10,000 jobs worldwideTOKYO: Japanese car giant Nissan plans to cut more than 10,000 jobs around the world as part of efforts to turn itself around, Kyodo News agency ...
Read more »
Nissan to cut 10,000 jobs worldwide: ReportTOKYO: Japanese car giant Nissan plans to cut more than 10,000 jobs around the world as part of efforts to turn itself around, Kyodo News agency ...
Read more »
Nissan plans to cut over 10,000 jobs globally: sourceNissan Motor Co Ltd is planning to cut more than 10,000 jobs globally, in addition to previously announced workforce reductions, as part of ...
Read more »
Nissan to cut over 10,000 jobs worldwide: report[TOKYO] Japanese car giant Nissan plans to cut more than 10,000 jobs around the world as part of efforts to turn itself around, Japanese media said on Wednesday, citing company sources. Read more at The Business Times.
Read more »