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Nissan to cut around 20,000 jobs, to reduce global group workforce by 15%
The company’s troubles stem from its failure to ride the wave of hybrid vehicle adoption in the U.S., as well as losing ground in the electric vehicle (EV) race.
The Japanese carmaker had earlier said in November it would cut 9,000 jobs due to weak sales in the US and China. (Image credits: Unsplash)
Nissan is reportedly set to cut an additional 11,000 jobs across its global operations, taking the total layoffs to a staggering 20,000 — roughly 15% of its entire workforce, according to media reports.
The move comes ahead of Nissan's financial results announcement scheduled for Tuesday, where the carmaker is expected to confirm a net loss of up to 750 billion yen ($5.08 billion) for the business year ended March 2025. This would mark the largest loss in the company's history, driven by impairment charges and a prolonged slump in key markets, the report added.
The Japanese carmaker had earlier said in November it would cut 9,000 jobs due to weak sales in the US and China. That announcement followed a 94% plunge in net income in the first half of the financial year, highlighting the company's ongoing struggles to remain competitive in the global auto market.
As of now, Nissan has not officially confirmed the latest round of job cuts, the report added.
Nissan has fallen behind in the race to capture hybrid vehicle demand in the US, while also losing ground in the electric vehicle (EV) segment — an area it once led with the early launch of the Nissan Leaf.
In China, sales have faltered drastically. The company now plans to launch around 10 new models over the next few years in a bid to revive growth there.
Newly appointed CEO Ivan Espinosa, who took the reins from Makoto Uchida last month, is spearheading a major restructuring of Nissan’s global operations. He had hinted earlier that further cost-cutting measures were on the table, and this latest development underscores the depth of the crisis facing the Japanese automaker, the report added.
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