TECHNOLOGY

Nissan plans to cut over 10,000 jobs globally: Source

Nissan told Reuters it had no comment. (AP)

Nissan Motor Co is planning to cut more than 10,000 jobs globally as part of efforts to turn around its business, a person familiar with the matter said on Wednesday, showing a tough road ahead for the automaker which is also reeling from the ouster of former Chairman Carlos Ghosn.

The cuts include the 4,800 already announced in May, and will mostly be at factories overseas with low utilization rates, the source said on the condition of anonymity, adding that the move would be announced along with financial results on Thursday.

The move was first reported by Kyodo late on Tuesday. Nissan told Reuters it had no comment.

In May, Nissan forecast a 28% plunge in its annual operating profit after a 45% fall in the previous year, putting it on course for the weakest earnings in 11 years.

The Renault-Nissan alliance has been under strain since the arrest and ousting of Ghosn late last year on charges of financial misconduct.

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Last Update: Wednesday, 24 July 2019 KSA 03:53 - GMT 00:53
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