Nissan job cuts as profit turns to loss
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Nissan is cutting 20,000 jobs worldwide after becoming the latest car manufacturer to make a loss amid the global slump.
Nissan, 44 per cent owned by Renault, expects its net loss for the year to March 31 to come in at 265 billion yen (£1.94bn) instead of a 160 billion yen (£1.17bn) profit.
Japan's third-biggest car maker has cut 2,000 non-permanent manufacturing jobs in Japan.
It has also secured 1,200 voluntary early retirement applications in the US.
Both cuts will contribute to its 20,000 job cut - most of which are expected to be in Japan - which amounts to 8.5 per cent of its workforce.
Nissan CEO and President Carlos Ghosn said: 'Unfortunately for the last four, five months systematically the worst scenario happened.'
He added: 'The worst scenario in terms of yen. The worst scenario in terms of recession. The worst scenario in terms of decline and the worst scenario even in terms of financing because the financial crisis which started in September was supposed to be solved by now.
'Well, it's not.'
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