Nissan to cut 20,000 jobs after sharp sales fall

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Nissan
London, Feb 9: Nissan, Japanese car maker, terming itself no different from other companies hit by global recession, announced plans of cutting 20,000 jobs worldwide. The company will be cutting 8.5 per cent of its workforce, over the next year because of a sharp fall in sales.

The Japanese carmaker made the announcement as it said it expected to make a loss of 265bn yen ($2.9bn; £2bn) for its current financial year.

Nissan chief executive Carlos Ghosn said the the firm's "worst assumptions on the state of the global economy have been met or exceeded".

"The global auto industry is in turmoil. Nissan is no exception."

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OneIndia News (With inputs from Agencies)

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