Nissan Motor said Monday it would eliminate 20,000 jobs, or 9% of its global workforce, as it became the fourth big Japanese carmaker to abandon hopes of posting a profit this year. Nissan, 44% owned by Renault of France, said the cuts were part of a broad restructuring to carry it through the worst industry downturn in decades. It will also reduce executive pay, scale back its investment plans and suspend its second-half dividend. The company, which is Japan’s third-biggest car and truck producer, warned it would suffer a net loss of Y265bn ($2.89bn) in the financial year ending March 31 – a sharp reversal of its previous forecast of a Y160bn profit.

This entry was posted by Gwen Robinson on Tuesday, February 10th, 2009 at 5:28 and is filed under Capital markets, People. Tagged with nissan. Edit this entry.