Nissan job cuts double to 20,000 in overhaul: Report

Nissan job cuts double to 20,000 in overhaul: Report

Nissan Motor Co. will eliminate 11,000 more jobs than it previously planned, Japan’s national broadcaster reported Monday, as part of a plan to restructure its flailing business.

The Japanese automaker said in November it would cut 9,000 positions after weak sales in the US and China led to a 94% drop in first-half net income. Now, those job cuts will be nearer to 20,000, or around 15% of the entire workforce, NHK said, citing people that it didn’t identify.

Nissan declined to comment.

Since November, things have just gotten worse for Nissan. An outdated product line-up and bloated dealership incentives have forced it to reduce production capacity and overhaul its executive leadership and in April, Nissan said it will post a net loss of as much as ¥750 billion ($5.1 billion) for last fiscal year, a record annual deficit.

Nissan is due to announce on May 13 its full-year results for the 12 months ended March 31.