Nissan to cut 20,000 jobs amid global sales slump

Nissan Motor will lay off over 10,000 additional workers globally, raising total planned job cuts to about 20,000—roughly 15% of its workforce—amid slumping sales in the U.S. and China, according to Japan’s NHK.

The company, which had 133,000 employees last year, had previously announced plans to cut 9,000 jobs and shut several plants, including one in Thailand. Nissan also abandoned a $1.1 billion EV battery plant in Kyushu.

Ahead of Tuesday’s earnings release, it has warned of a record net loss of up to $5.08 billion for the fiscal year ending March, driven by impairment charges.