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  HOME | Business & Economy (Click here for more)

Nissan to Cut over 12,500 Jobs by 2023

TOKYO – Japanese automaker Nissan Motor said on Thursday that it will cut over 12,500 jobs globally by the end of March 2023 with the aim of improving the efficiency of its production line without specifying in which countries.

The announcement was made by Nissan’s chief executive officer, Hiroto Saikawa, during the presentation of the company’s results for the first quarter of the 2019 financial year, which began on April 1.

Saikawa said that the 12,500 jobs to be cut – directly and indirectly – include the over 6,400 jobs that were cut last year and those that will be slashed in 2019 in eight countries that he only partially revealed.

Moreover, between 2020 and the end of the 2022 financial year (on March 31, 2023), Nissan will lay off over 6,100 workers in six countries, which Saikawa did not specify owing to the sensitivity of the issue.

In May 2018, Nissan had foreseen a reduction in 4,800 jobs in the coming years, whether through layoffs, incentivized resignations or early retirements.

That figure is a far cry from the 12,500 job cuts announced by the company on Thursday.

The cuts, which represent 10 percent of Nissan’s global workforce, are being carried out with the aim of making its global production more efficient amid falling profits since last year.

In the 2018 fiscal year, which ended on March 31 this year, Nissan’s net profit fell 57.3 percent with respect to the previous financial year.

In the first quarter of the 2019 financial year, between April and June, the result was much worse as net income plummeted 94.5 percent compared to the same period last year, Saikawa announced in the press conference held at the company’s headquarters in Yokohama, located south of Tokyo.

The company’s CEO said that in some cases, production will be cut in certain plants and stopped altogether in others, adding that the company was prevented by circumstances from revealing the six countries that will be affected by a reduction in the workforce between 2020 and 2022.

The chief executive said that as part of these plans – which have been implemented since last year – many production lines have been stopped or their capacities reduced and this process is being carried out or will be in the future at other plants too.

Among the eight countries to face job cuts in 2018 and 2019 is Spain, where one production line has been reduced, and Indonesia, where the same has been done, according to Saikawa.

 

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