Nissan to cut 12,500 global jobs by 2023

Japanese car manufacturer Nissan announced Thursday it will slash 12,500 jobs or about 9% of its global workforce by 2022- 2023.

This it said is due to a 10% reduction in production. The group has already began to implement these restructuring measures in eight different sites.

Nissan plans to continue these in six other locations.

“In terms of human resources, we have already cut 6,400 jobs as part of Nissan’s efforts to reduce costs. And, by pushing our efforts further, we will eventually adjust or eliminate a total of 12,500 jobs”, Chief Executive, Hiroto Saikawa said.

The manufacturer’s sales fell by 6% between April and June compared to the same period last year, as sales dip in the United States, Europe and Japan.

“It is true that this figure, which represents the April-June quarterly profit, is below our expectations. But we think this is a figure that we can certainly recover in the next quarter or half year’‘, Saikawa added.

The Japanese car manufacturer is working to restore its brand and boost growth, following the arrest of former Chairman Carlos Ghosn in November for alleged financial misconduct.

He claims innocence and is awaiting trial in Japan.