TOKYO: Nissan Motor Co Ltd (7201.T) has planned to expand job cuts to over 10,000 to help turn around its business, a source with direct knowledge of the matter said on Wednesday.
The company in May had announced 4,800 job cuts mostly at factories overseas with low utilization rates.
“It will be announced along with financial results on Thursday,” said a company source who declined to be identified as the information was still private.
Nissan declined to comment. Its shares were up 0.9% in mid-morning trade.
The cuts, exceeding 7% of Nissan’s 138,000-strong workforce, highlight the extent of problems facing Chief Executive Hiroto Saikawa, who is also grappling with fractured relations with French alliance partner Renault SA (RENA.PA) following the arrest of their shared former chairman, Carlos Ghosn.
(Agencies)
Comment