Japan鈥檚 Nissan posted an annual net loss of $4.5 billion on Tuesday while saying it plans to cut 15 per cent of its global workforce and warning about the possible impact of US tariffs.
The heavily indebted carmaker, whose mooted merger with Honda collapsed this year, is engaged in an expensive business restructuring plan.
鈥楾he reality is clear. We have a very high cost structure. To complicate matters further, the global market environment is volatile and unpredictable, making planning and investment increasingly challenging,鈥� CEO Ivan Espinosa told reporters.
Nissan鈥檚 shares closed three per cent higher Tuesday after reports, later confirmed by the company, that it planned to slash a total of 20,000 jobs worldwide. 鈥� AFP
