Nissan to cut 20,000 jobs

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Steve Chiotakis: Nissan will likely end its fiscal year in the red, the first time in nearly a decade. It’s also cutting 20,000 jobs. One of its biggest plants is in Britain, which has already felt some pain. From London, here’s Stephen Beard.

Stephen Beard: Nissan’s chief executive did not mince words. He said the global auto industry is in turmoil. And Nissan is no exception. Last month, the company’s sales fell by a third in the U.S., its biggest market. Nissan is likely to lose almost $3 billion in the current financial year.

Most of the major carmakers have laid off workers. But Nissan’s cut of more than 8 percent of its work force is among the deepest so far.

Ian King of The London Times:

Ian King: Nissan has a huge exposure to what you might call high-cost regions such as Japan, the USA and Europe. And indeed those regions look like they’re going to probably bear the brunt of these reductions.

Nissan has yet to say which of its factories will be the worst affected.

In London, this is Stephen Beard for Marketplace.