Nissan forced to cut global workforce after first full-year loss
9 February 2009

Nissan has announced 20,000 job losses as the firm faces its first full-year loss since it merged with Renault in 1999.

The company today predicted that it will make a $2.58bn (£1.75bn) loss for the financial year ending on 31 March, and that it will need to cut its global workforce from 235,000 to 215,000 as part of a major cost-cutting exercise.

Perhaps more noticeably, Nissan will put what it calls “the mid-term business plan” on hold, cutting spending on new projects and cancelling some new car programmes. Capital expenditure will be cut by 15 per cent, from 3.84bn yen (£1.78bn) to 330bn yen (£1.53bn).

The board of directors will not take any bonuses for 2008, and all executive salaries will be cut by 10 per cent.

There’s also a new post in the executive boardroom: the chief recovery officer. Briton Colin Dodge will “lead the company's ongoing recovery activities”.

As yet, no factories will be closed, but an unfinished facility in Morocco, a joint-venture with Renault, has been put on hold.

Read the background information on Nissan's cutbacks

Dan Stevens

Add your comment

Log in or register to post comments

Find an Autocar car review

Driven this week

  • Dallara Stradale
    The Stradale is the first road-legel car from Italian motorsport constructor Dallara
    First Drive
    16 March 2018
    The motorsport constructor's first road car is inspired by Lotus minimalism. Does it thrill on road and track?
  • Hyundai i30 N
    Standard spec is good so paint colour is our car’s only option
    First Drive
    16 March 2018
    What’s Hyundai’s first hot hatch and N-brand debutant really like? Let’s find out
  • Porsche Boxster GTS
    This is the new GTS version of the Porsche Boxster
    First Drive
    15 March 2018
    The 718-generation Boxster is our favourite roadster of the moment – so is this new GTS variant worth the extra outlay?
  • BMW 5 Series
    First Drive
    15 March 2018
    The BMW 5 Series is top of the mid-exec pack, but is there still room for a diesel saloon in everyday family life?
  • Audi A7 front
    First Drive
    14 March 2018
    The new Audi A7 Sportback looks the part, but how does the new Mercedes-Benz CLS rival cope on UK roads? We find out