February 11, 2009

Nissan cutting 20,000 jobs

The last time the third largest carmaker in the world posted a loss was back in 2000, but even then, it was on the back of a seven year long struggle. Since then company has become more efficient by streamlining its operations.

However, when a credit crunch hits, the last thing on most people’s minds is the purchase of a new car, this has hit Nissan very hard and in fact, they are expected to announce a massive multi billion pound loss for the year ending in March.

This means cost cutting and the easiest way to save money is to cut jobs, the company are looking at around 20,000 job cuts. Nevertheless, the UK’s staff have already seen 1,200 jobs go from the 5,000 employees, anymore from the plant in Sunderland could spell disaster for the area.

Source [MSN]