Wednesday, 24 July 2019 08:33

Japanese automaker Nissan plans to cut more than 10 000 jobs globally as it looks to turn around its business, Kyodo News reported. The additional job reductions, which include early retirement options,come after the automaker said in May it will slash about 4800 jobs worldwide. Nissan has about 139000 employees around the world.

Nissan have reported a 44,6% in operating profit annual decline for the 12 months that ended on March 2019. It cited an unfavourable business as car sales fell notable in the US. For the current fiscal year, Nissan has predicted profits will drop by almost 28%.

Renaults owns 43% of Nissan,which in turn hold 15%, non voting stake in its partner and Nissan reportedly sees the partnership as lopsided and last month, CEO Hiroto Saikawa said he wanted to preserve equality in the partnership,according to Reuters. For its part, Renault is said to have been seeking more control within Nissan.