Nissan layoffs: Automakers to lay off 20,000 jobs worldwide amid warning of $5 billion record losses – Report

Japanese public broadcaster NHK reported on Monday that Nissan will lay off about 11,000 jobs worldwide, reducing its total layoffs to 20,000 large-scale.

Nissan had previously planned to lay off 9,000 jobs in weak businesses. According to Reuters, the total labor force of Japanese automakers may drop by 15% as the latest report is developed.

The company said in November it would lay off 9,000 jobs after weak sales in the U.S. and China in the first half of the fiscal year. At that time, the company’s net revenue fell by 94%, such as Bloomberg.

Nissan may see record losses

Nissan’s annual results for the business, scheduled to be announced on Tuesday, will end in March.

The company warned last month that it could book a record 700 billion yen to 700 billion yen ($4.74 billion – $5.08 billion) in net losses in the year due to damage expenses.

(This is a developing story. Please check out the update)