The effect of global uncertainties is visible on the economy of many countries as well as many big companies. In the last few months, other companies including Google have also decided to reduce the number of their employees. Now the name of Japan's car manufacturing company Nissan has also been addeed in the list of these companies.
According to media reports, Nissan is preparing to lay off about 20,000 people, which is almost double the earlier announcement. This decision has been taken by the company amid the financial crisis due to reduction and loss in global sales.
Low sales had a direct impact on company's first half profit
In November 2024, Nissan said that low sales of their cars in the US and China had a direct impact on the company's first half profit. There has been a decline of 94 percent in this period. Therefore they are going to lay off 9,000 employees. According to some reports from Japan, Nissan has now decided to lay off 20,000 employees, which is 15 percent of Nissan's total number of employees.
Japan's car manufacturing company had recently expressed the fear that it had suffered a loss of 700-750 billion yen i.e. 4.74 to 5.08 billion dollars during the last financial year. Besides, another report has also suggested that Nissan is giving early retirement to many employees engaged in administrative work in Japan. If this really happens, then this could be the company's first such retirement plan in 18 years. However, there has been no reaction from Nissan about this report so far.
Nissan is a car manufacturing company of Japan, which plays an important role in the automobile sector. Apart from Japan, this company does business in India, United States, Mexico, Europe, Middle East, South Africa, China and South East Asian countries.