Nissan Shows Pink Slips To 9k Staff

Tokyo: Nissan reported Thursday a loss for the latest fiscal quarter as its vehicle sales sank, while costs and inventory ballooned, prompting the Japanese automaker to slash 9,000 jobs.

Chief Executive Makoto Uchida said he was taking a 50 per cent pay cut to take responsibility for the dismal results, while promising that a turnaround was coming. Nissan Motor Corp announced a global workforce reduction of 9,000 people, or about six per cent of its more than 1,33,000 employees, as well as a plan to slash global production capacity by 20 per cent. Uchida declined to say which regions will be affected by the cuts or give specifics.