Nissan to slash 20,000 jobs, sees annual loss

[IDemo]

Source: Associated Press,

'The global auto industry is in turmoil,' says Japanese firm's CEO

updated 12:03 a.m. MT, Mon., Feb. 9, 2009

TOKYO - Nissan sank into a loss for the fiscal third quarter and forecast its first full-year loss in nearly a decade on Monday, forcing Japan's third-biggest automaker to slash 20,000 jobs, or 8.5 percent of its global work force.

"The global auto industry is in turmoil, and Nissan is no exception," Chief Executive Carlos Ghosn told reporters in Tokyo.

Nissan Motor Co. now expects a 265 billion yen ($2.9 billion) net loss for the fiscal year through March -- the first time in nine years it's tumbling into an annual loss.

The maker of the Z sports car and the March compact reported a net loss of 83.2 billion yen for the October-December period, a reversal from the 132.2 billion yen profit it earned the same period the previous year. That was its first quarterly net loss since it began reporting quarterly earnings in 2003.

Read more: http://www.msnbc.msn.com/id/29093864/

[Xenotime]

1. Time for a bailout!

[bluecollarcharlie]

2. Yeah, I know...

..But i bet Nissan would have an easier time of it getting one than any of the Detroit guys. I guess now maybe people around here will get the message that this mess is global and..Oh, fuck it! Never mind,what am i saying?. There will always be a hypocritical exception made for Toyota, Honda, and Nissan around here. Bob Corker, Senator for Nissan, will go asking for money and people will stand up and cheer him on.

[Romulox]

3. Calling DU's auto industry experts. Please comment on Nissan's hourly worker compensation!

<crickets>

[Psephos]

4. It's all due to their lousy designs, high labor costs, and top-heavy product mix. lol

[Romulox]

5. DU's anti-Labor zealots are even more cowardly than the Bailout Boosters

They were all over the GM stories like flies on shit.

Where are they now? :shrug:

[sarcasmo]

7. It was amazing to see how many people on this site were anti-union.

[Telly Savalas]

8. We need to give GM more money so they can slash American jobs

and build factories in Brazil. If you disagree with me you hate unions.

[Romulox]

9. That story has been debunked dozens of times right here on DU. Lame. nt

[Romulox]

14. LOL. Tossed a bomb and fled. nt

[Blue_Tires]

6. Corker is probably drafting a bailout plan as we speak...

rat bastard....not that Ghosn is much better...

[Earth Bound Misfit]

10. Besieged Auto Industry Sheds 20,000 More Jobs, This Time At Nissan

Source: Workers Independent News

Job news on the auto industry front continues to be stormy. Jesse Russell reports:

Nissan Motor Company has joined its American counterparts by announcing massive layoffs company wide. The Japanese automaker announced on Monday that it will likely be slashing 20,000 workers to cope with plunging auto sales. The job cuts amount to 8.5 percent of the company’s worldwide workforce. 12,000 jobs cuts will be in Japan with the rest come from overseas. The company had previously offered early buyouts to 1,200 U.S. workers and will likely increase that offer with this recent job cuts announcement. Manager salaries at the company will be reduced by 5 percent while those of corporate officers will be cut by 10 percent. Nissan is Japan’s third largest automaker and this is the first time the company has projected a loss since 2000.



Read more: http://www.laborradio.org/node/10471

[Earth Bound Misfit]

11. IHT has more details

http://www.iht.com/articles/2009/02/09/business/nissan.4-426378.php

HONG KONG: Nissan Motor on Monday joined its Japanese carmaking rivals in forecasting a big loss for the current financial year, and said it would eliminate 20,000 jobs, in one of the most aggressive cuts announced by any Japanese company since the start of the global downturn.

The development reflects the growing urgency felt by Japanese manufacturers across the board as it becomes clear that the slowdown, combined with the persistent strength of the yen, is hitting more severely than thought.

--snip--

With cars piling up unsold around the world, manufacturers have rushed to cut production and costs. Nissan on Monday announced that it would reduce output to 787,000 units by March 31 - down 20 percent from its original production plan. It is also reducing capital spending, scrapping bonuses for directors and eliminating 20,000 jobs in its 235,000-person work force; 12,000 of the job cuts will be in Japan.

Nissan's layoffs are the third major job-cut announcement in Japan since Jan. 30. In that period the electronics makers NEC and Panasonic announced layoffs totaling 35,000.

[2Design]

12. Guess it is not just the union shops of United Auto Workers as the repubs

want you to believe is the problem

[trthnd4jstc]

13. I am sorry to hear this. I have an idea. Space! Let us start producing to get industry going in

Intrasteller Space. There is Gold, Platinum, Titanium, Carbon, Iron, Nickel, Molydenum, and many other metals on the Asteroids, and from what some Conspiracy Theorists say, some really rocking moon bases out there already.