Nissan Motor Co shares rallied on Tuesday after a report that the Japanese automaker will eliminate 11 000 more jobs than previously forecast as part of a plan to restructure its flailing business.
Nissan said in November it would cut 9 000 positions after weak sales in the US and China led to a 94% drop in first-half net income. Now those job cuts will be closer to 20 000, or around 15% of the entire workforce, NHK, Japan’s national broadcaster, said Monday, without citing anyone. The redundancies will occur both at home and overseas, it added.