Nissan to shut 7 factories and cut 20,000 jobs
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Nissan unveiled sweeping new cost cuts Tuesday, saying it would eliminate 11,000 more jobs and scale back production, capping a tumultuous year that has left the Japanese automaker fighting to turn itself around.
The Japanese automaker confirmed it would cut 11,000 more jobs and slim down production.Nissan also saw its profit almost wiped out in the year that just ended.Operating profit hit $472 million in the 12 months to March - a decline of 88% from the previous year.
Nissan posted an annual net loss of $6.4 billion CAD on Tuesday while saying it plans to cut 15 percent of its global workforce and warning about the possible impact of U.S. tariffs. The heavily indebted carmaker,
It was the need for scale that drew Nissan and Honda together, extending their assorted projects to a proposal for a merger. Those talks failed a few months later, but projects continue.
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After announcing massive layoffs and factory closures, Nissan said its Tennessee and Mississippi factories remain important to the company.