Nissan to Shed 4,800 Jobs for 30-B.-Yen Cost Cut

Economy

Tokyo, May 15 (Jiji Press)--Japan's Nissan Motor Co. <7201> has announced a plan to shed at least 4,800 jobs worldwide by the year ending in March 2023.

The job cut will require a one-off cost of 47 billion yen, but the automaker's annual expenses are seen decreasing 30 billion yen, according to the plan announced Tuesday.

Nissan will reduce its global excess capacity by 10 pct, seeing it as a major cause of the company's worsening profitability.

It will also restructure its operations, including by terminating the sale of its Infiniti luxury models in Europe. Restructuring measures will be announced in detail as early as July this year.

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