Japanese carmaker Nissan Motor Co is expecting to drop off about 90 percent in its fiscal first-quarter operating profit. One of the media reports suggests that the company is planning to cut up to 7% of its global workforce as it expecting one of the difficult years in a decade.
Operating profit in the April to June period will come in at less than 10 billion yen, down from 109.1 billion yen ($1 billion) for the same period a year earlier.
The company is discussing to slash its production capacity and aim to increase the planned 4,800 job cuts announced in May to more than 10,000 out of a 139,000-strong workforce.
It can be recalled that in May 2019, the carmaker revealed 19 reform steps to cut down the annual costs by 30 billion yen, which consists of 4,800 job cuts in North America and other regions. The plan is to rush the layoffs by measures such as early retirement, low performance, and others.
The new restructuring plan is expected to include capacity cuts at around ten plants worldwide.