Detroit Bureau on Twitter

Posts Tagged ‘auto meltdown’

Nissan in Meltdown

Automaker slashing 20,000 jobs, seeking U.S., Japanese aid.

by on Feb.09, 2009

Ghosn, seen here during better times

Ghosn, seen here during better times

Feeling the pinch of a worsening global meltdown, Nissan Motor Co. plans to trim 20,000 jobs and seek government assistance from both Japan and the United States.

As reported, last week, the Japanese maker has been suffering serious problems both in its home market and in the U.S., its biggest foreign outlet. It’s a problem plaguing many of its Japanese competitors, including the industry giant, Toyota Motor Co., which will report a $4.5 billion loss for the fiscal year ending March 31. Nissan, meanwhile, will go $2.9 billion (265 billion yen) for the same period, CEO Carlos Ghosn announced on Monday.

“The global auto industry is in turmoil, and Nissan is no exception,” Ghosn revealed to reporters, following a meeting with Nissan staff.