The third-largest Japanese automaker plans to slash 20,000 jobs worldwide over the next year in the face of the global economic meltdown.

Nissan Motor Co. joined the ranks of Toyota, Mazda and Mitsubishi on Monday in forecasting a loss ($2.9 billion) for its current financial year.
“In every planning scenario we built, our worst assumptions on the state of the global economy have been met or exceeded,” Nissan Chief Executive Carlos Ghosn said in a statement.
The company has taken a series of measures -- eliminating bonuses for its board of directors and reducing the salary of board members by 10 percent -- in the face of “the continuing grip on credit and declining consumer confidence”.
“The global auto industry is in turmoil. Nissan is no exception,” Ghosn said. Nissan also reported an $860 million third-quarter consolidated net loss after tax.
(Source: Press TV)