Nissan Motor Company is reportedly gearing up to slash up to 10,000 jobs globally as the carmaker sees sales in most regions continue to slide.
The Japanese automaker previously announced 4,800 job cuts earlier this year in an attempt to turnaround the company’s financial picture. However, AutoCar reports Nissan is expected to grow its number of job cuts up to 10,000, with an announcement coming as early as this Thursday.
Nissan’s sales have fallen in the important U.S. and European markets, as well as certain Asian markets. The sales slide has put pressure on Nissan’s financial results, while Nissan cites said sales slide, an aging product lineup and a need to invest in electrification and autonomy as the sources of its financial woes.
Investments into electrification and autonomous driving technologies are capital intense and have been utilized as an excuse for several global automakers to reduce operating expenses, including staff.
In May Nissan announced a 319 billion yen profit, down five-percent year-over-year. During its earnings report the company warned the upcoming year could be worse yet, despite this May’s report being the worst financial results for Nissan since the Great Recession.