Nissan Motor Co. today became the latest automaker to announce massive layoffs.
Projecting a $2.91 billion loss for the fiscal year, the Japan-based automaker said it will cut 20,000 jobs worldwide.
The company said 60 percent of the job cuts will be made in Japan, with the remainder coming in higher-cost labor markets. The U.S. and Spain will lose 4,000 jobs, and 4,000 will be cut in other regions.
The company's current labor force of 235,000 workers will drop to 215,000, and top executives will take a 10 percent pay cut.
Nissan said sales in the U.S., its largest market, dropped 31 percent in January.
The announcement follows last week's reports from Toyota Motor Corp. and Honda Motor Co. Toyota forecast a loss for the year, and Honda said income would be cut dramatically.
This is because of the recession. No wonder it is not just Nissan who put their employees on the unemployment list.
Ruzzel Walsh
California auto glass