Japanese car maker Nissan has said it will cut 20,000 jobs worldwide as it forecast a net loss of 265 billion yen ($2.9 billion) in the financial year to March due to the economic crisis.
Nissan posted a net loss of 83.2 billion yen in its third quarter to December, blaming the global economic slowdown and the strong yen.
Chief executive Carlos Ghosn, who salvaged Nissan from near bankruptcy when he was parachuted in from Renault a decade ago, said the car maker's 'worst assumptions on the state of the global economy have been met or exceeded'.
Nissan said it would shrink its global workforce in the next financial year to March 2010 from 235,000 to 215,000.
Nissan made an operating loss of 99.2 billion yen in the third quarter as revenue tumbled 34.4%. It sold 731,000 vehicles worldwide in the third quarter, down 18.6% from a year earlier.
